Hyster Yale Correlations

HY Stock

USD 55.42 1.20 2.21%

The current 90-days correlation between Hyster Yale Materials and Astec Industries is 0.37 (i.e., Weak diversification). The correlation of Hyster Yale 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.

Hyster Yale Correlation With Market

Weak diversification

The correlation between Hyster Yale Materials Handling 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 Hyster Yale Materials Handling and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hyster Yale Materials Handling. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Hyster Stock

0.72

AGCO

AGCO Buyout Trend

Pair Corr

Moving against Hyster Stock

0.74	KUBTY	Kubota Corp ADR	Pair Corr
0.65	ALG	Alamo Group	Pair Corr
0.51	AGFY	Agrify Corp Earnings Call This Week	Pair Corr
0.47	WNC	Wabash National	Pair Corr
0.39	LNN	Lindsay	Pair Corr
0.37	MTW	Manitowoc	Pair Corr
0.33	OSK	Oshkosh	Pair Corr
0.69	SHYF	Shyft Group	Pair Corr
0.69	G	Genpact Limited	Pair Corr
0.66	ASTE	Astec Industries	Pair Corr
0.55	AL	Air Lease	Pair Corr
0.55	BE	Bloom Energy Corp Trending	Pair Corr
0.47	CR	Crane Company	Pair Corr
0.37	R	Ryder System	Pair Corr
0.32	AZ	A2Z Smart Technologies	Pair Corr

Related Correlations Analysis

	ASTE	MNTX	SHYF	REVG	ALG	CMCO	AGCO	TWI	TEX	OSK
ASTE		0.17	0.83	0.74	0.92	0.68	-0.27	-0.16	0.4	0.86	ASTE
MNTX	0.17		-0.18	-0.05	0.2	0.44	0.69	-0.53	0.1	0.26	MNTX
SHYF	0.83	-0.18		0.68	0.76	0.41	-0.5	0.12	0.25	0.65	SHYF
REVG	0.74	-0.05	0.68		0.68	0.55	-0.25	0.1	0.68	0.74	REVG
ALG	0.92	0.2	0.76	0.68		0.65	-0.28	-0.09	0.36	0.73	ALG
CMCO	0.68	0.44	0.41	0.55	0.65		0.18	-0.34	0.33	0.58	CMCO
AGCO	-0.27	0.69	-0.5	-0.25	-0.28	0.18		-0.48	0.18	0.04	AGCO
TWI	-0.16	-0.53	0.12	0.1	-0.09	-0.34	-0.48		0.08	-0.28	TWI
TEX	0.4	0.1	0.25	0.68	0.36	0.33	0.18	0.08		0.65	TEX
OSK	0.86	0.26	0.65	0.74	0.73	0.58	0.04	-0.28	0.65		OSK
	ASTE	MNTX	SHYF	REVG	ALG	CMCO	AGCO	TWI	TEX	OSK

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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

ALG	+ 0.92	ASTE
OSK	+ 0.86	ASTE
SHYF	+ 0.83	ASTE
ALG	+ 0.76	SHYF
REVG	+ 0.74	ASTE
OSK	+ 0.74	REVG

High negative correlations

TWI	- 0.53	MNTX
AGCO	- 0.5	SHYF
TWI	- 0.48	AGCO
TWI	- 0.34	CMCO
OSK	- 0.28	TWI
AGCO	- 0.28	ALG

Risk-Adjusted Indicators

There is a big difference between Hyster Stock performing well and Hyster Yale 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 Hyster Yale'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
ASTE	1.68	(0.04)	0.06	0.07	1.63	(2.11)	3.17	(2.45)	16.80
MNTX	1.88	0.56	0.24	0.65	1.25	(2.91)	4.30	(2.54)	48.84
SHYF	1.99	0.05	(0.01)	0.45	2.42	(2.12)	4.90	(4.64)	11.33
REVG	2.19	(0.17)	(0.02)	0.01	2.67	(2.93)	6.03	(4.30)	15.72
ALG	1.40	(0.01)	0.03	0.08	1.47	(1.49)	2.27	(2.25)	12.83
CMCO	1.70	0.01	0.05	0.09	1.65	(1.88)	3.87	(2.55)	9.88
AGCO	1.31	(0.02)	(0.01)	0.06	2.04	(1.21)	2.45	(2.75)	10.78
TWI	2.32	(0.39)	0.00	(0.04)	0.00	0.00	4.15	(5.01)	19.13
TEX	1.86	(0.21)	0.00	(0.01)	0.00	0.00	3.50	(3.93)	16.23
OSK	1.51	(0.05)	0.01	0.06	1.87	(1.51)	2.78	(2.83)	12.69

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