Fastenal Correlations

Stocks . Germany . 
Stock . Fastenal Company
FAS Stock  EUR 38.87  1.59  3.93%   
The current 90-days correlation between Fastenal and SYSTEMAIR AB is 0.23 (i.e., Modest 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 0.64 (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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  0.7RWE RWE AGPairCorr
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  0.78AM8 AMAG Austria MetallPairCorr
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  0.84ARW Arrow ElectronicsPairCorr
  0.74GCB PTT Global Chemical Earnings Call This WeekPairCorr
  0.69NEF NESTE OILPairCorr
  0.68UEO Westlake ChemicalPairCorr
  0.7H3M Hochschild Mining plcPairCorr

Moving against Fastenal Stock

  0.51N9B BANDAI NAMCO HoldingsPairCorr
  0.47BRH Berkshire HathawayPairCorr
  0.31TCID Telkom Indonesia TbkPairCorr
  0.54DBPD Xtrackers ShortDAXPairCorr

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

10N
+ 0.88
2U0
10N
+ 0.81
52SA
ZNHH
+ 0.79
10N
52SA
+ 0.69
2U0
ZNHH
+ 0.69
2U0
ZNHH
+ 0.63
52SA
  

High negative correlations

10N
- 0.36
3EAG
ZNHH
- 0.35
3EAG
3EAG
- 0.34
2U0
O3V
- 0.32
3EAG
3EAG
- 0.29
52SA
O3V
- 0.0
AFR0

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.
Terry OwenSr OperationsProfile
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