Friedman Industries Correlations

FRD Stock

USD 13.56 0.46 3.28%

The current 90-days correlation between Friedman Industries and Universal Stainless Alloy is 0.07 (i.e., Significant diversification). The correlation of Friedman Industries 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.

Friedman Industries Correlation With Market

Weak diversification

The correlation between Friedman Industries and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Friedman Industries 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 Friedman Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

For information on how to trade Friedman Stock refer to our How to Trade Friedman Stock guide.

Moving together with Friedman Stock

0.65

DOW

Dow Inc Fiscal Year End 23rd of January 2025

Pair Corr

Moving against Friedman Stock

0.36	AEM	Agnico Eagle Mines	Pair Corr
0.35	RGLD	Royal Gold	Pair Corr
0.4	AUST	Austin Gold Corp	Pair Corr

Related Correlations Analysis

	AMSYF	APEMY	ANIOY	ASTLW	SCHN	FEEXF	USAP	ZEUS	TMST	PKX
AMSYF		0.58	-0.39	0.42	0.59	0.52	0.56	0.07	0.72	-0.47	AMSYF
APEMY	0.58		0.19	0.02	0.52	0.27	0.34	0.2	0.27	-0.11	APEMY
ANIOY	-0.39	0.19		-0.46	-0.23	-0.54	-0.48	0.07	-0.73	0.72	ANIOY
ASTLW	0.42	0.02	-0.46		0.04	0.63	0.37	0.3	0.6	-0.55	ASTLW
SCHN	0.59	0.52	-0.23	0.04		0.3	0.54	0.33	0.57	-0.4	SCHN
FEEXF	0.52	0.27	-0.54	0.63	0.3		0.54	0.22	0.76	-0.79	FEEXF
USAP	0.56	0.34	-0.48	0.37	0.54	0.54		0.22	0.78	-0.62	USAP
ZEUS	0.07	0.2	0.07	0.3	0.33	0.22	0.22		0.11	-0.14	ZEUS
TMST	0.72	0.27	-0.73	0.6	0.57	0.76	0.78	0.11		-0.76	TMST
PKX	-0.47	-0.11	0.72	-0.55	-0.4	-0.79	-0.62	-0.14	-0.76		PKX
	AMSYF	APEMY	ANIOY	ASTLW	SCHN	FEEXF	USAP	ZEUS	TMST	PKX

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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

TMST	+ 0.78	USAP
TMST	+ 0.76	FEEXF
TMST	+ 0.72	AMSYF
PKX	+ 0.72	ANIOY
FEEXF	+ 0.63	ASTLW
TMST	+ 0.6	ASTLW

High negative correlations

PKX	- 0.79	FEEXF
PKX	- 0.76	TMST
TMST	- 0.73	ANIOY
PKX	- 0.62	USAP
PKX	- 0.55	ASTLW
FEEXF	- 0.54	ANIOY

Risk-Adjusted Indicators

There is a big difference between Friedman Stock performing well and Friedman Industries 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 Friedman Industries' 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
AMSYF	0.47	0.24	0.00	(2.67)	0.00	0.00	0.00	0.00	4.09
APEMY	2.14	0.20	0.04	0.83	2.79	(2.49)	5.52	(6.14)	16.16
ANIOY	1.17	0.00	0.00	0.00	0.00	0.00	3.56	(4.40)	17.16
ASTLW	3.78	0.51	0.12	0.38	4.14	(4.56)	7.93	(7.91)	28.47
SCHN	1.66	0.09	0.01	0.51	2.05	(1.68)	3.12	(3.33)	13.80
FEEXF	3.59	1.12	0.09	(0.40)	3.11	(20.70)	18.00	(8.06)	50.28
USAP	1.75	0.05	0.04	0.12	2.32	(1.87)	5.18	(4.35)	15.05
ZEUS	2.11	(0.16)	(0.02)	0.02	2.58	(2.23)	4.03	(4.04)	14.90
TMST	1.64	0.37	0.16	(1.90)	1.46	(1.98)	4.81	(2.47)	13.11
PKX	1.98	(0.21)	0.00	(0.83)	0.00	0.00	4.63	(4.94)	10.53

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