Fastenal Correlations

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USD 83.08 0.72 0.87%

The current 90-days correlation between Fastenal and Applied Industrial Technologies is 0.66 (i.e., Poor 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fastenal Correlation With Market

Poor diversification

The correlation between Fastenal Company and DJI is 0.6 (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.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fastenal Company. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Fastenal Stock

0.61	DSGR	Distribution Solutions	Pair Corr
0.73	DXPE	DXP Enterprises	Pair Corr
0.95	AIT	Applied Industrial	Pair Corr
0.89	BXC	BlueLinx Holdings	Pair Corr
0.68	EVI	EVI Industries	Pair Corr
0.99	GWW	WW Grainger	Pair Corr
0.96	WCC	WESCO International	Pair Corr
0.8	WSO	Watsco Inc	Pair Corr
0.87	WCC-PA	WESCO International	Pair Corr
0.78	SMSMY	Sims Metal Management	Pair Corr
0.86	BECN	Beacon Roofing Supply	Pair Corr
0.8	B	Barnes Group	Pair Corr
0.71	G	Genpact Limited	Pair Corr
0.81	J	Jacobs Solutions	Pair Corr
0.87	R	Ryder System	Pair Corr
0.71	AL	Air Lease	Pair Corr
0.95	AZ	A2Z Smart Technologies	Pair Corr
0.82	BR	Broadridge Financial	Pair Corr
0.75	BV	BrightView Holdings	Pair Corr
0.67	BW	Babcock Wilcox Enter	Pair Corr
0.83	CR	Crane Company	Pair Corr
0.93	CW	Curtiss Wright	Pair Corr

Moving against Fastenal Stock

0.73	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.63	GIC	Global Industrial	Pair Corr
0.61	TRNS	Transcat	Pair Corr
0.39	AP	Ampco Pittsburgh	Pair Corr
0.79	CP	Canadian Pacific Railway	Pair Corr
0.76	SB	Safe Bulkers Potential Growth	Pair Corr
0.75	RR	Richtech Robotics Class	Pair Corr
0.74	ST	Sensata Technologies	Pair Corr
0.66	MG	Mistras Group	Pair Corr
0.48	FA	First Advantage Corp	Pair Corr
0.34	GP	GreenPower Motor	Pair Corr
0.33	HY	Hyster Yale Materials	Pair Corr

Related Correlations Analysis

	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE
AIT		0.66	0.45	0.91	0.47	0.97	0.43	0.05	0.85	AIT
MSM	0.66		0.64	0.75	0.55	0.59	0.78	0.24	0.66	MSM
FERG	0.45	0.64		0.57	0.33	0.38	0.49	0.73	0.54	FERG
WSO	0.91	0.75	0.57		0.52	0.85	0.51	0.13	0.86	WSO
POOL	0.47	0.55	0.33	0.52		0.47	0.85	0.18	0.21	POOL
GWW	0.97	0.59	0.38	0.85	0.47		0.4	0.03	0.76	GWW
SITE	0.43	0.78	0.49	0.51	0.85	0.4		0.26	0.29	SITE
CNM	0.05	0.24	0.73	0.13	0.18	0.03	0.26		0.02	CNM
DXPE	0.85	0.66	0.54	0.86	0.21	0.76	0.29	0.02		DXPE
	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
AIT	1.39	0.22	0.32	0.22	0.73	(1.83)	3.17	(1.63)	15.15
MSM	1.53	(0.14)	(0.01)	0.05	1.69	(1.69)	3.08	(2.68)	10.99
FERG	1.32	(0.13)	(0.06)	0.01	1.85	(1.26)	2.15	(2.70)	10.59
WSO	1.35	0.06	0.07	0.16	1.51	(1.44)	2.41	(3.18)	9.11
POOL	1.19	(0.01)	(0.02)	0.11	1.67	(1.18)	2.75	(3.00)	12.54
GWW	1.03	0.15	0.20	0.23	0.66	(1.24)	2.52	(1.45)	8.66
SITE	1.77	(0.03)	0.01	0.10	1.94	(2.09)	3.93	(3.24)	11.76
CNM	1.94	(0.31)	0.00	(0.12)	0.00	0.00	3.49	(3.55)	18.95
DXPE	2.04	0.34	0.23	0.29	1.64	(2.79)	3.89	(2.97)	22.06

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