MasTec Correlations

MTZ Stock

USD 262.11 2.95 1.14%

The current 90-days correlation between MasTec Inc and Api Group Corp is 0.65 (i.e., Poor diversification). The correlation of MasTec 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. If the correlation is 0, the equities are not correlated; they are entirely random.

MasTec Correlation With Market

Very poor diversification

The correlation between MasTec Inc and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MasTec Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with MasTec Stock

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

Moving together with MasTec Stock

0.86	EN	Bouygues SA	Pair Corr
0.93	ACA	Arcosa Inc	Pair Corr
0.9	APG	Api Group Corp	Pair Corr
0.9	GVA	Granite Construction Earnings Call This Week	Pair Corr
0.61	JFB	JFB Construction Holdings	Pair Corr
0.62	PWR	Quanta Services	Pair Corr
0.93	TPC	Tutor Perini	Pair Corr
0.68	WSC	Willscot Mobile Mini	Pair Corr
0.92	GLDD	Great Lakes Dredge	Pair Corr
0.81	FGR	Eiffage SA	Pair Corr
0.7	IESC	IES Holdings	Pair Corr
0.68	MSP	Minaean SP Construction Split	Pair Corr
0.76	MYRG	MYR Group	Pair Corr
0.8	BDT	Bird Construction	Pair Corr
0.86	PRIM	Primoris Services	Pair Corr
0.68	TVRB	Tlverbier SA	Pair Corr
0.87	SHIM	Shimmick Common	Pair Corr
0.91	ARE	Aecon Group	Pair Corr
0.75	IMPN	Implenia AG	Pair Corr
0.79	TCW	Tokyu Construction	Pair Corr

Moving against MasTec Stock

0.82	DRT	DIRTT Environmental	Pair Corr
0.8	FGL	Founder Group Limited	Pair Corr
0.73	ACM	Aecom Technology Earnings Call Today	Pair Corr
0.68	SLND	Southland Holdings	Pair Corr
0.31	BKLRF	Berkeley Energy	Pair Corr

Related Correlations Analysis

	APG	ACM	XPO	WWD	LUV	ULS	STN	JBHT	STRL	TRU
APG		-0.67	0.72	0.92	0.86	-0.67	-0.14	0.87	0.06	-0.11	APG
ACM	-0.67		-0.38	-0.7	-0.72	0.56	0.72	-0.75	0.46	-0.22	ACM
XPO	0.72	-0.38		0.82	0.81	-0.63	0.09	0.77	0.35	-0.55	XPO
WWD	0.92	-0.7	0.82		0.92	-0.7	-0.16	0.94	0.06	-0.24	WWD
LUV	0.86	-0.72	0.81	0.92		-0.77	-0.22	0.95	-0.03	-0.25	LUV
ULS	-0.67	0.56	-0.63	-0.7	-0.77		0.09	-0.79	-0.18	0.25	ULS
STN	-0.14	0.72	0.09	-0.16	-0.22	0.09		-0.21	0.79	-0.38	STN
JBHT	0.87	-0.75	0.77	0.94	0.95	-0.79	-0.21		-0.05	-0.13	JBHT
STRL	0.06	0.46	0.35	0.06	-0.03	-0.18	0.79	-0.05		-0.6	STRL
TRU	-0.11	-0.22	-0.55	-0.24	-0.25	0.25	-0.38	-0.13	-0.6		TRU
	APG	ACM	XPO	WWD	LUV	ULS	STN	JBHT	STRL	TRU

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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

JBHT	+ 0.95	LUV
JBHT	+ 0.94	WWD
WWD	+ 0.92	APG
LUV	+ 0.92	WWD
JBHT	+ 0.87	APG
LUV	+ 0.86	APG

High negative correlations

JBHT	- 0.79	ULS
ULS	- 0.77	LUV
JBHT	- 0.75	ACM
LUV	- 0.72	ACM
ULS	- 0.7	WWD
WWD	- 0.7	ACM

Risk-Adjusted Indicators

There is a big difference between MasTec Stock performing well and MasTec 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 MasTec'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
APG	1.31	0.22	0.18	0.24	1.06	(1.52)	3.42	(1.84)	8.44
ACM	1.31	(0.45)	0.00	(0.45)	0.00	0.00	1.88	(2.59)	12.17
XPO	2.21	0.45	0.25	0.29	1.92	(2.75)	5.48	(3.58)	11.12
WWD	1.75	0.52	0.36	0.44	1.08	(2.24)	3.61	(2.14)	16.03
LUV	1.98	0.81	0.56	0.64	0.75	(2.45)	5.29	(2.39)	20.72
ULS	1.63	(0.17)	0.00	(0.19)	0.00	0.00	2.70	(3.33)	21.27
STN	1.17	(0.21)	0.00	(0.09)	0.00	0.00	2.06	(2.27)	8.69
JBHT	1.29	0.37	0.35	0.44	0.67	(1.65)	4.20	(1.54)	6.62
STRL	3.03	(0.07)	0.01	0.05	4.59	(2.90)	6.61	(6.91)	21.66
TRU	1.85	(0.25)	0.00	(0.09)	0.00	0.00	4.00	(3.52)	16.82

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