Kadant Correlations

KAI Stock

USD 419.01 10.59 2.59%

The current 90-days correlation between Kadant Inc and Enerpac Tool Group is 0.56 (i.e., Very 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

Poor diversification

The correlation between Kadant Inc and DJI is 0.7 (i.e., Poor 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.

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

0.96	CR	Crane Company	Pair Corr
0.75	IR	Ingersoll Rand	Pair Corr
0.93	PH	Parker Hannifin	Pair Corr
0.9	EPAC	Enerpac Tool Group	Pair Corr
0.69	FELE	Franklin Electric	Pair Corr
0.97	AME	Ametek Inc	Pair Corr
0.86	CMI	Cummins	Pair Corr
0.8	DCI	Donaldson Earnings Call This Week	Pair Corr
0.89	DOV	Dover	Pair Corr
0.95	EMR	Emerson Electric	Pair Corr
0.8	ETN	Eaton PLC	Pair Corr
0.85	FLS	Flowserve	Pair Corr
0.84	GGG	Graco Inc	Pair Corr
0.89	GHM	Graham	Pair Corr
0.9	GRC	Gorman Rupp	Pair Corr
0.93	IEX	IDEX	Pair Corr
0.72	ITT	ITT Inc	Pair Corr
0.87	ITW	Illinois Tool Works	Pair Corr
0.77	JBT	John Bean Technologies	Pair Corr
0.73	MIR	Mirion Technologies	Pair Corr
0.9	MWA	Mueller Water Products Fiscal Year End 11th of December 2024	Pair Corr
0.94	XMTR	Xometry	Pair Corr
0.72	NNE	Nano Nuclear Energy Trending	Pair Corr
0.75	NPO	Enpro Industries	Pair Corr
0.82	PNR	Pentair PLC	Pair Corr
0.82	ROK	Rockwell Automation	Pair Corr
0.62	RRX	Regal Beloit	Pair Corr

Moving against Kadant Stock

0.75	CYD	China Yuchai Interna	Pair Corr
0.63	CVV	CVD Equipment	Pair Corr
0.56	RR	Richtech Robotics Class	Pair Corr
0.55	AOS	Smith AO	Pair Corr
0.78	IVAC	Intevac	Pair Corr
0.64	XYL	Xylem Inc	Pair Corr

Related Correlations Analysis

	LXFR	GHM	EPAC	OFLX	MIDD	NPO	ITT	FELE	HURC	GRC
LXFR		0.58	0.89	0.82	0.11	0.44	0.78	0.56	0.85	0.68	LXFR
GHM	0.58		0.74	0.42	0.22	0.79	0.61	0.67	0.48	0.85	GHM
EPAC	0.89	0.74		0.8	0.23	0.54	0.75	0.69	0.77	0.83	EPAC
OFLX	0.82	0.42	0.8		0.26	0.35	0.64	0.53	0.6	0.63	OFLX
MIDD	0.11	0.22	0.23	0.26		0.42	0.33	0.5	-0.1	0.47	MIDD
NPO	0.44	0.79	0.54	0.35	0.42		0.71	0.8	0.4	0.84	NPO
ITT	0.78	0.61	0.75	0.64	0.33	0.71		0.85	0.8	0.77	ITT
FELE	0.56	0.67	0.69	0.53	0.5	0.8	0.85		0.53	0.86	FELE
HURC	0.85	0.48	0.77	0.6	-0.1	0.4	0.8	0.53		0.57	HURC
GRC	0.68	0.85	0.83	0.63	0.47	0.84	0.77	0.86	0.57		GRC
	LXFR	GHM	EPAC	OFLX	MIDD	NPO	ITT	FELE	HURC	GRC

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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

EPAC	+ 0.89	LXFR
GRC	+ 0.86	FELE
HURC	+ 0.85	LXFR
GRC	+ 0.85	GHM
FELE	+ 0.85	ITT
GRC	+ 0.84	NPO

High negative correlations

HURC

- 0.1

MIDD

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
LXFR	1.87	0.41	0.22	0.54	1.51	(2.45)	3.72	(2.67)	16.99
GHM	2.02	0.31	0.23	0.23	1.89	(2.39)	4.68	(3.94)	19.45
EPAC	1.17	0.12	0.14	0.20	1.06	(1.36)	2.84	(1.91)	12.71
OFLX	1.64	(0.05)	0.02	0.09	1.71	(1.86)	3.46	(2.69)	11.00
MIDD	1.36	(0.14)	(0.04)	0.02	1.85	(1.45)	3.21	(2.66)	11.33
NPO	1.49	0.01	0.08	0.12	1.71	(1.59)	3.40	(2.30)	13.16
ITT	1.18	0.05	0.09	0.15	1.17	(1.36)	2.61	(1.53)	9.06
FELE	1.19	(0.08)	0.01	0.08	1.44	(1.37)	2.34	(1.54)	11.41
HURC	1.83	0.41	0.19	0.76	1.46	(2.16)	4.37	(3.00)	18.87
GRC	1.34	(0.05)	0.04	0.09	1.50	(1.49)	2.41	(2.42)	11.59

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