RB Global Correlations

RBA Stock  USD 91.03  0.66  0.73%   
The current 90-days correlation between RB Global and Aramark Holdings is 0.31 (i.e., Weak diversification). The correlation of RB Global 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.

RB Global Correlation With Market

Weak diversification

The correlation between RB Global and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding RB Global and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in RB Global. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.
For information on how to trade RBA Stock refer to our How to Trade RBA Stock guide.

Moving together with RBA Stock

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  0.7MLKN MillerKnollPairCorr
  0.82R Ryder SystemPairCorr
  0.92AL Air LeasePairCorr
  0.68BE Bloom Energy CorpPairCorr
  0.72CR Crane CompanyPairCorr
  0.72FA First Advantage CorpPairCorr
  0.67HI Hillenbrand Earnings Call This WeekPairCorr
  0.62IR Ingersoll RandPairCorr
  0.78PH Parker HannifinPairCorr

Moving against RBA Stock

  0.7LNZA LanzaTech GlobalPairCorr
  0.56HDSN Hudson TechnologiesPairCorr
  0.53EH Ehang HoldingsPairCorr
  0.5BZ Kanzhun Ltd ADRPairCorr
  0.68CODI-PB Compass DiversifiedPairCorr
  0.63CODI-PA Compass DiversifiedPairCorr
  0.61CODI-PC Compass DiversifiedPairCorr
  0.35MG Mistras GroupPairCorr
  0.35TG TredegarPairCorr

Related Correlations Analysis

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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   
RTOCASS
CASSCTAS
CVEOMMS
AZZARMK
FAARMK
AZZFA
  
High negative correlations   
CVEOCBZ
CBZMMS
AZZMMS
FAMMS
AZZCVEO
CVEOFA

Risk-Adjusted Indicators

There is a big difference between RBA Stock performing well and RB Global 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 RB Global'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
RELX  0.83  0.07  0.00  1.15  1.04 
 1.86 
 5.13 
CTAS  1.19 (0.09) 0.00 (0.21) 0.00 
 2.27 
 14.41 
ARMK  1.16  0.02 (0.02) 0.11  1.50 
 2.75 
 7.75 
MMS  1.26 (0.23) 0.00 (0.58) 0.00 
 2.23 
 9.73 
CASS  1.21 (0.01)(0.03) 0.04  1.73 
 2.67 
 13.07 
FA  1.53  0.01 (0.03) 0.12  1.66 
 4.14 
 10.13 
RTO  1.21 (0.04)(0.05) 0.00  1.45 
 2.13 
 8.36 
CBZ  1.24  0.40  0.23  7.65  1.05 
 2.49 
 11.45 
CVEO  1.35 (0.24) 0.00 (0.74) 0.00 
 3.23 
 9.44 
AZZ  1.59  0.17  0.06  0.36  2.01 
 2.80 
 15.54