Mistras Correlations

MG Stock

USD 13.28 0.17 1.26%

The current 90-days correlation between Mistras Group and NL Industries is 0.27 (i.e., Modest diversification). The correlation of Mistras 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.

Mistras Correlation With Market

Weak diversification

The correlation between Mistras Group and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mistras Group and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Mistras Stock

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

Moving together with Mistras Stock

0.83	HURN	Huron Consulting	Pair Corr
0.92	RHLD	Resolute Holdings Symbol Change	Pair Corr
0.61	CYCC	CYCC Old Symbol Change	Pair Corr
0.63	MEOAF	Melbana Energy	Pair Corr
0.64	BROS	Dutch Bros	Pair Corr
0.84	FTV	Fortive Corp	Pair Corr
0.75	ARVN	Arvinas	Pair Corr
0.76	SYF	Synchrony Financial	Pair Corr
0.82	TMSNY	Temenos Group AG	Pair Corr
0.8	CASXF	Casa Minerals	Pair Corr
0.81	NAUFF	NevGold Corp	Pair Corr
0.84	PLTK	Playtika Holding Corp	Pair Corr
0.81	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.76	CICOY	COSCO SHIPPING Holdings	Pair Corr
0.71	DGWPF	Drgerwerk AG	Pair Corr
0.76	DB	Deutsche Bank AG	Pair Corr
0.85	LCDX	Caliber Imaging Diag	Pair Corr

Moving against Mistras Stock

0.78	TRNR	Interactive Strength	Pair Corr
0.74	TIC	Acuren	Pair Corr
0.62	WFCF	Where Food Comes	Pair Corr
0.52	DATA	GlobalData PLC	Pair Corr
0.49	603060	China Building Material	Pair Corr
0.47	603357	Anhui Transport Cons	Pair Corr
0.43	CBZ	CBIZ Inc	Pair Corr
0.39	VLCN	VLCN Old Symbol Change	Pair Corr

Related Correlations Analysis

	NL	CIX	PKOH	RLGT	PANL	BNC	CVEO	FSTR	NPWR	AIRJ
NL		0.13	0.08	-0.15	-0.61	0.62	0.01	-0.13	0.55	0.56	NL
CIX	0.13		0.29	0.16	0.03	0.08	0.22	0.33	-0.22	0.1	CIX
PKOH	0.08	0.29		0.79	0.47	0.03	0.52	0.54	-0.42	-0.46	PKOH
RLGT	-0.15	0.16	0.79		0.73	-0.14	0.48	0.54	-0.6	-0.61	RLGT
PANL	-0.61	0.03	0.47	0.73		-0.54	0.29	0.42	-0.85	-0.91	PANL
BNC	0.62	0.08	0.03	-0.14	-0.54		-0.24	-0.35	0.54	0.48	BNC
CVEO	0.01	0.22	0.52	0.48	0.29	-0.24		0.54	-0.45	-0.22	CVEO
FSTR	-0.13	0.33	0.54	0.54	0.42	-0.35	0.54		-0.43	-0.25	FSTR
NPWR	0.55	-0.22	-0.42	-0.6	-0.85	0.54	-0.45	-0.43		0.77	NPWR
AIRJ	0.56	0.1	-0.46	-0.61	-0.91	0.48	-0.22	-0.25	0.77		AIRJ
	NL	CIX	PKOH	RLGT	PANL	BNC	CVEO	FSTR	NPWR	AIRJ

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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

RLGT	+ 0.79	PKOH
AIRJ	+ 0.77	NPWR
PANL	+ 0.73	RLGT
BNC	+ 0.62	NL
AIRJ	+ 0.56	NL
NPWR	+ 0.55	NL

High negative correlations

AIRJ	- 0.91	PANL
NPWR	- 0.85	PANL
AIRJ	- 0.61	RLGT
PANL	- 0.61	NL
NPWR	- 0.6	RLGT
BNC	- 0.54	PANL

Risk-Adjusted Indicators

There is a big difference between Mistras Stock performing well and Mistras 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 Mistras' 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
NL	2.01	(0.20)	0.00	(0.07)	0.00	0.00	5.51	(3.51)	11.49
CIX	1.64	(0.03)	0.00	0.33	0.00	0.00	3.20	(2.51)	19.01
PKOH	1.88	0.01	(0.03)	0.32	2.54	(2.03)	3.63	(3.66)	14.74
RLGT	1.23	0.13	0.09	0.21	1.29	(1.38)	2.71	(1.94)	8.55
PANL	1.98	0.41	0.21	0.53	1.66	(2.51)	4.65	(2.91)	22.74
BNC	4.60	(0.30)	0.00	(0.02)	0.00	0.00	10.62	(10.14)	30.75
CVEO	1.50	0.05	(0.01)	0.34	2.22	(1.57)	2.88	(3.06)	14.66
FSTR	1.58	0.11	(0.01)	(0.14)	1.65	(1.88)	3.69	(2.79)	10.80
NPWR	4.99	0.11	(0.01)	(0.08)	6.05	(5.37)	10.95	(10.06)	39.73
AIRJ	4.49	(0.30)	0.00	(0.01)	0.00	0.00	13.67	(8.01)	36.80

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