Kennametal Correlations

KMT Stock

USD 24.23 0.29 1.21%

The current 90-days correlation between Kennametal and Hillman Solutions Corp is 0.25 (i.e., Modest diversification). The correlation of Kennametal 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.

Kennametal Correlation With Market

Average diversification

The correlation between Kennametal and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kennametal 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 Kennametal. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

For more information on how to buy Kennametal Stock please use our How to Invest in Kennametal guide.

Moving together with Kennametal Stock

0.72	CVR	Chicago Rivet Machine	Pair Corr
0.61	RBC	RBC Bearings Earnings Call This Week	Pair Corr
0.66	SNA	Snap On Earnings Call This Week	Pair Corr
0.85	HLMN	Hillman Solutions Corp	Pair Corr
0.91	LECO	Lincoln Electric Holdings	Pair Corr
0.76	BV	BrightView Holdings	Pair Corr
0.84	CR	Crane Company	Pair Corr
0.94	IR	Ingersoll Rand	Pair Corr
0.86	NX	Quanex Building Products	Pair Corr
0.73	OC	Owens Corning	Pair Corr

Moving against Kennametal Stock

0.79	BA	Boeing	Pair Corr
0.75	B	Barnes Group	Pair Corr
0.61	AP	Ampco Pittsburgh	Pair Corr
0.52	TBLT	Toughbuilt Industries	Pair Corr

Related Correlations Analysis

	PFIN	HLMN	SCX	SKFRY	LECO	TTC	SNA	RBC	EML	SCXLB
PFIN		-0.38	0.46	0.44	-0.32	0.23	0.24	0.33	-0.48	0.0	PFIN
HLMN	-0.38		0.04	0.17	0.9	0.65	0.61	0.62	0.54	0.0	HLMN
SCX	0.46	0.04		0.4	0.09	0.31	0.31	0.25	-0.04	0.0	SCX
SKFRY	0.44	0.17	0.4		0.17	0.65	0.22	0.33	0.19	0.0	SKFRY
LECO	-0.32	0.9	0.09	0.17		0.73	0.78	0.73	0.34	0.0	LECO
TTC	0.23	0.65	0.31	0.65	0.73		0.73	0.78	0.27	0.0	TTC
SNA	0.24	0.61	0.31	0.22	0.78	0.73		0.93	-0.15	0.0	SNA
RBC	0.33	0.62	0.25	0.33	0.73	0.78	0.93		-0.06	0.0	RBC
EML	-0.48	0.54	-0.04	0.19	0.34	0.27	-0.15	-0.06		0.0	EML
SCXLB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		SCXLB
	PFIN	HLMN	SCX	SKFRY	LECO	TTC	SNA	RBC	EML	SCXLB

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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

RBC	+ 0.93	SNA
LECO	+ 0.9	HLMN
SNA	+ 0.78	LECO
RBC	+ 0.78	TTC
TTC	+ 0.73	LECO
RBC	+ 0.73	LECO

High negative correlations

EML	- 0.48	PFIN
HLMN	- 0.38	PFIN
LECO	- 0.32	PFIN
EML	- 0.15	SNA
EML	- 0.06	RBC
EML	- 0.04	SCX

Risk-Adjusted Indicators

There is a big difference between Kennametal Stock performing well and Kennametal 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 Kennametal'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
PFIN	1.39	0.47	0.20	4.86	1.33	(1.71)	3.15	(2.91)	11.88
HLMN	1.39	(0.05)	0.00	12.18	0.00	0.00	2.80	(3.12)	8.79
SCX	2.52	0.32	0.07	(1.46)	2.93	(2.75)	6.74	(5.00)	16.39
SKFRY	1.36	0.11	0.03	0.52	1.46	(1.54)	2.71	(2.79)	11.40
LECO	1.26	0.01	(0.02)	0.11	1.27	(1.56)	3.00	(1.89)	10.97
TTC	1.23	(0.01)	(0.02)	0.07	1.45	(1.42)	2.62	(2.33)	7.71
SNA	0.77	0.11	0.07	0.31	0.68	(0.90)	1.77	(1.04)	9.03
RBC	1.09	0.13	0.07	0.33	0.91	(1.28)	3.35	(1.80)	12.57
EML	1.86	(0.23)	0.00	(0.70)	0.00	0.00	4.11	(3.95)	10.45
SCXLB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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