MasTec Correlations

MTZ Stock

USD 135.78 1.17 0.85%

The current 90-days correlation between MasTec Inc and EMCOR Group is 0.87 (i.e., Very 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

Significant diversification

The correlation between MasTec Inc and DJI is 0.09 (i.e., Significant 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.

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 estimate.

Moving together with MasTec Stock

0.84	AGX	Argan Inc	Pair Corr
0.73	FIX	Comfort Systems USA Earnings Call This Week	Pair Corr
0.61	LMB	Limbach Holdings	Pair Corr
0.71	PRIM	Primoris Services	Pair Corr

Related Correlations Analysis

	EME	FIX	PRIM	GVA	ROAD	J	DY	PWR	MYRG	BLD
EME		0.89	0.88	0.82	0.68	0.6	0.35	0.87	0.52	0.63	EME
FIX	0.89		0.92	0.65	0.56	0.46	0.42	0.86	0.58	0.59	FIX
PRIM	0.88	0.92		0.65	0.63	0.43	0.31	0.91	0.59	0.45	PRIM
GVA	0.82	0.65	0.65		0.85	0.57	0.24	0.73	0.63	0.83	GVA
ROAD	0.68	0.56	0.63	0.85		0.33	-0.07	0.74	0.79	0.59	ROAD
J	0.6	0.46	0.43	0.57	0.33		0.3	0.49	0.27	0.59	J
DY	0.35	0.42	0.31	0.24	-0.07	0.3		0.09	-0.04	0.36	DY
PWR	0.87	0.86	0.91	0.73	0.74	0.49	0.09		0.72	0.48	PWR
MYRG	0.52	0.58	0.59	0.63	0.79	0.27	-0.04	0.72		0.49	MYRG
BLD	0.63	0.59	0.45	0.83	0.59	0.59	0.36	0.48	0.49		BLD
	EME	FIX	PRIM	GVA	ROAD	J	DY	PWR	MYRG	BLD

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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

PRIM	+ 0.92	FIX
PWR	+ 0.91	PRIM
FIX	+ 0.89	EME
PRIM	+ 0.88	EME
PWR	+ 0.87	EME
PWR	+ 0.86	FIX

High negative correlations

DY	- 0.07	ROAD
MYRG	- 0.04	DY

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
EME	1.68	(0.24)	(0.61)	2.62	(4.18)	24.49
FIX	2.39	(0.16)	(0.18)	5.20	(6.52)	31.92
PRIM	1.97	(0.11)	(0.14)	4.09	(3.70)	25.01
GVA	1.07	(0.18)	(0.28)	1.73	(2.22)	8.39
ROAD	2.05	(0.27)	(0.65)	4.28	(5.81)	17.06
J	1.00	(0.19)	(0.36)	1.46	(2.52)	7.24
DY	1.95	(0.06)	(0.13)	4.38	(4.75)	17.37
PWR	1.60	(0.19)	(0.50)	3.86	(2.54)	24.41
MYRG	1.93	(0.13)	(0.25)	4.57	(3.74)	18.19
BLD	1.67	(0.17)	(0.13)	3.27	(4.05)	14.85

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