Stoneridge Correlations

SRI Stock

USD 5.85 0.03 0.52%

The current 90-days correlation between Stoneridge and Monro Muffler Brake is 0.34 (i.e., Weak diversification). The correlation of Stoneridge 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.

Stoneridge Correlation With Market

Average diversification

The correlation between Stoneridge and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Stoneridge 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 Stoneridge. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

For more detail on how to invest in Stoneridge Stock please use our How to Invest in Stoneridge guide.

Moving together with Stoneridge Stock

0.69	LI	Li Auto	Pair Corr
0.63	HYZNW	HYZON Motors	Pair Corr
0.63	EVTV	Envirotech Vehicles	Pair Corr
0.67	LEA	Lear	Pair Corr
0.76	NIO	Nio Class A Aggressive Push	Pair Corr
0.8	NIU	Niu Technologies	Pair Corr
0.8	PEV	Phoenix Motor Common	Pair Corr

Moving against Stoneridge Stock

0.65	GTX	Garrett Motion	Pair Corr
0.47	FRSX	Foresight Autonomous	Pair Corr
0.4	TM	Toyota Motor	Pair Corr
0.35	DAN	Dana Inc	Pair Corr
0.34	DORM	Dorman Products	Pair Corr
0.65	HSAI	Hesai Group American	Pair Corr
0.52	INVZ	Innoviz Technologies	Pair Corr
0.39	LCID	Lucid Group	Pair Corr
0.35	HLLY	Holley Inc	Pair Corr
0.34	XPEV	Xpeng Inc Aggressive Push	Pair Corr
0.33	VFS	VinFast Auto	Pair Corr
0.33	FFIEW	Faraday Future Intel	Pair Corr

Related Correlations Analysis

	MNRO	MPAA	SMP	PLOW	DORM	GNTX	FOXF	CPS	LEA
MNRO		-0.33	0.48	0.41	0.21	0.84	0.64	0.37	0.45	MNRO
MPAA	-0.33		0.15	0.06	0.59	-0.22	-0.69	0.14	-0.08	MPAA
SMP	0.48	0.15		0.33	0.74	0.52	-0.08	0.72	0.12	SMP
PLOW	0.41	0.06	0.33		0.35	0.3	0.23	0.41	0.44	PLOW
DORM	0.21	0.59	0.74	0.35		0.25	-0.52	0.68	0.04	DORM
GNTX	0.84	-0.22	0.52	0.3	0.25		0.51	0.36	0.57	GNTX
FOXF	0.64	-0.69	-0.08	0.23	-0.52	0.51		-0.15	0.36	FOXF
CPS	0.37	0.14	0.72	0.41	0.68	0.36	-0.15		0.24	CPS
LEA	0.45	-0.08	0.12	0.44	0.04	0.57	0.36	0.24		LEA
	MNRO	MPAA	SMP	PLOW	DORM	GNTX	FOXF	CPS	LEA

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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

GNTX	+ 0.84	MNRO
DORM	+ 0.74	SMP
CPS	+ 0.72	SMP
CPS	+ 0.68	DORM
FOXF	+ 0.64	MNRO
DORM	+ 0.59	MPAA

High negative correlations

FOXF	- 0.69	MPAA
FOXF	- 0.52	DORM
MPAA	- 0.33	MNRO
GNTX	- 0.22	MPAA
CPS	- 0.15	FOXF
FOXF	- 0.08	SMP

Risk-Adjusted Indicators

There is a big difference between Stoneridge Stock performing well and Stoneridge 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 Stoneridge'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
MNRO	1.35	(0.32)	0.00	(2.76)	0.00	0.00	3.41	(3.23)	10.44
MPAA	2.82	0.27	0.09	0.33	2.78	(3.39)	6.21	(5.00)	22.33
SMP	1.66	0.08	0.04	0.10	1.77	(2.02)	3.02	(3.20)	24.56
PLOW	1.37	(0.09)	0.00	(0.05)	0.00	0.00	2.40	(2.91)	13.46
DORM	1.40	0.17	0.10	0.24	1.35	(1.58)	2.98	(2.61)	15.36
GNTX	1.00	(0.08)	0.00	(0.22)	0.00	0.00	1.75	(2.06)	7.93
FOXF	1.96	(0.49)	0.00	(1.53)	0.00	0.00	3.31	(4.97)	10.26
CPS	2.52	0.33	0.09	0.55	3.06	(2.65)	4.84	(6.64)	24.57
LEA	1.28	(0.17)	0.00	(0.39)	0.00	0.00	2.19	(2.57)	7.30

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