Steelcase Correlations

SCS Stock

USD 16.14 0.10 0.62%

The current 90-days correlation between Steelcase and HNI Corp is -0.02 (i.e., Good diversification). The correlation of Steelcase 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.

Steelcase Correlation With Market

Average diversification

The correlation between Steelcase and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steelcase and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Steelcase Stock

Check out World Market Map to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Steelcase Stock

0.73	VIRC	Virco Manufacturing	Pair Corr
0.71	MAD	Mader Group	Pair Corr
0.71	300689	Shenzhen Chengtian Weiye	Pair Corr
0.73	AXR	AMREP	Pair Corr
0.74	BTM	Bitcoin Depot	Pair Corr
0.7	DSS	DSS Inc	Pair Corr
0.75	300729	Loctek Ergonomic Tec	Pair Corr
0.65	002183	Eternal Asia Supply	Pair Corr

Moving against Steelcase Stock

0.72	002117	Tungkong	Pair Corr
0.65	BRC	Brady	Pair Corr
0.6	ACU	Acme United	Pair Corr
0.6	DXT	Dexterra Group	Pair Corr
0.59	BCO	Brinks Company	Pair Corr
0.54	GDI	GDI Integrated	Pair Corr
0.7	DLX	Deluxe	Pair Corr
0.7	UNF	Unifirst	Pair Corr
0.66	EBF	Ennis Inc	Pair Corr
0.65	HCSG	Healthcare Services	Pair Corr
0.6	CXW	CoreCivic	Pair Corr
0.52	RBA	RB Global	Pair Corr
0.47	603081	Zhejiang Dafeng Indu	Pair Corr
0.42	CIX	CompX International	Pair Corr
0.33	HNI	HNI Corp	Pair Corr
0.77	LQDT	Liquidity Services	Pair Corr
0.76	MATW	Matthews International Earnings Call Today	Pair Corr

Related Correlations Analysis

	HNI	PBI	VVX	ROCK	KMT	DXPE	CECO	CMBT	MVST
HNI		0.73	0.8	0.2	0.37	0.67	0.57	0.46	-0.09	HNI
PBI	0.73		0.4	0.47	-0.14	0.67	0.17	-0.09	0.25	PBI
VVX	0.8	0.4		0.31	0.41	0.65	0.55	0.58	0.03	VVX
ROCK	0.2	0.47	0.31		-0.59	0.51	-0.38	-0.36	0.87	ROCK
KMT	0.37	-0.14	0.41	-0.59		-0.01	0.85	0.71	-0.84	KMT
DXPE	0.67	0.67	0.65	0.51	-0.01		0.41	-0.05	0.26	DXPE
CECO	0.57	0.17	0.55	-0.38	0.85	0.41		0.51	-0.66	CECO
CMBT	0.46	-0.09	0.58	-0.36	0.71	-0.05	0.51		-0.46	CMBT
MVST	-0.09	0.25	0.03	0.87	-0.84	0.26	-0.66	-0.46		MVST
	HNI	PBI	VVX	ROCK	KMT	DXPE	CECO	CMBT	MVST

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

MVST	+ 0.87	ROCK
CECO	+ 0.85	KMT
VVX	+ 0.8	HNI
PBI	+ 0.73	HNI
CMBT	+ 0.71	KMT
DXPE	+ 0.67	HNI

High negative correlations

MVST	- 0.84	KMT
MVST	- 0.66	CECO
KMT	- 0.59	ROCK
MVST	- 0.46	CMBT
CECO	- 0.38	ROCK
CMBT	- 0.36	ROCK

Risk-Adjusted Indicators

There is a big difference between Steelcase Stock performing well and Steelcase 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 Steelcase'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
HNI	1.13	0.06	0.02	0.17	1.51	(1.30)	2.32	(1.73)	8.69
PBI	1.49	(0.20)	0.00	(0.10)	0.00	0.00	2.65	(2.96)	13.11
VVX	1.62	0.17	0.11	0.22	1.57	(1.81)	3.90	(2.23)	9.98
ROCK	2.40	(0.62)	0.00	(0.18)	0.00	0.00	5.39	(6.50)	25.75
KMT	1.69	0.57	0.43	0.51	0.80	(2.18)	4.67	(2.41)	17.95
DXPE	2.41	0.02	0.03	0.10	4.39	(2.41)	4.42	(3.76)	21.93
CECO	2.10	0.33	0.10	0.39	2.83	(2.17)	4.25	(4.56)	13.46
CMBT	1.93	0.34	0.11	(13.13)	1.80	(2.32)	4.58	(3.24)	13.21
MVST	3.56	(1.28)	0.00	(0.57)	0.00	0.00	6.02	(8.91)	18.37

Steelcase Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Steelcase stock to make a market-neutral strategy. Peer analysis of Steelcase could also be used in its relative valuation, which is a method of valuing Steelcase by comparing valuation metrics with similar companies.

HNI Corp Pitney Bowes V2X Inc Gibraltar Industries Kennametal DXP Enterprises CECO Environmental Corp CMBTECH NV Microvast Holdings American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

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