Tredegar Correlations

TG Stock

USD 7.91 0.02 0.25%

The current 90-days correlation between Tredegar and Northwest Pipe is 0.02 (i.e., Significant diversification). The correlation of Tredegar 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.

Tredegar Correlation With Market

Weak diversification

The correlation between Tredegar and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tredegar 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 Tredegar. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

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

Moving together with Tredegar Stock

0.68

Boeing

Pair Corr

Moving against Tredegar Stock

0.42	MLI	Mueller Industries	Pair Corr
0.35	NWPX	Northwest Pipe	Pair Corr
0.34	AL	Air Lease Buyout Trend	Pair Corr
0.33	RYI	Ryerson Holding Corp Earnings Call This Week	Pair Corr
0.54	GD	General Dynamics	Pair Corr
0.51	NX	Quanex Building Products	Pair Corr
0.48	OP	Oceanpal	Pair Corr
0.46	IR	Ingersoll Rand	Pair Corr
0.37	BW	Babcock Wilcox Enter	Pair Corr
0.36	CR	Crane Company	Pair Corr
0.36	OC	Owens Corning	Pair Corr
0.34	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	NWPX	IIIN	RYI	HAYN	ESAB	MEC	GIFI	CRS
NWPX		0.76	0.85	0.0	0.81	0.83	-0.27	0.0	NWPX
IIIN	0.76		0.78	0.0	0.74	0.71	-0.26	-0.06	IIIN
RYI	0.85	0.78		0.0	0.76	0.75	-0.26	0.18	RYI
HAYN	0.0	0.0	0.0		0.0	0.0	0.0	0.0	HAYN
ESAB	0.81	0.74	0.76	0.0		0.78	-0.13	0.05	ESAB
MEC	0.83	0.71	0.75	0.0	0.78		-0.13	-0.16	MEC
GIFI	-0.27	-0.26	-0.26	0.0	-0.13	-0.13		0.32	GIFI
CRS	0.0	-0.06	0.18	0.0	0.05	-0.16	0.32		CRS
	NWPX	IIIN	RYI	HAYN	ESAB	MEC	GIFI	CRS

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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

RYI	+ 0.85	NWPX
MEC	+ 0.83	NWPX
ESAB	+ 0.81	NWPX
RYI	+ 0.78	IIIN
MEC	+ 0.78	ESAB
IIIN	+ 0.76	NWPX

High negative correlations

GIFI	- 0.27	NWPX
GIFI	- 0.26	RYI
GIFI	- 0.26	IIIN
CRS	- 0.16	MEC
GIFI	- 0.13	MEC
GIFI	- 0.13	ESAB

Risk-Adjusted Indicators

There is a big difference between Tredegar Stock performing well and Tredegar 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 Tredegar'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
NWPX	1.33	0.00	0.00	0.00	1.64	(1.43)	3.17	(2.11)	8.08
IIIN	1.65	0.08	0.04	0.09	1.80	(1.85)	3.46	(2.95)	13.49
RYI	2.18	(0.18)	0.00	(0.27)	0.00	0.00	3.90	(3.88)	12.86
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESAB	1.27	(0.02)	0.00	(0.03)	0.00	0.00	2.83	(2.44)	7.29
MEC	1.41	(0.15)	0.00	(0.21)	0.00	0.00	2.22	(2.71)	7.29
GIFI	1.68	0.09	0.04	0.56	1.96	(1.89)	4.11	(4.09)	11.94
CRS	1.80	0.11	0.04	0.14	2.52	(1.68)	3.41	(4.23)	13.07

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