Shyft Correlations

SHYF Stock

USD 12.02 0.07 0.59%

The current 90-days correlation between Shyft Group and Astec Industries is 0.17 (i.e., Average diversification). The correlation of Shyft 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.

Shyft Correlation With Market

Weak diversification

The correlation between Shyft Group and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shyft Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Shyft Stock

0.64	ALG	Alamo Group	Pair Corr
0.71	CAT	Caterpillar Earnings Call This Week	Pair Corr
0.85	MTW	Manitowoc	Pair Corr
0.88	OSK	Oshkosh Upward Rally	Pair Corr
0.83	TEX	Terex Earnings Call This Week	Pair Corr
0.73	WNC	Wabash National	Pair Corr
0.81	GENC	Gencor Industries Earnings Call This Week	Pair Corr
0.64	XOS	Xos Inc	Pair Corr
0.63	ASTE	Astec Industries	Pair Corr
0.61	UGRO	Urban Gro	Pair Corr
0.69	J	Jacobs Solutions	Pair Corr
0.76	BV	BrightView Holdings	Pair Corr

Moving against Shyft Stock

0.53	MNTX	Manitex International	Pair Corr
0.74	BA	Boeing	Pair Corr
0.7	CEAD	CEA Industries	Pair Corr
0.67	B	Barnes Group	Pair Corr
0.48	AP	Ampco Pittsburgh	Pair Corr

Related Correlations Analysis

	ASTE	HY	MNTX	REVG	LNN	CMCO	AGCO	TWI	MTW
ASTE		-0.2	0.02	0.24	0.52	0.82	0.03	0.38	0.68	ASTE
HY	-0.2		-0.69	-0.65	-0.12	-0.48	0.49	0.02	0.31	HY
MNTX	0.02	-0.69		0.79	0.36	0.34	0.11	0.34	-0.4	MNTX
REVG	0.24	-0.65	0.79		0.54	0.56	0.16	0.44	-0.2	REVG
LNN	0.52	-0.12	0.36	0.54		0.55	0.61	0.67	0.45	LNN
CMCO	0.82	-0.48	0.34	0.56	0.55		0.04	0.42	0.37	CMCO
AGCO	0.03	0.49	0.11	0.16	0.61	0.04		0.59	0.2	AGCO
TWI	0.38	0.02	0.34	0.44	0.67	0.42	0.59		0.35	TWI
MTW	0.68	0.31	-0.4	-0.2	0.45	0.37	0.2	0.35		MTW
	ASTE	HY	MNTX	REVG	LNN	CMCO	AGCO	TWI	MTW

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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

CMCO	+ 0.82	ASTE
REVG	+ 0.79	MNTX
MTW	+ 0.68	ASTE
TWI	+ 0.67	LNN
AGCO	+ 0.61	LNN
TWI	+ 0.59	AGCO

High negative correlations

MNTX	- 0.69	HY
REVG	- 0.65	HY
CMCO	- 0.48	HY
MTW	- 0.4	MNTX
MTW	- 0.2	REVG
HY	- 0.2	ASTE

Risk-Adjusted Indicators

There is a big difference between Shyft Stock performing well and Shyft 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 Shyft'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
ASTE	1.73	0.17	0.07	0.52	1.59	(2.11)	3.35	(2.45)	18.86
HY	1.68	(0.22)	0.00	0.35	0.00	0.00	3.18	(3.69)	17.87
MNTX	0.22	0.04	(0.10)	(2.05)	0.08	(0.32)	0.71	(0.35)	1.74
REVG	2.08	0.30	0.15	0.39	1.80	(2.82)	6.07	(3.09)	18.42
LNN	1.40	0.24	0.13	0.67	1.25	(1.71)	3.16	(2.42)	13.76
CMCO	1.40	0.12	0.07	0.20	1.41	(1.68)	3.74	(2.80)	12.30
AGCO	1.52	0.11	0.00	(0.19)	2.01	(1.61)	3.33	(2.75)	9.75
TWI	3.17	0.41	0.08	3.15	3.89	(3.92)	6.72	(5.17)	41.41
MTW	2.39	(0.03)	0.00	0.05	2.73	(3.00)	5.82	(4.01)	20.32

Shyft Corporate Management

Scott Ocholik	Chief VP	Profile
Samara Hamilton	VP Communications	Profile
Juris Pagrabs	Director Treasurer	Profile
Joshua Sherbin	Chief Secretary	Profile
Thomas Kivell	Consultant	Profile
Carrie Wright	Chief Officer	Profile
Todd Heavin	Chief Officer	Profile

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