Tennant Correlations

TNC Stock  USD 89.69  1.80  2.05%   
The correlation of Tennant 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.

Tennant Correlation With Market

Poor diversification

The correlation between Tennant Company and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tennant Company 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 Tennant Company. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Tennant Stock

  0.62RR Richtech Robotics ClassPairCorr
  0.72AOS Smith AOPairCorr
  0.67CVV CVD EquipmentPairCorr

Moving against Tennant Stock

  0.58AME Ametek IncPairCorr
  0.54EPAC Enerpac Tool GroupPairCorr
  0.53CMI CumminsPairCorr
  0.51PH Parker HannifinPairCorr
  0.5B Barnes GroupPairCorr
  0.44CR Crane CompanyPairCorr
  0.33IR Ingersoll RandPairCorr
  0.68JBT John Bean TechnologiesPairCorr
  0.62MIR Mirion TechnologiesPairCorr
  0.57PNR Pentair PLCPairCorr
  0.54NNE Nano Nuclear Energy TrendingPairCorr
  0.53XMTR XometryPairCorr
  0.52EMR Emerson ElectricPairCorr
  0.51KAI Kadant IncPairCorr
  0.49ETN Eaton PLCPairCorr
  0.49FLS FlowservePairCorr
  0.47ITW Illinois Tool WorksPairCorr
  0.46IEX IDEXPairCorr
  0.46MWA Mueller Water Products Fiscal Year End 11th of December 2024 PairCorr
  0.41GHM GrahamPairCorr
  0.4DOV DoverPairCorr
  0.35DCI Donaldson Earnings Call This WeekPairCorr
  0.67SMR Nuscale Power Corp TrendingPairCorr
  0.59GTES Gates IndustrialPairCorr

Related Correlations Analysis

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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   
JRBEXRRTLX
JRBEXMSTSX
RRTLXMSTSX
OSHDFVIASP
RRTLXLBHIX
JRBEXLBHIX
  
High negative correlations   
OSHDFSCAXF
VIASPSCAXF
70082LAB3ABHYX
70082LAB3SCAXF
SCAXFLBHIX
VIASPABHYX

Risk-Adjusted Indicators

There is a big difference between Tennant Stock performing well and Tennant 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 Tennant'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
AQUI  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
MSTSX  0.48 (0.04)(0.13) 0.06  0.50 
 1.21 
 2.80 
ABHYX  0.17  0.02 (0.25)(0.03) 0.26 
 0.34 
 1.91 
LBHIX  0.11  0.01 (0.41) 0.46  0.00 
 0.24 
 0.96 
SCAXF  0.70 (0.37) 0.00 (25.57) 0.00 
 0.00 
 23.47 
VIASP  0.72  0.00 (0.02) 0.00  1.05 
 2.28 
 7.18 
RRTLX  0.24 (0.02)(0.31) 0.05  0.24 
 0.56 
 1.37 
OSHDF  39.65  20.22  0.00 (24.88) 0.00 
 0.00 
 1,329 
JRBEX  0.35 (0.03)(0.21) 0.05  0.40 
 0.79 
 2.14 
70082LAB3  1.00  0.07 (0.04)(0.12) 2.25 
 1.75 
 24.27