Snap On Correlations

SNA Stock

USD 370.07 2.25 0.61%

The current 90-days correlation between Snap On and Lennox International is 0.51 (i.e., Very weak diversification). The correlation of Snap On 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.

Snap On Correlation With Market

Very poor diversification

The correlation between Snap On and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Snap On and DJI in the same portfolio, assuming nothing else is changed.

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

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

Moving together with Snap Stock

0.84	600765	AVIC Heavy Machinery	Pair Corr
0.75	CR	Crane Company Earnings Call This Week	Pair Corr
0.95	IR	Ingersoll Rand	Pair Corr
0.92	PL	Planet Labs PBC Aggressive Push	Pair Corr
0.69	ESAB	ESAB Corp	Pair Corr
0.82	RFG	Roebuck Food Group	Pair Corr
0.88	FELE	Franklin Electric	Pair Corr
0.81	ATS	ATS Corporation	Pair Corr
0.91	DCI	Donaldson	Pair Corr
0.62	FLS	Flowserve	Pair Corr
0.66	FTV	Fortive Corp Earnings Call This Week	Pair Corr
0.95	GGG	Graco Inc	Pair Corr
0.89	GHM	Graham	Pair Corr
0.8	FSTR	LB Foster	Pair Corr
0.95	GRC	Gorman Rupp Earnings Call Tomorrow	Pair Corr
0.61	002534	Xizi Clean Energy	Pair Corr
0.96	IEX	IDEX Earnings Call This Week	Pair Corr
0.92	KAI	Kadant Inc	Pair Corr
0.69	MWA	Mueller Water Products	Pair Corr
0.69	NPO	Enpro Industries	Pair Corr
0.95	SWK	Stanley Black Decker Earnings Call This Week	Pair Corr
0.96	TKR	Timken Company	Pair Corr
0.91	WWD	Woodward Earnings Call This Week	Pair Corr

Moving against Snap Stock

0.86	EPOW	Sunrise New Energy	Pair Corr
0.62	WATR	Current Water Techno	Pair Corr
0.57	CXT	Crane NXT	Pair Corr
0.31	XYL	Xylem Inc	Pair Corr

Related Correlations Analysis

	LII	ACM	EXPD	PNR	CHRW	FTAI	GPN	SWK	LECO	NVT
LII		-0.39	0.47	0.14	0.46	0.65	0.32	0.84	0.8	0.27	LII
ACM	-0.39		-0.86	0.45	-0.74	-0.48	0.09	-0.69	-0.67	0.18	ACM
EXPD	0.47	-0.86		-0.41	0.9	0.61	-0.3	0.76	0.68	0.1	EXPD
PNR	0.14	0.45	-0.41		-0.3	0.04	0.31	-0.01	0.09	0.34	PNR
CHRW	0.46	-0.74	0.9	-0.3		0.7	-0.42	0.74	0.67	0.3	CHRW
FTAI	0.65	-0.48	0.61	0.04	0.7		-0.24	0.87	0.84	0.41	FTAI
GPN	0.32	0.09	-0.3	0.31	-0.42	-0.24		0.07	0.13	-0.43	GPN
SWK	0.84	-0.69	0.76	-0.01	0.74	0.87	0.07		0.96	0.2	SWK
LECO	0.8	-0.67	0.68	0.09	0.67	0.84	0.13	0.96		0.18	LECO
NVT	0.27	0.18	0.1	0.34	0.3	0.41	-0.43	0.2	0.18		NVT
	LII	ACM	EXPD	PNR	CHRW	FTAI	GPN	SWK	LECO	NVT

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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

LECO	+ 0.96	SWK
CHRW	+ 0.9	EXPD
SWK	+ 0.87	FTAI
SWK	+ 0.84	LII
LECO	+ 0.84	FTAI
LECO	+ 0.8	LII

High negative correlations

EXPD	- 0.86	ACM
CHRW	- 0.74	ACM
SWK	- 0.69	ACM
LECO	- 0.67	ACM
FTAI	- 0.48	ACM
NVT	- 0.43	GPN

Risk-Adjusted Indicators

There is a big difference between Snap Stock performing well and Snap On 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 Snap On'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
LII	1.32	(0.11)	0.00	(0.01)	0.00	0.00	2.75	(2.66)	8.58
ACM	1.25	(0.51)	0.00	(0.48)	0.00	0.00	1.46	(2.59)	12.17
EXPD	1.23	0.42	0.40	0.60	0.62	(1.64)	2.46	(1.63)	13.29
PNR	1.02	(0.14)	0.00	(0.06)	0.00	0.00	2.77	(2.39)	7.55
CHRW	1.38	0.57	0.51	0.87	0.51	(1.86)	2.87	(1.70)	22.91
FTAI	2.58	0.65	0.19	0.67	2.82	(2.92)	6.86	(4.53)	17.39
GPN	1.41	(0.37)	0.00	(0.22)	0.00	0.00	3.21	(2.89)	7.50
SWK	1.60	0.08	0.08	0.11	1.59	(1.86)	4.60	(2.67)	10.50
LECO	1.15	0.00	0.02	0.06	1.50	(1.18)	2.47	(2.84)	7.77
NVT	1.89	0.12	0.05	0.15	2.59	(1.92)	3.53	(3.99)	16.83

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