Fastenal Correlations

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USD 44.63 0.83 1.83%

The current 90-days correlation between Fastenal and Ferguson Plc is 0.49 (i.e., Very weak 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 0.78 (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.

Build AI portfolio with Fastenal Stock

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 main economic indicators.

Moving together with Fastenal Stock

0.87	AL	Air Lease Sell-off Trend	Pair Corr
0.67	DNOW	Now Inc	Pair Corr
0.82	DSGR	Distribution Solutions Earnings Call This Week	Pair Corr
0.92	RXL	Rexel SA	Pair Corr
0.93	DXPE	DXP Enterprises Earnings Call This Week	Pair Corr
0.64	VSTS	Vestis	Pair Corr
0.79	0HIT	Iberdrola	Pair Corr
0.92	WLFC	Willis Lease Finance	Pair Corr
0.73	FERG	Ferguson Plc	Pair Corr
0.84	WSO-B	Watsco Inc	Pair Corr
0.62	AER	AerCap Holdings NV	Pair Corr
0.86	AIT	Applied Industrial	Pair Corr
0.8	FZG1	BLUELINX HLDGS DL	Pair Corr
0.84	BXC	BlueLinx Holdings	Pair Corr
0.71	CNM	Core Main	Pair Corr
0.87	GIC	Global Industrial	Pair Corr
0.79	FTAI	FTAI Aviation	Pair Corr
0.96	GWW	WW Grainger	Pair Corr
0.63	HRI	Herc Holdings	Pair Corr
0.82	MSM	MSC Industrial Direct	Pair Corr
0.91	WC3	Watsco Inc	Pair Corr
0.86	RUS	Russel Metals	Pair Corr
0.95	FAS	Fastenal	Pair Corr
0.7	QXO	QXO Inc	Pair Corr

Moving against Fastenal Stock

0.79	MSI	Multistack International	Pair Corr
0.71	CAI	Caris Life Sciences Earnings Call Today	Pair Corr
0.56	FPR	Fleetpartners Group	Pair Corr
0.49	61F	ELEMENT FLEET MGMT	Pair Corr
0.8	IPW	iPower Inc	Pair Corr
0.78	IGC	India Globalization	Pair Corr
0.77	OEA1	OEM INTERN B	Pair Corr
0.74	SIX2	Sixt SE	Pair Corr
0.71	CUCA	Avis Budget Group	Pair Corr
0.7	AA4	Amedeo Air Four	Pair Corr
0.65	HNG	Hancock Gore	Pair Corr

Related Correlations Analysis

	FERG	GWW	AME	ROP	CARR	FER	ROK	PCAR	XYL	SYM
FERG		0.61	0.68	-0.79	0.83	0.68	0.31	0.63	-0.33	-0.11	FERG
GWW	0.61		0.94	-0.85	0.9	0.84	0.46	0.93	-0.47	-0.43	GWW
AME	0.68	0.94		-0.92	0.92	0.87	0.46	0.96	-0.52	-0.42	AME
ROP	-0.79	-0.85	-0.92		-0.96	-0.88	-0.24	-0.84	0.66	0.47	ROP
CARR	0.83	0.9	0.92	-0.96		0.9	0.28	0.86	-0.62	-0.36	CARR
FER	0.68	0.84	0.87	-0.88	0.9		0.26	0.83	-0.67	-0.29	FER
ROK	0.31	0.46	0.46	-0.24	0.28	0.26		0.61	0.32	0.04	ROK
PCAR	0.63	0.93	0.96	-0.84	0.86	0.83	0.61		-0.39	-0.35	PCAR
XYL	-0.33	-0.47	-0.52	0.66	-0.62	-0.67	0.32	-0.39		0.44	XYL
SYM	-0.11	-0.43	-0.42	0.47	-0.36	-0.29	0.04	-0.35	0.44		SYM
	FERG	GWW	AME	ROP	CARR	FER	ROK	PCAR	XYL	SYM

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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

PCAR	+ 0.96	AME
AME	+ 0.94	GWW
PCAR	+ 0.93	GWW
CARR	+ 0.92	AME
CARR	+ 0.9	GWW
FER	+ 0.9	CARR

High negative correlations

CARR	- 0.96	ROP
ROP	- 0.92	AME
FER	- 0.88	ROP
ROP	- 0.85	GWW
PCAR	- 0.84	ROP
ROP	- 0.79	FERG

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
FERG	1.32	0.02	0.03	0.12	1.76	(1.37)	3.14	(2.12)	11.07
GWW	1.18	0.18	0.11	0.24	1.50	(1.34)	3.46	(2.33)	12.51
AME	0.91	0.21	0.19	0.32	0.74	(1.06)	2.33	(1.39)	6.22
ROP	1.34	(0.49)	0.00	(0.33)	0.00	0.00	1.94	(4.19)	11.55
CARR	1.41	0.17	0.12	0.24	1.30	(1.60)	4.09	(2.33)	7.85
FER	0.98	0.15	0.11	0.32	0.89	(1.19)	3.24	(2.05)	6.80
ROK	1.40	(0.05)	0.02	0.07	1.86	(1.42)	2.85	(2.77)	10.12
PCAR	1.28	0.29	0.29	0.34	0.72	(1.69)	3.25	(1.52)	9.11
XYL	1.10	(0.22)	0.00	(0.10)	0.00	0.00	1.77	(2.11)	11.41
SYM	4.20	(0.03)	0.03	0.09	6.03	(4.38)	9.37	(6.87)	60.87

Fastenal Corporate Executives

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.

Max Tunnicliff

Senior CFO

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