MasTec Correlations

MTZ Stock

USD 295.55 8.98 2.95%

The current 90-days correlation between MasTec Inc and Api Group Corp is -0.01 (i.e., Good 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

Poor diversification

The correlation between MasTec Inc and DJI is 0.67 (i.e., 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 population.

Moving together with MasTec Stock

0.94	DY	Dycom Industries Earnings Call Tomorrow	Pair Corr
0.89	EM4	EMCOR Group	Pair Corr
0.72	GNP	Genusplus Group	Pair Corr
0.91	OBA	Obayashi	Pair Corr
0.93	OCI1	ACS Actividades de	Pair Corr
0.94	EN	Bouygues SA	Pair Corr
0.9	OCI	ACS ADE CADR Split	Pair Corr
0.88	NYVC	CH Karnchang Public	Pair Corr
0.77	FBGL	FBS Global Limited	Pair Corr
0.65	7HL	Hill Smith Holdings	Pair Corr
0.75	ACA	Arcosa Inc	Pair Corr
0.83	AGX	Argan Inc	Pair Corr
0.89	APG	Api Group Corp Earnings Call Today	Pair Corr
0.93	T5R	Tcnicas Reunidas	Pair Corr
0.86	ECG	Everus Construction	Pair Corr
0.9	EME	EMCOR Group	Pair Corr
0.91	FER	Ferrovial SE	Pair Corr
0.98	FIX	Comfort Systems USA	Pair Corr
0.9	FLR	Fluor	Pair Corr
0.9	GVA	Granite Construction	Pair Corr

Moving against MasTec Stock

0.89	WAA	WAESTBYGG GRUPPEN	Pair Corr
0.83	AB9	ABO Wind AG	Pair Corr
0.76	NYVF	Italian-Thai Development	Pair Corr
0.69	YIT	YIT Oyj	Pair Corr
0.41	ACM	Aecom Technology	Pair Corr
0.69	FGL	Founder Group Limited	Pair Corr
0.42	MSW	Ming Shing Group	Pair Corr

Related Correlations Analysis

	APG	ACM	XPO	WWD	LUV	ULS	STN	JBHT	STRL	TRU
APG		-0.41	0.85	0.92	0.87	-0.41	-0.09	0.88	0.84	-0.7	APG
ACM	-0.41		-0.29	-0.38	-0.49	0.46	0.45	-0.45	-0.32	0.31	ACM
XPO	0.85	-0.29		0.95	0.88	-0.26	-0.32	0.87	0.91	-0.81	XPO
WWD	0.92	-0.38	0.95		0.92	-0.34	-0.18	0.93	0.88	-0.8	WWD
LUV	0.87	-0.49	0.88	0.92		-0.49	-0.14	0.95	0.76	-0.78	LUV
ULS	-0.41	0.46	-0.26	-0.34	-0.49		-0.2	-0.49	-0.3	0.43	ULS
STN	-0.09	0.45	-0.32	-0.18	-0.14	-0.2		-0.07	-0.29	0.19	STN
JBHT	0.88	-0.45	0.87	0.93	0.95	-0.49	-0.07		0.75	-0.71	JBHT
STRL	0.84	-0.32	0.91	0.88	0.76	-0.3	-0.29	0.75		-0.8	STRL
TRU	-0.7	0.31	-0.81	-0.8	-0.78	0.43	0.19	-0.71	-0.8		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

WWD	+ 0.95	XPO
JBHT	+ 0.95	LUV
JBHT	+ 0.93	WWD
WWD	+ 0.92	APG
LUV	+ 0.92	WWD
STRL	+ 0.91	XPO

High negative correlations

TRU	- 0.81	XPO
TRU	- 0.8	STRL
TRU	- 0.8	WWD
TRU	- 0.78	LUV
TRU	- 0.71	JBHT
TRU	- 0.7	APG

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	1.23	0.27	0.15	1.49	1.12	(1.37)	3.41	(1.84)	8.44
ACM	1.47	(0.18)	0.00	(0.05)	0.00	0.00	2.87	(2.59)	15.25
XPO	2.26	0.60	0.26	0.34	2.15	(2.62)	5.39	(4.14)	16.05
WWD	1.76	0.59	0.45	0.50	0.86	(2.33)	4.09	(2.14)	16.03
LUV	1.92	0.67	0.30	(5.51)	1.41	(2.22)	4.46	(2.83)	23.66
ULS	1.88	(0.09)	0.00	(0.03)	0.00	0.00	2.97	(3.50)	18.98
STN	1.31	(0.12)	0.00	(0.01)	0.00	0.00	2.33	(2.58)	14.41
JBHT	1.31	0.43	0.29	0.43	1.09	(1.62)	4.09	(1.64)	9.49
STRL	2.74	0.30	0.09	0.27	3.62	(2.92)	5.34	(6.88)	14.73
TRU	1.99	(0.16)	0.00	(0.03)	0.00	0.00	4.34	(4.59)	16.81

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