Carpenter Technology Correlations

CRS Stock

USD 317.83 7.44 2.40%

The current 90-days correlation between Carpenter Technology and Allegheny Technologies Incorporated is 0.54 (i.e., Very weak diversification). The correlation of Carpenter Technology is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Carpenter Technology Correlation With Market

Very weak diversification

The correlation between Carpenter Technology and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carpenter Technology and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Carpenter Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Carpenter Technology. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

For more information on how to buy Carpenter Stock please use our How to Invest in Carpenter Technology guide.

Moving together with Carpenter Stock

0.63

ATI

Allegheny Technologies Earnings Call This Week

Pair Corr

Moving against Carpenter Stock

0.33	GML	Gateway Mining	Pair Corr
0.39	AZ9	Asian Battery Metals	Pair Corr

Related Correlations Analysis

	ATI	TRU	WWD	ULS	LUV	MTZ	JBHT	MLI	ITT	WSO
ATI		0.47	0.91	-0.61	0.9	0.85	0.9	0.91	-0.12	0.65	ATI
TRU	0.47		0.56	-0.16	0.54	0.37	0.56	0.29	-0.42	0.01	TRU
WWD	0.91	0.56		-0.56	0.9	0.89	0.94	0.89	-0.19	0.58	WWD
ULS	-0.61	-0.16	-0.56		-0.61	-0.75	-0.66	-0.7	0.24	-0.65	ULS
LUV	0.9	0.54	0.9	-0.61		0.82	0.95	0.85	-0.38	0.47	LUV
MTZ	0.85	0.37	0.89	-0.75	0.82		0.88	0.87	-0.18	0.7	MTZ
JBHT	0.9	0.56	0.94	-0.66	0.95	0.88		0.85	-0.35	0.55	JBHT
MLI	0.91	0.29	0.89	-0.7	0.85	0.87	0.85		0.0	0.79	MLI
ITT	-0.12	-0.42	-0.19	0.24	-0.38	-0.18	-0.35	0.0		0.34	ITT
WSO	0.65	0.01	0.58	-0.65	0.47	0.7	0.55	0.79	0.34		WSO
	ATI	TRU	WWD	ULS	LUV	MTZ	JBHT	MLI	ITT	WSO

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

JBHT	+ 0.95	LUV
JBHT	+ 0.94	WWD
WWD	+ 0.91	ATI
MLI	+ 0.91	ATI
LUV	+ 0.9	ATI
JBHT	+ 0.9	ATI

High negative correlations

MTZ	- 0.75	ULS
MLI	- 0.7	ULS
JBHT	- 0.66	ULS
WSO	- 0.65	ULS
LUV	- 0.61	ULS
ULS	- 0.61	ATI

Risk-Adjusted Indicators

There is a big difference between Carpenter Stock performing well and Carpenter Technology Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Carpenter Technology's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ATI	1.36	0.38	0.31	0.35	0.92	(1.81)	4.54	(1.96)	10.82
TRU	1.62	(0.15)	0.00	(0.08)	0.00	0.00	3.72	(3.03)	9.21
WWD	1.53	0.22	0.17	0.17	1.29	(1.91)	3.42	(2.14)	16.03
ULS	1.54	(0.19)	0.00	(0.55)	0.00	0.00	2.60	(3.28)	21.27
LUV	1.87	0.58	0.36	0.43	1.13	(2.24)	5.29	(2.51)	9.54
MTZ	1.72	0.16	0.06	0.16	2.43	(1.67)	4.38	(4.58)	13.07
JBHT	1.14	0.26	0.24	0.28	0.84	(1.40)	3.32	(1.54)	6.61
MLI	0.95	0.38	0.33	0.39	0.79	(1.16)	2.11	(1.65)	4.16
ITT	1.23	0.02	0.01	0.06	1.81	(1.20)	2.20	(2.11)	17.49
WSO	1.41	0.06	0.05	0.07	1.40	(1.72)	4.05	(2.21)	7.55

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