Proto Labs Correlations

PRLB Stock

USD 53.18 1.32 2.55%

The current 90-days correlation between Proto Labs and CRA International is 0.44 (i.e., Very weak diversification). The correlation of Proto Labs 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.

Proto Labs Correlation With Market

Very poor diversification

The correlation between Proto Labs and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Proto Labs and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Proto Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Proto Labs. 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 Proto Stock refer to our How to Trade Proto Stock guide.

Moving together with Proto Stock

0.72	WMT	Walmart Common Stock	Pair Corr
0.82	SAR	Saratoga Investment Corp	Pair Corr
0.89	ACN	Accenture plc	Pair Corr
0.63	VWAGY	Volkswagen AG 110	Pair Corr
0.69	VLKPF	Volkswagen AG VZO	Pair Corr
0.75	BA	Boeing	Pair Corr
0.76	AA	Alcoa Corp	Pair Corr

Moving against Proto Stock

0.63	T	ATT Inc Earnings Call This Week	Pair Corr
0.42	HNHPF	Hon Hai Precision	Pair Corr
0.34	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	CRAI	GBX	HSII	CCEC	BV	EVEX	JBI	LNN	RHLD	CTOS
CRAI		0.75	-0.64	0.26	0.74	0.52	0.29	0.77	0.6	0.43	CRAI
GBX	0.75		-0.36	0.52	0.9	0.41	-0.01	0.93	0.24	0.63	GBX
HSII	-0.64	-0.36		-0.16	-0.33	-0.2	-0.04	-0.35	-0.44	0.02	HSII
CCEC	0.26	0.52	-0.16		0.62	0.28	0.23	0.53	0.01	0.54	CCEC
BV	0.74	0.9	-0.33	0.62		0.44	0.13	0.93	0.14	0.79	BV
EVEX	0.52	0.41	-0.2	0.28	0.44		0.06	0.5	0.43	0.49	EVEX
JBI	0.29	-0.01	-0.04	0.23	0.13	0.06		0.1	-0.31	0.08	JBI
LNN	0.77	0.93	-0.35	0.53	0.93	0.5	0.1		0.21	0.73	LNN
RHLD	0.6	0.24	-0.44	0.01	0.14	0.43	-0.31	0.21		0.12	RHLD
CTOS	0.43	0.63	0.02	0.54	0.79	0.49	0.08	0.73	0.12		CTOS
	CRAI	GBX	HSII	CCEC	BV	EVEX	JBI	LNN	RHLD	CTOS

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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

LNN	+ 0.93	GBX
LNN	+ 0.93	BV
BV	+ 0.9	GBX
CTOS	+ 0.79	BV
LNN	+ 0.77	CRAI
GBX	+ 0.75	CRAI

High negative correlations

HSII	- 0.64	CRAI
RHLD	- 0.44	HSII
HSII	- 0.36	GBX
LNN	- 0.35	HSII
BV	- 0.33	HSII
RHLD	- 0.31	JBI

Risk-Adjusted Indicators

There is a big difference between Proto Stock performing well and Proto Labs 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 Proto Labs' 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
CRAI	1.61	(0.15)	0.00	(0.07)	0.00	0.00	2.60	(3.59)	13.09
GBX	1.27	0.27	0.11	0.45	1.98	(1.39)	3.10	(1.95)	15.69
HSII	0.06	0.00	(0.36)	0.00	0.00	(0.10)	0.19	(0.03)	0.74
CCEC	1.62	0.03	0.00	0.13	2.14	(1.64)	3.94	(3.83)	8.72
BV	1.03	0.06	0.05	0.10	1.12	(1.14)	3.02	(1.72)	6.62
EVEX	2.87	(0.17)	0.00	(0.03)	0.00	0.00	5.46	(5.65)	19.07
JBI	2.02	(0.59)	0.00	(0.21)	0.00	0.00	3.52	(3.21)	25.93
LNN	1.31	0.15	0.09	0.20	1.42	(1.41)	2.78	(2.68)	8.40
RHLD	4.94	1.99	0.37	(3.69)	3.85	(5.64)	8.69	(8.62)	108.61
CTOS	1.90	0.02	0.04	0.06	1.89	(2.66)	5.24	(3.54)	15.80

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