Modine Manufacturing Correlations

MOD Stock

USD 125.05 2.02 1.59%

The current 90-days correlation between Modine Manufacturing and LKQ Corporation is 0.08 (i.e., Significant 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

Average diversification

The correlation between Modine Manufacturing and DJI is 0.18 (i.e., Average 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

0.63	002813	Shenzhen RoadRover	Pair Corr
0.58	605255	Ningbo Tip Rubber	Pair Corr
0.54	AXL	American Axle Manufa	Pair Corr
0.34	002625	Kuang Chi Technologies	Pair Corr
0.34	002454	Songz Automobile Air	Pair Corr
0.63	000901	Aerospace Hi Tech	Pair Corr
0.63	CUB	Lionheart Holdings	Pair Corr
0.63	LION	Lionsgate Studios Holding	Pair Corr
0.61	601279	Changchun Engley Aut	Pair Corr
0.57	KGC	Kinross Gold Sell-off Trend	Pair Corr
0.56	ASXSF	Elysee Development Corp	Pair Corr
0.54	AEM	Agnico Eagle Mines	Pair Corr
0.53	BEN	Franklin Resources	Pair Corr
0.51	RY	Royal Bank	Pair Corr
0.42	WEICF	Weichai Power	Pair Corr
0.41	CRS	Carpenter Technology	Pair Corr

Related Correlations Analysis

	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS
LKQ		0.82	0.76	0.31	0.54	-0.09	0.06	0.11	0.26	-0.24	LKQ
BWA	0.82		0.88	0.41	0.71	0.24	0.04	0.19	0.5	-0.5	BWA
ALV	0.76	0.88		0.38	0.7	0.23	0.2	0.34	0.46	-0.43	ALV
LAD	0.31	0.41	0.38		0.84	0.47	0.56	0.54	0.03	-0.59	LAD
ALSN	0.54	0.71	0.7	0.84		0.57	0.51	0.5	0.33	-0.8	ALSN
PLNT	-0.09	0.24	0.23	0.47	0.57		0.24	0.59	0.36	-0.78	PLNT
AN	0.06	0.04	0.2	0.56	0.51	0.24		0.52	-0.2	-0.37	AN
LEVI	0.11	0.19	0.34	0.54	0.5	0.59	0.52		0.09	-0.46	LEVI
VFS	0.26	0.5	0.46	0.03	0.33	0.36	-0.2	0.09		-0.38	VFS
QS	-0.24	-0.5	-0.43	-0.59	-0.8	-0.78	-0.37	-0.46	-0.38		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

ALV	+ 0.88	BWA
ALSN	+ 0.84	LAD
BWA	+ 0.82	LKQ
ALV	+ 0.76	LKQ
ALSN	+ 0.71	BWA
ALSN	+ 0.7	ALV

High negative correlations

QS	- 0.8	ALSN
QS	- 0.78	PLNT
QS	- 0.59	LAD
QS	- 0.5	BWA
QS	- 0.46	LEVI
QS	- 0.43	ALV

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	1.50	0.10	0.09	0.17	1.56	(1.63)	3.36	(2.55)	9.19
BWA	1.14	0.14	0.10	0.21	1.49	(1.26)	3.32	(2.68)	8.11
ALV	1.02	0.06	0.05	0.15	1.21	(1.05)	2.04	(2.08)	5.87
LAD	1.48	0.04	0.03	0.13	1.45	(1.73)	4.18	(2.97)	9.56
ALSN	1.27	0.40	0.32	0.48	0.84	(1.58)	3.31	(1.64)	6.81
PLNT	1.47	0.09	0.01	0.33	1.81	(1.48)	3.01	(2.73)	18.44
AN	1.28	(0.06)	(0.06)	(0.01)	1.65	(1.37)	3.06	(2.56)	8.76
LEVI	1.41	(0.06)	(0.02)	0.05	1.62	(1.67)	3.54	(2.83)	8.59
VFS	1.67	0.07	0.01	0.23	2.44	(1.62)	2.98	(3.83)	15.20
QS	3.80	(0.91)	0.00	(0.20)	0.00	0.00	7.95	(8.22)	28.88

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