Modine Manufacturing Correlations

MOD Stock

USD 137.59 0.05 0.04%

The current 90-days correlation between Modine Manufacturing and LKQ Corporation is 0.22 (i.e., Modest diversification). The correlation of Modine Manufacturing 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.

Modine Manufacturing Correlation With Market

Very weak diversification

The correlation between Modine Manufacturing and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Modine Manufacturing and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Modine Stock

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

For information on how to trade Modine Stock refer to our How to Trade Modine Stock guide.

Moving against Modine Stock

0.38	002703	Zhejiang Shibao	Pair Corr
0.31	603023	Harbin VITI Electronics	Pair Corr
0.34	MGA	Magna International	Pair Corr

Related Correlations Analysis

	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS
LKQ		0.66	0.4	0.19	0.04	-0.12	-0.2	0.05	-0.03	0.25	LKQ
BWA	0.66		0.53	0.3	0.39	0.38	-0.3	0.0	0.35	-0.19	BWA
ALV	0.4	0.53		0.24	0.23	0.2	0.34	0.65	-0.03	-0.07	ALV
LAD	0.19	0.3	0.24		0.88	0.43	0.44	0.27	-0.11	-0.5	LAD
ALSN	0.04	0.39	0.23	0.88		0.7	0.29	0.19	0.19	-0.69	ALSN
PLNT	-0.12	0.38	0.2	0.43	0.7		0.09	0.16	0.34	-0.82	PLNT
AN	-0.2	-0.3	0.34	0.44	0.29	0.09		0.66	-0.46	-0.2	AN
LEVI	0.05	0.0	0.65	0.27	0.19	0.16	0.66		-0.21	-0.16	LEVI
VFS	-0.03	0.35	-0.03	-0.11	0.19	0.34	-0.46	-0.21		-0.21	VFS
QS	0.25	-0.19	-0.07	-0.5	-0.69	-0.82	-0.2	-0.16	-0.21		QS
	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS

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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

ALSN	+ 0.88	LAD
PLNT	+ 0.7	ALSN
BWA	+ 0.66	LKQ
LEVI	+ 0.66	AN
LEVI	+ 0.65	ALV
ALV	+ 0.53	BWA

High negative correlations

QS	- 0.82	PLNT
QS	- 0.69	ALSN
QS	- 0.5	LAD
VFS	- 0.46	AN
AN	- 0.3	BWA
QS	- 0.21	VFS

Risk-Adjusted Indicators

There is a big difference between Modine Stock performing well and Modine Manufacturing 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 Modine Manufacturing'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
LKQ	1.44	(0.08)	(0.03)	0.01	1.84	(1.39)	2.78	(2.55)	9.17
BWA	1.20	(0.01)	0.00	0.06	1.85	(1.12)	3.07	(3.05)	8.11
ALV	1.16	(0.16)	0.00	(0.06)	0.00	0.00	1.98	(3.01)	5.94
LAD	1.60	(0.04)	0.00	0.04	1.96	(1.62)	4.18	(3.02)	9.56
ALSN	1.22	0.15	0.11	0.22	1.17	(1.41)	2.74	(2.00)	5.55
PLNT	1.45	0.16	0.06	2.90	1.37	(1.57)	3.22	(2.65)	16.06
AN	1.34	(0.10)	0.00	(0.07)	0.00	0.00	3.06	(2.56)	8.76
LEVI	1.58	(0.22)	0.00	(0.06)	0.00	0.00	3.64	(3.46)	17.30
VFS	1.70	0.12	0.03	0.29	2.41	(1.68)	3.35	(3.83)	15.20
QS	4.38	(0.36)	0.00	(0.03)	0.00	0.00	14.73	(8.22)	31.81

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