Proto Labs Correlations

PRLB Stock

USD 65.52 1.30 1.95%

The current 90-days correlation between Proto Labs and CRA International is -0.12 (i.e., Good 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

Poor diversification

The correlation between Proto Labs and DJI is 0.71 (i.e., 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 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

0.63	FUCA	FANUC PUNSPADR 110	Pair Corr
0.71	HI	Hillenbrand	Pair Corr
0.83	HY	Hyster Yale Materials	Pair Corr
0.81	IR	Ingersoll Rand	Pair Corr
0.82	PH	Parker Hannifin	Pair Corr
0.83	OSG	OSG Corporation	Pair Corr
0.67	21T	Bodycote PLC	Pair Corr
0.61	4RX0	ZURN ELKAY WATER	Pair Corr
0.81	EAAS	Eenergy Group PLC	Pair Corr
0.68	STGN	Starrag Group Holding	Pair Corr
0.74	IMI1	IMI plc	Pair Corr
0.73	CE3	Chongqing Machinery	Pair Corr
0.86	HZ8	Insteel Industries	Pair Corr
0.61	DZR	AVINGTRANS LS 05 Earnings Call This Week	Pair Corr
0.67	PFV	Pfeiffer Vacuum Tech	Pair Corr

Moving against Proto Stock

0.5	FQ4	OCEAN GEOLOOP AS	Pair Corr
0.49	INRN	Interroll Holding	Pair Corr
0.52	D7G	Nel ASA Earnings Call This Week	Pair Corr
0.36	WATR	Current Water Techno	Pair Corr
0.68	7YA	M VEST WATER	Pair Corr
0.59	EPOW	Sunrise New Energy	Pair Corr

Related Correlations Analysis

	CRAI	GBX	HSII	CCEC	BV	EVEX	JBI	LNN	RHLD	CTOS
CRAI		-0.14	0.39	-0.11	0.07	0.71	0.32	-0.05	0.68	-0.29	CRAI
GBX	-0.14		0.7	0.65	0.86	-0.51	0.83	0.96	0.3	0.84	GBX
HSII	0.39	0.7		0.56	0.72	-0.18	0.9	0.71	0.59	0.45	HSII
CCEC	-0.11	0.65	0.56		0.64	-0.21	0.58	0.6	0.33	0.64	CCEC
BV	0.07	0.86	0.72	0.64		-0.29	0.87	0.88	0.48	0.84	BV
EVEX	0.71	-0.51	-0.18	-0.21	-0.29		-0.17	-0.41	0.41	-0.45	EVEX
JBI	0.32	0.83	0.9	0.58	0.87	-0.17		0.87	0.61	0.69	JBI
LNN	-0.05	0.96	0.71	0.6	0.88	-0.41	0.87		0.41	0.87	LNN
RHLD	0.68	0.3	0.59	0.33	0.48	0.41	0.61	0.41		0.18	RHLD
CTOS	-0.29	0.84	0.45	0.64	0.84	-0.45	0.69	0.87	0.18		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	+ 0.96	GBX
JBI	+ 0.9	HSII
LNN	+ 0.88	BV
JBI	+ 0.87	BV
LNN	+ 0.87	JBI
CTOS	+ 0.87	LNN

High negative correlations

EVEX	- 0.51	GBX
CTOS	- 0.45	EVEX
LNN	- 0.41	EVEX
EVEX	- 0.29	BV
CTOS	- 0.29	CRAI
EVEX	- 0.21	CCEC

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	1.92	(0.18)	0.00	(0.10)	0.00	0.00	3.15	(5.64)	13.34
GBX	1.27	0.46	0.18	0.72	1.84	(1.43)	3.10	(1.28)	15.69
HSII	0.80	0.24	0.25	0.42	0.30	(0.86)	0.90	(1.41)	19.72
CCEC	1.67	0.18	0.07	2.64	1.90	(1.77)	4.46	(3.55)	8.78
BV	1.31	0.11	0.06	0.12	1.76	(1.39)	3.35	(2.87)	10.71
EVEX	2.74	(0.60)	0.00	(0.27)	0.00	0.00	5.46	(6.70)	25.14
JBI	1.63	0.12	0.09	0.10	1.66	(1.94)	3.64	(3.21)	9.61
LNN	1.24	0.24	0.15	0.32	1.23	(1.36)	2.78	(2.00)	8.40
RHLD	3.23	0.32	0.07	1.36	4.13	(3.37)	6.45	(7.36)	18.88
CTOS	1.95	0.24	0.14	0.15	1.77	(2.62)	5.53	(3.54)	15.80

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