Kadant Correlations

KAI Stock

USD 296.57 10.17 3.55%

The current 90-days correlation between Kadant Inc and Crane NXT Co is 0.5 (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

Very weak diversification

The correlation between Kadant Inc and DJI is 0.57 (i.e., Very weak 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

0.62	AZ	A2Z Smart Technologies Buyout Trend	Pair Corr
0.68	HY	Hyster Yale Materials	Pair Corr
0.69	GGG	Graco Inc	Pair Corr
0.7	ITW	Illinois Tool Works	Pair Corr
0.71	WTS	Watts Water Technologies	Pair Corr

Moving against Kadant Stock

0.65	600666	Aurora Optoelectronics	Pair Corr
0.61	300823	Tjk Machinery Tianjin	Pair Corr
0.53	300956	Anhui Shiny Electronic	Pair Corr
0.36	FLS	Flowserve	Pair Corr
0.52	002855	Dongguan Chitwing	Pair Corr
0.49	300385	Wuxi Xuelang Environ	Pair Corr
0.48	000821	JS Corrugating Machinery	Pair Corr
0.47	300266	Xingyuan Environment	Pair Corr
0.4	605060	Allied Machinery	Pair Corr
0.37	301048	Gemac Engineering	Pair Corr

Related Correlations Analysis

	CXT	SXI	GTLS	FELE	MWA	TEX	CSW	KFY	AMSC	MYRG
CXT		0.05	-0.92	-0.25	0.51	0.03	-0.82	0.31	0.78	-0.41	CXT
SXI	0.05		0.03	0.15	-0.04	-0.12	0.01	-0.23	0.01	0.5	SXI
GTLS	-0.92	0.03		0.18	-0.59	-0.05	0.86	-0.28	-0.83	0.44	GTLS
FELE	-0.25	0.15	0.18		0.42	0.68	0.44	0.5	-0.05	0.11	FELE
MWA	0.51	-0.04	-0.59	0.42		0.6	-0.15	0.69	0.63	-0.33	MWA
TEX	0.03	-0.12	-0.05	0.68	0.6		0.27	0.81	0.35	-0.21	TEX
CSW	-0.82	0.01	0.86	0.44	-0.15	0.27		0.04	-0.63	0.39	CSW
KFY	0.31	-0.23	-0.28	0.5	0.69	0.81	0.04		0.47	-0.53	KFY
AMSC	0.78	0.01	-0.83	-0.05	0.63	0.35	-0.63	0.47		-0.45	AMSC
MYRG	-0.41	0.5	0.44	0.11	-0.33	-0.21	0.39	-0.53	-0.45		MYRG
	CXT	SXI	GTLS	FELE	MWA	TEX	CSW	KFY	AMSC	MYRG

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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

CSW	+ 0.86	GTLS
KFY	+ 0.81	TEX
AMSC	+ 0.78	CXT
KFY	+ 0.69	MWA
TEX	+ 0.68	FELE
AMSC	+ 0.63	MWA

High negative correlations

GTLS	- 0.92	CXT
AMSC	- 0.83	GTLS
CSW	- 0.82	CXT
AMSC	- 0.63	CSW
MWA	- 0.59	GTLS
MYRG	- 0.53	KFY

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
CXT	1.48	(0.55)	0.00	(0.30)	0.00	0.00	2.25	(4.02)	8.12
SXI	1.62	0.05	0.04	0.10	1.94	(1.61)	3.70	(2.71)	12.69
GTLS	0.10	0.03	(0.33)	0.50	0.00	(0.12)	0.23	(0.18)	1.32
FELE	0.99	(0.03)	(0.03)	0.04	1.06	(1.11)	2.16	(1.62)	5.31
MWA	0.98	(0.15)	0.00	(0.11)	0.00	0.00	1.58	(2.30)	5.94
TEX	2.14	0.03	0.03	0.09	3.39	(2.33)	4.18	(3.80)	23.19
CSW	1.65	0.28	0.12	0.67	1.84	(1.78)	3.53	(3.32)	11.84
KFY	1.09	(0.13)	0.00	(0.09)	0.00	0.00	2.44	(2.09)	7.86
AMSC	3.96	(0.52)	0.00	0.52	0.00	0.00	7.34	(6.95)	47.97
MYRG	2.08	0.12	0.07	0.14	2.30	(2.38)	4.80	(4.84)	11.62

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