Proto Labs Correlations

PRLB Stock

USD 51.35 0.76 1.50%

The current 90-days correlation between Proto Labs and CRA International is 0.28 (i.e., Modest 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 weak diversification

The correlation between Proto Labs and DJI is 0.42 (i.e., Very weak 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 board of governors.

For information on how to trade Proto Stock refer to our How to Trade Proto Stock guide.

Moving together with Proto Stock

0.68	ESAB	ESAB Corp	Pair Corr
0.74	FELE	Franklin Electric	Pair Corr
0.64	AIN	Albany International	Pair Corr

Moving against Proto Stock

0.49	600666	Aurora Optoelectronics	Pair Corr
0.34	688420	Tianjin Meiteng Tech	Pair Corr
0.5	EPOW	Sunrise New Energy	Pair Corr
0.42	ITT	ITT Inc	Pair Corr
0.37	ENW	EnWave	Pair Corr
0.35	002757	Nanxing Furniture	Pair Corr

Related Correlations Analysis

	CRAI	GBX	HSII	CCEC	BV	EVEX	JBI	LNN	RHLD	CTOS
CRAI		0.67	0.18	0.25	0.37	0.23	-0.05	0.25	0.37	0.07	CRAI
GBX	0.67		-0.1	0.38	0.63	0.43	-0.05	0.48	0.27	0.46	GBX
HSII	0.18	-0.1		-0.71	-0.69	-0.22	-0.82	-0.72	0.85	-0.69	HSII
CCEC	0.25	0.38	-0.71		0.74	0.46	0.71	0.64	-0.58	0.69	CCEC
BV	0.37	0.63	-0.69	0.74		0.42	0.62	0.83	-0.48	0.81	BV
EVEX	0.23	0.43	-0.22	0.46	0.42		0.22	0.4	-0.07	0.48	EVEX
JBI	-0.05	-0.05	-0.82	0.71	0.62	0.22		0.55	-0.9	0.57	JBI
LNN	0.25	0.48	-0.72	0.64	0.83	0.4	0.55		-0.48	0.66	LNN
RHLD	0.37	0.27	0.85	-0.58	-0.48	-0.07	-0.9	-0.48		-0.5	RHLD
CTOS	0.07	0.46	-0.69	0.69	0.81	0.48	0.57	0.66	-0.5		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

RHLD	+ 0.85	HSII
LNN	+ 0.83	BV
CTOS	+ 0.81	BV
BV	+ 0.74	CCEC
JBI	+ 0.71	CCEC
CTOS	+ 0.69	CCEC

High negative correlations

RHLD	- 0.9	JBI
JBI	- 0.82	HSII
LNN	- 0.72	HSII
CCEC	- 0.71	HSII
CTOS	- 0.69	HSII
BV	- 0.69	HSII

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	1.41	(0.09)	0.00	(0.07)	0.00	0.00	2.60	(3.14)	8.17
GBX	1.09	(0.01)	0.00	0.05	1.67	(1.12)	2.45	(1.94)	9.94
HSII	0.80	0.27	0.23	(6.25)	0.30	(0.86)	0.90	(1.41)	19.72
CCEC	1.83	(0.18)	0.00	(0.10)	0.00	0.00	3.94	(4.40)	14.44
BV	1.20	(0.16)	0.00	(0.07)	0.00	0.00	2.24	(2.96)	5.80
EVEX	3.26	0.08	0.04	0.09	3.52	(4.07)	6.99	(6.87)	19.07
JBI	1.90	(0.65)	0.00	(0.25)	0.00	0.00	3.46	(2.83)	29.19
LNN	1.30	(0.26)	0.00	(0.27)	0.00	0.00	2.74	(3.18)	6.15
RHLD	4.82	2.02	0.37	(2.37)	3.59	(5.20)	10.04	(8.62)	108.61
CTOS	1.99	(0.26)	0.00	(0.05)	0.00	0.00	4.86	(4.02)	16.06

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