Schnitzer Steel Correlations

RDUS Stock

USD 12.30 0.12 0.97%

The current 90-days correlation between Schnitzer Steel Indu and GMS Inc is 0.13 (i.e., Average diversification). The correlation of Schnitzer Steel 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.

Schnitzer Steel Correlation With Market

Weak diversification

The correlation between Schnitzer Steel Industries and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Schnitzer Steel Industries 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 Schnitzer Steel Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with Schnitzer Stock

0.78	AA	Alcoa Corp	Pair Corr
0.68	RS	Reliance Steel Aluminum	Pair Corr
0.75	TX	Ternium SA ADR	Pair Corr
0.87	WS	Worthington Steel	Pair Corr
0.89	GGB	Gerdau SA ADR	Pair Corr
0.81	SID	Companhia Siderurgica	Pair Corr
0.63	GOLD	Barrick Gold Corp Aggressive Push	Pair Corr
0.83	ZEUS	Olympic Steel	Pair Corr
0.76	KALU	Kaiser Aluminum	Pair Corr
0.82	ASTL	Algoma Steel Group Earnings Call This Week	Pair Corr
0.63	AUST	Austin Gold Corp	Pair Corr
0.64	CENX	Century Aluminum	Pair Corr
0.76	CSTM	Constellium Nv	Pair Corr
0.8	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.69	IE	Ivanhoe Electric	Pair Corr
0.63	NG	NovaGold Resources	Pair Corr

Moving against Schnitzer Stock

0.39	GURE	Gulf Resources	Pair Corr
0.4	CF	CF Industries Holdings Sell-off Trend	Pair Corr
0.49	NB	NioCorp Developments	Pair Corr
0.43	VZLA	Vizsla Resources Corp	Pair Corr

Related Correlations Analysis

	STKL	GMS	JBSS	PAVS	HIHO	TSN	GO	ZEUS
STKL		0.24	0.15	-0.11	0.21	0.47	0.56	0.35	STKL
GMS	0.24		-0.29	-0.91	-0.34	0.88	0.77	0.92	GMS
JBSS	0.15	-0.29		0.21	0.09	-0.24	-0.04	-0.06	JBSS
PAVS	-0.11	-0.91	0.21		0.32	-0.83	-0.67	-0.85	PAVS
HIHO	0.21	-0.34	0.09	0.32		-0.18	-0.22	-0.47	HIHO
TSN	0.47	0.88	-0.24	-0.83	-0.18		0.83	0.86	TSN
GO	0.56	0.77	-0.04	-0.67	-0.22	0.83		0.83	GO
ZEUS	0.35	0.92	-0.06	-0.85	-0.47	0.86	0.83		ZEUS
	STKL	GMS	JBSS	PAVS	HIHO	TSN	GO	ZEUS

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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

ZEUS	+ 0.92	GMS
TSN	+ 0.88	GMS
ZEUS	+ 0.86	TSN
GO	+ 0.83	TSN
ZEUS	+ 0.83	GO
GO	+ 0.77	GMS

High negative correlations

PAVS	- 0.91	GMS
ZEUS	- 0.85	PAVS
TSN	- 0.83	PAVS
GO	- 0.67	PAVS
ZEUS	- 0.47	HIHO
HIHO	- 0.34	GMS

Risk-Adjusted Indicators

There is a big difference between Schnitzer Stock performing well and Schnitzer Steel 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 Schnitzer Steel'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
STKL	1.42	0.14	0.03	0.65	1.92	(1.32)	2.68	(3.32)	12.42
GMS	1.26	(0.15)	0.00	(0.12)	0.00	0.00	2.55	(2.54)	10.15
JBSS	1.31	(0.19)	0.00	(0.32)	0.00	0.00	2.11	(2.52)	7.05
PAVS	2.60	0.80	0.20	(1.15)	2.32	(3.76)	4.58	(3.52)	27.68
HIHO	1.00	0.01	(0.04)	0.33	1.43	(1.13)	2.65	(2.56)	8.40
TSN	0.96	(0.08)	0.00	(0.07)	0.00	0.00	1.61	(2.15)	9.27
GO	2.62	0.14	0.02	0.58	3.43	(2.64)	6.70	(4.86)	19.59
ZEUS	2.14	(0.02)	0.00	0.07	2.49	(2.23)	5.36	(3.52)	16.92

Schnitzer Steel Corporate Management

James JD	General VP	Profile
Michael Henderson	VP Operations	Profile
Michael Bennett	Vice Relations	Profile
Steven Heiskell	Senior Services	Profile
Robert Stone	Vice Development	Profile

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