Kadant Correlations

KAI Stock

USD 343.25 5.32 1.57%

The current 90-days correlation between Kadant Inc and Northrop Grumman is 0.3 (i.e., Weak diversification). The correlation of Kadant 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.

Kadant Correlation With Market

Almost no diversification

The correlation between Kadant Inc and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kadant Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Kadant Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kadant Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Kadant Stock

0.73	HY	Hyster Yale Materials	Pair Corr
0.93	PH	Parker Hannifin	Pair Corr
0.87	PL	Planet Labs PBC Downward Rally	Pair Corr
0.79	HZ8	Insteel Industries	Pair Corr
0.81	RFG	Roebuck Food Group	Pair Corr
0.85	FSTR	LB Foster	Pair Corr
0.92	WWD	Woodward	Pair Corr
0.93	OERL	OC Oerlikon Corp	Pair Corr
0.88	PRV	Porvair plc	Pair Corr
0.76	EGL	Environmental Group	Pair Corr
0.9	JBTM	JBTMarel Corp	Pair Corr
0.93	MGAM	Morgan Advanced Materials	Pair Corr
0.93	LECO	Lincoln Electric Holdings Earnings Call This Week	Pair Corr
0.74	LPK	LPKF Laser Electronics	Pair Corr
0.93	OFLX	Omega Flex	Pair Corr
0.87	PKOH	Park Ohio Holdings	Pair Corr
0.8	PRLB	Proto Labs	Pair Corr

Moving against Kadant Stock

0.67	XPON	Expion360	Pair Corr
0.56	WATR	Current Water Techno	Pair Corr
0.53	PNT	Pentair plc	Pair Corr
0.42	HYFM	Hydrofarm Holdings	Pair Corr
0.41	INLF	INLIF LIMITED Ordinary	Pair Corr
0.36	QST	Questor Technology	Pair Corr
0.32	9ZJ	QLEANAIR AB SK	Pair Corr
0.79	XSG	Xeros Technology	Pair Corr
0.76	DFLI	Chardan NexTech Acqu	Pair Corr
0.71	FSTF	First State Financial	Pair Corr
0.68	RAYA	Erayak Power Solution	Pair Corr

Related Correlations Analysis

	EMR	HWM	TT	ITW	ADP	GD	CMI	MMM	NOC
EMR		0.69	0.07	0.87	-0.31	0.78	0.92	-0.27	0.91	EMR
HWM	0.69		-0.01	0.52	-0.19	0.87	0.64	-0.18	0.73	HWM
TT	0.07	-0.01		0.35	-0.8	-0.05	-0.12	0.15	0.18	TT
ITW	0.87	0.52	0.35		-0.57	0.57	0.78	-0.11	0.83	ITW
ADP	-0.31	-0.19	-0.8	-0.57		-0.17	-0.2	0.01	-0.47	ADP
GD	0.78	0.87	-0.05	0.57	-0.17		0.72	-0.17	0.81	GD
CMI	0.92	0.64	-0.12	0.78	-0.2	0.72		-0.33	0.86	CMI
MMM	-0.27	-0.18	0.15	-0.11	0.01	-0.17	-0.33		-0.41	MMM
NOC	0.91	0.73	0.18	0.83	-0.47	0.81	0.86	-0.41		NOC
	EMR	HWM	TT	ITW	ADP	GD	CMI	MMM	NOC

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

CMI	+ 0.92	EMR
NOC	+ 0.91	EMR
ITW	+ 0.87	EMR
GD	+ 0.87	HWM
NOC	+ 0.86	CMI
NOC	+ 0.83	ITW

High negative correlations

ADP	- 0.8	TT
ADP	- 0.57	ITW
NOC	- 0.47	ADP
NOC	- 0.41	MMM
MMM	- 0.33	CMI
ADP	- 0.31	EMR

Risk-Adjusted Indicators

There is a big difference between Kadant Stock performing well and Kadant 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 Kadant'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
EMR	1.43	0.09	0.08	0.14	1.78	(1.49)	3.43	(3.00)	9.23
HWM	1.35	0.06	0.04	0.14	1.45	(1.47)	3.27	(2.29)	7.17
TT	1.20	0.03	0.01	0.12	1.37	(1.27)	2.42	(2.68)	9.37
ITW	0.97	0.19	0.14	0.30	0.86	(1.07)	2.77	(2.12)	6.22
ADP	0.94	(0.25)	0.00	(0.31)	0.00	0.00	1.69	(2.05)	7.52
GD	1.01	0.00	(0.01)	0.09	1.25	(1.04)	2.28	(2.23)	7.72
CMI	1.61	0.39	0.17	0.32	2.18	(1.80)	4.09	(2.50)	16.11
MMM	1.20	(0.01)	0.01	0.08	1.76	(1.18)	2.33	(2.06)	9.29
NOC	1.25	0.25	0.13	0.58	1.36	(1.48)	2.91	(1.78)	9.88

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