MSA Safety Correlations

MSA Stock  USD 171.78  0.04  0.02%   
The current 90-days correlation between MSA Safety and Allegion PLC is 0.37 (i.e., Weak diversification). The correlation of MSA Safety 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.

MSA Safety Correlation With Market

Very weak diversification

The correlation between MSA Safety and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MSA Safety and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in MSA Safety. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.
For information on how to trade MSA Stock refer to our How to Trade MSA Stock guide.

Moving together with MSA Stock

  0.61WHLM WilhelminaPairCorr
  0.68AP Ampco PittsburghPairCorr

Moving against MSA Stock

  0.53B Barnes GroupPairCorr
  0.51J Jacobs SolutionsPairCorr
  0.37DIST Distoken AcquisitionPairCorr
  0.53EH Ehang HoldingsPairCorr
  0.52AZ A2Z Smart TechnologiesPairCorr
  0.52BW Babcock Wilcox EnterPairCorr
  0.46NL NL IndustriesPairCorr
  0.45TG TredegarPairCorr
  0.36CW Curtiss WrightPairCorr

Related Correlations Analysis

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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   
MGBCO
CIXNL
NLALLE
NLREZI
CIXALLE
BRCALLE
  
High negative correlations   
BCOREZI
MGREZI
MGNL
BCONL
CIXMG

Risk-Adjusted Indicators

There is a big difference between MSA Stock performing well and MSA Safety 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 MSA Safety'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.