Modine Manufacturing Correlations

MOD Stock

USD 219.76 0.63 0.29%

The current 90-days correlation between Modine Manufacturing and LKQ Corporation is 0.13 (i.e., Average 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

Weak diversification

The correlation between Modine Manufacturing and DJI is 0.3 (i.e., 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 employment.

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

Moving together with Modine Stock

0.73	SMP	Standard Motor Products	Pair Corr
0.61	XTC	Exco Technologies	Pair Corr
0.71	NFG	National Fuel Gas	Pair Corr

Moving against Modine Stock

0.36	DDT	Datadot Technology	Pair Corr
0.65	IVVD	Invivyd Buyout Trend	Pair Corr
0.56	OMC	Omnicom Group	Pair Corr
0.34	NVNIW	Nvni Group Limited	Pair Corr
0.32	GGLDF	Getchell Gold Corp	Pair Corr

Related Correlations Analysis

	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS
LKQ		0.91	0.88	0.32	0.81	-0.79	0.33	-0.15	-0.03	-0.6	LKQ
BWA	0.91		0.82	0.35	0.8	-0.74	0.23	-0.17	0.0	-0.6	BWA
ALV	0.88	0.82		0.39	0.74	-0.6	0.35	0.08	0.13	-0.41	ALV
LAD	0.32	0.35	0.39		0.73	0.03	0.77	0.34	-0.22	-0.61	LAD
ALSN	0.81	0.8	0.74	0.73		-0.59	0.64	-0.02	-0.19	-0.84	ALSN
PLNT	-0.79	-0.74	-0.6	0.03	-0.59		-0.03	0.5	0.06	0.43	PLNT
AN	0.33	0.23	0.35	0.77	0.64	-0.03		0.4	-0.32	-0.57	AN
LEVI	-0.15	-0.17	0.08	0.34	-0.02	0.5	0.4		0.03	0.1	LEVI
VFS	-0.03	0.0	0.13	-0.22	-0.19	0.06	-0.32	0.03		0.31	VFS
QS	-0.6	-0.6	-0.41	-0.61	-0.84	0.43	-0.57	0.1	0.31		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

BWA	+ 0.91	LKQ
ALV	+ 0.88	LKQ
ALV	+ 0.82	BWA
ALSN	+ 0.81	LKQ
ALSN	+ 0.8	BWA
AN	+ 0.77	LAD

High negative correlations

QS	- 0.84	ALSN
PLNT	- 0.79	LKQ
PLNT	- 0.74	BWA
QS	- 0.61	LAD
PLNT	- 0.6	ALV
QS	- 0.6	BWA

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	1.46	0.09	0.08	0.16	1.35	(1.66)	3.36	(2.42)	9.62
BWA	1.26	0.18	0.13	0.21	1.44	(1.45)	3.70	(3.05)	8.11
ALV	1.23	(0.03)	(0.01)	0.06	1.53	(1.23)	3.13	(2.57)	8.44
LAD	1.47	0.05	0.04	0.12	1.53	(1.67)	3.63	(2.97)	9.95
ALSN	1.21	0.47	0.38	0.59	0.67	(1.49)	3.31	(1.43)	7.29
PLNT	1.37	0.02	(0.02)	0.26	1.82	(1.38)	3.01	(3.30)	18.44
AN	1.41	0.02	0.01	0.11	1.79	(1.48)	3.31	(2.87)	9.46
LEVI	1.57	0.03	0.04	0.11	1.66	(1.88)	4.18	(3.44)	8.55
VFS	1.50	(0.08)	0.00	(0.02)	0.00	0.00	2.98	(3.60)	9.89
QS	3.11	(1.08)	0.00	(0.42)	0.00	0.00	6.14	(7.98)	18.26

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