Fastenal Correlations

Stocks . Germany . 
Stock . Fastenal Company
FAS Stock  EUR 39.49  0.29  0.74%   
The current 90-days correlation between Fastenal and Canadian Utilities Limited is 0.05 (i.e., Significant diversification). The correlation of Fastenal 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.

Fastenal Correlation With Market

Poor diversification

The correlation between Fastenal Company and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fastenal Company and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Fastenal could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fastenal when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fastenal - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fastenal Company to buy it.

Moving together with Fastenal Stock

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  0.67ROM ROHM CoPairCorr
  0.71NVE NVR IncPairCorr
  0.78HYB HOYAPairCorr
  0.69WP7 WESCO InternationalPairCorr
  0.73SSU Samsung ElectronicsPairCorr
  0.8WDC WESTERN DIGITALPairCorr
  0.75YBB CARNAVALE RES SplitPairCorr
  0.79GZF Engie SAPairCorr
  0.8ENI Eni SpAPairCorr
  0.72RWE RWE AGPairCorr
  0.67LLD2 Lloyds Banking Group Earnings Call This WeekPairCorr
  0.756HS Horseshoe MetalsPairCorr
  0.68QBE QBE Insurance Group Earnings Call This WeekPairCorr
  0.613RB Reckitt Benckiser SplitPairCorr
  0.78CU3 Cohu IncPairCorr
  0.81AM8 AMAG Austria MetallPairCorr
  0.71943 FREY EO 250PairCorr
  0.784HF Hoist Finance ABPairCorr
  0.68LIN Linde plcPairCorr
  0.85ARW Arrow ElectronicsPairCorr
  0.77GCB PTT Global Chemical Earnings Call This WeekPairCorr
  0.654FU Alsea SAB dePairCorr
  0.67NEF NESTE OILPairCorr

Moving against Fastenal Stock

  0.55N9B BANDAI NAMCO HoldingsPairCorr
  0.45BRH Berkshire HathawayPairCorr
  0.44TCID Telkom Indonesia TbkPairCorr
  0.56DBPD Xtrackers ShortDAXPairCorr
  0.32BDD CONICO LTD SplitPairCorr

Related Correlations Analysis


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

CH5
+ 0.83
WN6
CUD
+ 0.63
MM2
MSI
+ 0.57
CUD
54M
+ 0.54
WN6
54M
+ 0.36
CH5
MSI
+ 0.27
MM2
  

High negative correlations

CH5
- 0.74
MSI
MSI
- 0.68
WN6
54M
- 0.68
CUD
WN6
- 0.68
CUD
CK3
- 0.52
MM2
CH5
- 0.44
CUD

Risk-Adjusted Indicators

There is a big difference between Fastenal Stock performing well and Fastenal 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 Fastenal'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fastenal without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Fastenal Corporate Management

Elected by the shareholders, the Fastenal's board of directors comprises two types of representatives: Fastenal inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Fastenal. The board's role is to monitor Fastenal's management team and ensure that shareholders' interests are well served. Fastenal's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Fastenal's outside directors are responsible for providing unbiased perspectives on the board's policies.
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