Modine Manufacturing Correlations

MOD Stock

USD 136.88 5.02 3.81%

The current 90-days correlation between Modine Manufacturing and LKQ Corporation is 0.15 (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

Very weak diversification

The correlation between Modine Manufacturing and DJI is 0.45 (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 together with Modine Stock

0.63	QS	QuantumScape Class	Pair Corr
0.73	WKHS	Workhorse Group	Pair Corr
0.74	WKSP	Worksport	Pair Corr
0.71	FRSX	Foresight Autonomous	Pair Corr
0.71	GGR	Gogoro Inc	Pair Corr

Moving against Modine Stock

0.71	002703	Zhejiang Shibao	Pair Corr
0.67	TYT	Toyota Motor Corp	Pair Corr
0.63	603023	Harbin VITI Electronics	Pair Corr
0.55	300594	Shandong Longertek	Pair Corr
0.54	300816	Actblue	Pair Corr
0.44	603040	Hangzhou XZB Tech	Pair Corr
0.72	301119	Hangzhou Zhengqiang	Pair Corr
0.68	BWA	BorgWarner	Pair Corr
0.64	002448	ZYNP Corp	Pair Corr
0.62	DAN	Dana Inc	Pair Corr
0.53	ALV	Autoliv	Pair Corr
0.53	AXL	American Axle Manufa	Pair Corr
0.47	002328	Shanghai Xinpeng Industry	Pair Corr
0.35	002625	Kuang Chi Technologies	Pair Corr
0.71	MGA	Magna International	Pair Corr
0.67	LEA	Lear	Pair Corr
0.54	XPEL	Xpel Inc	Pair Corr
0.5	688280	Jing Jin Electric	Pair Corr
0.48	GTX	Garrett Motion	Pair Corr
0.41	300969	NINGBO HENGSHUAI	Pair Corr

Related Correlations Analysis

	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS
LKQ		0.82	0.77	0.3	0.57	-0.21	0.11	0.13	0.26	-0.25	LKQ
BWA	0.82		0.88	0.41	0.71	0.15	0.09	0.2	0.49	-0.49	BWA
ALV	0.77	0.88		0.37	0.71	0.14	0.23	0.35	0.45	-0.43	ALV
LAD	0.3	0.41	0.37		0.83	0.39	0.59	0.54	0.01	-0.58	LAD
ALSN	0.57	0.71	0.71	0.83		0.45	0.54	0.51	0.32	-0.79	ALSN
PLNT	-0.21	0.15	0.14	0.39	0.45		0.22	0.52	0.29	-0.7	PLNT
AN	0.11	0.09	0.23	0.59	0.54	0.22		0.53	-0.18	-0.42	AN
LEVI	0.13	0.2	0.35	0.54	0.51	0.52	0.53		0.09	-0.47	LEVI
VFS	0.26	0.49	0.45	0.01	0.32	0.29	-0.18	0.09		-0.37	VFS
QS	-0.25	-0.49	-0.43	-0.58	-0.79	-0.7	-0.42	-0.47	-0.37		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	+ 0.83	LAD
BWA	+ 0.82	LKQ
ALV	+ 0.77	LKQ
ALSN	+ 0.71	BWA
ALSN	+ 0.71	ALV

High negative correlations

QS	- 0.79	ALSN
QS	- 0.7	PLNT
QS	- 0.58	LAD
QS	- 0.49	BWA
QS	- 0.47	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	1.49	0.07	0.06	0.13	1.59	(1.61)	3.36	(2.55)	9.19
BWA	1.18	0.08	0.06	0.16	1.61	(1.26)	3.32	(2.90)	8.11
ALV	1.04	0.01	0.01	0.10	1.31	(1.04)	2.04	(2.47)	5.87
LAD	1.43	0.00	0.01	0.09	1.45	(1.69)	4.18	(2.97)	9.56
ALSN	1.28	0.36	0.29	0.44	0.88	(1.57)	3.31	(1.64)	6.81
PLNT	1.47	0.06	(0.01)	7.77	1.86	(1.46)	3.01	(2.73)	18.44
AN	1.25	(0.09)	0.00	(0.07)	0.00	0.00	3.06	(2.56)	8.76
LEVI	1.39	(0.06)	(0.03)	0.04	1.60	(1.64)	3.54	(2.83)	8.59
VFS	1.68	0.04	0.00	0.17	2.42	(1.64)	2.98	(3.83)	15.20
QS	3.83	(0.85)	0.00	(0.19)	0.00	0.00	7.95	(8.22)	28.88

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