Fastenal Correlations

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USD 41.16 0.01 0.02%

The current 90-days correlation between Fastenal and Ferguson Plc is -0.05 (i.e., Good 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

Weak diversification

The correlation between Fastenal Company and DJI is 0.32 (i.e., Weak 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 real.

Moving together with Fastenal Stock

0.65

Home Depot

Pair Corr

Moving against Fastenal Stock

0.75	KO	Coca Cola	Pair Corr
0.69	CAT	Caterpillar	Pair Corr
0.63	CSCO	Cisco Systems	Pair Corr
0.58	DD	Dupont De Nemours	Pair Corr
0.58	MMM	3M Company	Pair Corr
0.55	AXP	American Express	Pair Corr
0.53	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.46	IBM	International Business	Pair Corr
0.46	BAC	Bank of America	Pair Corr
0.44	JNJ	Johnson Johnson	Pair Corr
0.37	FTV	Fortive Corp	Pair Corr

Related Correlations Analysis

	FERG	GWW	AME	ROP	CARR	FER	ROK	PCAR	XYL	SYM
FERG		-0.58	-0.22	-0.16	0.28	0.04	-0.06	-0.41	0.46	0.5	FERG
GWW	-0.58		0.68	-0.23	-0.28	0.54	0.54	0.83	-0.48	-0.24	GWW
AME	-0.22	0.68		-0.76	-0.58	0.76	0.86	0.84	-0.58	-0.19	AME
ROP	-0.16	-0.23	-0.76		0.61	-0.74	-0.81	-0.56	0.44	0.14	ROP
CARR	0.28	-0.28	-0.58	0.61		-0.65	-0.69	-0.6	0.9	0.55	CARR
FER	0.04	0.54	0.76	-0.74	-0.65		0.89	0.8	-0.62	-0.13	FER
ROK	-0.06	0.54	0.86	-0.81	-0.69	0.89		0.86	-0.67	-0.25	ROK
PCAR	-0.41	0.83	0.84	-0.56	-0.6	0.8	0.86		-0.74	-0.3	PCAR
XYL	0.46	-0.48	-0.58	0.44	0.9	-0.62	-0.67	-0.74		0.5	XYL
SYM	0.5	-0.24	-0.19	0.14	0.55	-0.13	-0.25	-0.3	0.5		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

XYL	+ 0.9	CARR
ROK	+ 0.89	FER
ROK	+ 0.86	AME
PCAR	+ 0.86	ROK
PCAR	+ 0.84	AME
PCAR	+ 0.83	GWW

High negative correlations

ROK	- 0.81	ROP
ROP	- 0.76	AME
XYL	- 0.74	PCAR
FER	- 0.74	ROP
ROK	- 0.69	CARR
XYL	- 0.67	ROK

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	1.24	(0.01)	(0.03)	0.05	2.07	(1.13)	2.31	(2.38)	11.07
GWW	0.88	0.04	0.04	0.12	0.83	(1.05)	2.59	(1.52)	5.25
AME	1.03	0.12	0.11	0.20	0.75	(1.31)	2.31	(1.65)	9.36
ROP	0.90	(0.24)	0.00	(0.61)	0.00	0.00	1.71	(2.18)	7.54
CARR	1.37	(0.25)	0.00	(0.10)	0.00	0.00	3.72	(2.74)	8.88
FER	0.97	0.18	0.15	0.39	0.74	(1.18)	2.49	(1.52)	6.10
ROK	1.15	0.12	0.11	0.16	1.18	(1.25)	2.44	(1.91)	8.52
PCAR	1.21	0.16	0.16	0.22	0.88	(1.57)	3.02	(1.89)	6.91
XYL	0.75	(0.16)	0.00	(0.11)	0.00	0.00	1.17	(1.70)	4.70
SYM	5.09	0.24	0.07	0.13	6.50	(5.63)	10.59	(10.11)	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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