Mistras Correlations

MG Stock

USD 14.39 0.09 0.62%

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

Poor diversification

The correlation between Mistras Group 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 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 census.

Moving together with Mistras Stock

0.61	EXPO	Exponent Earnings Call This Week	Pair Corr
0.76	WLDN	Willdan Group	Pair Corr
0.76	HURN	Huron Consulting	Pair Corr
0.82	RHLD	Resolute Holdings Symbol Change	Pair Corr
0.78	CUB	Lionheart Holdings	Pair Corr
0.85	LION	Lionsgate Studios Holding	Pair Corr
0.68	CWBK	CommerceWest Bank	Pair Corr
0.86	NFPDF	Nissin Foods Holdings	Pair Corr
0.75	TORO	Toro	Pair Corr
0.62	CCAJ	Coastal Capital Acq	Pair Corr
0.73	IQV	IQVIA Holdings	Pair Corr
0.86	GNL	Global Net Lease	Pair Corr
0.79	TER	Teradyne	Pair Corr
0.88	AIZ	Assurant	Pair Corr

Moving against Mistras Stock

0.87	TRI	Thomson Reuters	Pair Corr
0.68	LTBR	Lightbridge Corp	Pair Corr
0.61	NCI	Neo Concept Internat	Pair Corr
0.49	603357	Anhui Transport Cons	Pair Corr
0.49	JTC	JTC PLC	Pair Corr
0.41	CBZ	CBIZ Inc	Pair Corr
0.41	603060	China Building Material	Pair Corr
0.35	TIC	Acuren	Pair Corr
0.88	KG	Kestrel Group Symbol Change	Pair Corr
0.58	IPGGF	Imperium Group Global	Pair Corr
0.59	GFTRF	Goldn Futures Mineral	Pair Corr
0.53	FLYE	Fly E Group	Pair Corr

Related Correlations Analysis

	NL	CIX	PKOH	RLGT	PANL	BNC	CVEO	FSTR	NPWR	AIRJ
NL		0.35	0.51	0.38	-0.03	0.04	0.71	0.64	0.15	0.09	NL
CIX	0.35		0.45	0.33	0.18	-0.04	0.55	0.58	-0.36	-0.04	CIX
PKOH	0.51	0.45		0.82	0.52	0.13	0.69	0.68	-0.42	-0.49	PKOH
RLGT	0.38	0.33	0.82		0.68	0.03	0.64	0.7	-0.59	-0.6	RLGT
PANL	-0.03	0.18	0.52	0.68		-0.33	0.29	0.43	-0.85	-0.87	PANL
BNC	0.04	-0.04	0.13	0.03	-0.33		-0.05	-0.24	0.3	0.08	BNC
CVEO	0.71	0.55	0.69	0.64	0.29	-0.05		0.76	-0.3	-0.1	CVEO
FSTR	0.64	0.58	0.68	0.7	0.43	-0.24	0.76		-0.38	-0.21	FSTR
NPWR	0.15	-0.36	-0.42	-0.59	-0.85	0.3	-0.3	-0.38		0.73	NPWR
AIRJ	0.09	-0.04	-0.49	-0.6	-0.87	0.08	-0.1	-0.21	0.73		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	+ 0.82	PKOH
FSTR	+ 0.76	CVEO
AIRJ	+ 0.73	NPWR
CVEO	+ 0.71	NL
FSTR	+ 0.7	RLGT
CVEO	+ 0.69	PKOH

High negative correlations

AIRJ	- 0.87	PANL
NPWR	- 0.85	PANL
AIRJ	- 0.6	RLGT
NPWR	- 0.59	RLGT
AIRJ	- 0.49	PKOH
NPWR	- 0.42	PKOH

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	2.27	0.09	0.04	0.13	2.41	(2.77)	5.51	(4.82)	20.34
CIX	1.63	0.09	0.00	(0.14)	2.02	(1.92)	3.06	(2.51)	19.01
PKOH	1.87	0.24	0.07	1.14	2.35	(2.07)	4.77	(3.60)	14.74
RLGT	1.31	0.02	0.03	0.08	1.72	(1.40)	3.34	(3.07)	8.55
PANL	2.26	0.80	0.43	1.23	1.25	(3.01)	5.11	(2.91)	22.74
BNC	4.33	(0.51)	0.00	(0.11)	0.00	0.00	9.58	(9.22)	35.96
CVEO	1.27	0.18	0.07	0.39	1.69	(1.41)	2.75	(1.82)	14.66
FSTR	1.59	0.08	0.05	0.14	1.55	(1.89)	3.75	(2.79)	11.26
NPWR	3.67	(0.47)	0.00	(0.75)	0.00	0.00	7.95	(7.50)	30.06
AIRJ	4.04	(0.38)	0.00	1.12	0.00	0.00	13.28	(8.01)	31.81

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