Construction Partners Correlations

ROAD Stock

USD 108.51 0.74 0.68%

The current 90-days correlation between Construction Partners and MYR Group is 0.36 (i.e., Weak diversification). The correlation of Construction Partners 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.

Construction Partners Correlation With Market

Very weak diversification

The correlation between Construction Partners and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Construction Partners and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Construction Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Construction Partners. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

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

Moving together with Construction Stock

0.76	EME	EMCOR Group	Pair Corr
0.67	FLR	Fluor	Pair Corr
0.85	LMB	Limbach Holdings	Pair Corr

Moving against Construction Stock

0.6	AGX	Argan Inc	Pair Corr
0.51	300506	Shenzhen Minkave Tec	Pair Corr
0.49	002307	Xinjiang Beixin Road	Pair Corr
0.37	DY	Dycom Industries	Pair Corr
0.54	300712	Fujian Yongfu Power	Pair Corr
0.4	JFB	JFB Construction Holdings Trending	Pair Corr
0.31	002051	China Camc Engineering	Pair Corr

Related Correlations Analysis

	MYRG	GVA	TPC	STRL	EME	FIX	PRIM	MTRX	GLDD	KBR
MYRG		0.38	0.51	0.12	0.13	0.84	0.25	0.14	0.61	0.16	MYRG
GVA	0.38		0.76	-0.65	-0.1	0.54	0.2	-0.18	0.77	0.11	GVA
TPC	0.51	0.76		-0.16	0.34	0.69	0.63	0.31	0.52	0.37	TPC
STRL	0.12	-0.65	-0.16		0.65	-0.05	0.45	0.73	-0.58	0.2	STRL
EME	0.13	-0.1	0.34	0.65		0.13	0.81	0.79	-0.38	0.55	EME
FIX	0.84	0.54	0.69	-0.05	0.13		0.35	0.13	0.64	0.18	FIX
PRIM	0.25	0.2	0.63	0.45	0.81	0.35		0.75	-0.08	0.58	PRIM
MTRX	0.14	-0.18	0.31	0.73	0.79	0.13	0.75		-0.36	0.43	MTRX
GLDD	0.61	0.77	0.52	-0.58	-0.38	0.64	-0.08	-0.36		0.07	GLDD
KBR	0.16	0.11	0.37	0.2	0.55	0.18	0.58	0.43	0.07		KBR
	MYRG	GVA	TPC	STRL	EME	FIX	PRIM	MTRX	GLDD	KBR

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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

FIX	+ 0.84	MYRG
PRIM	+ 0.81	EME
MTRX	+ 0.79	EME
GLDD	+ 0.77	GVA
TPC	+ 0.76	GVA
MTRX	+ 0.75	PRIM

High negative correlations

STRL	- 0.65	GVA
GLDD	- 0.58	STRL
GLDD	- 0.38	EME
GLDD	- 0.36	MTRX
MTRX	- 0.18	GVA
STRL	- 0.16	TPC

Risk-Adjusted Indicators

There is a big difference between Construction Stock performing well and Construction Partners 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 Construction Partners' 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
MYRG	2.14	0.23	0.09	0.24	2.47	(2.31)	4.75	(5.30)	12.05
GVA	0.90	0.12	0.12	0.20	0.85	(1.12)	2.34	(1.74)	5.83
TPC	1.90	0.17	0.08	0.18	2.12	(2.15)	4.50	(4.24)	11.99
STRL	3.05	(0.14)	(0.01)	0.01	4.48	(3.17)	6.61	(7.45)	21.66
EME	1.98	(0.07)	(0.01)	0.02	3.72	(1.86)	4.29	(3.80)	24.07
FIX	2.49	0.39	0.12	0.25	3.04	(2.46)	5.70	(5.84)	27.74
PRIM	2.25	0.03	0.02	0.08	3.24	(2.27)	5.21	(4.75)	15.24
MTRX	2.09	(0.04)	0.00	0.04	4.68	(1.72)	3.48	(4.06)	22.05
GLDD	1.80	0.42	0.22	0.81	1.51	(2.26)	3.11	(3.10)	15.70
KBR	1.34	(0.02)	(0.03)	0.02	1.67	(1.60)	3.22	(2.79)	10.41

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