TechPrecision Common Correlations

TPCS Stock

USD 2.40 0.24 11.11%

The current 90-days correlation between TechPrecision Common and Ampco Pittsburgh is 0.15 (i.e., Average diversification). The correlation of TechPrecision Common 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. If the correlation is 0, the equities are not correlated; they are entirely random.

TechPrecision Common Correlation With Market

Modest diversification

The correlation between TechPrecision Common and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TechPrecision Common 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 TechPrecision Common. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

For more information on how to buy TechPrecision Stock please use our How to Invest in TechPrecision Common guide.

Moving together with TechPrecision Stock

0.62	AP	Ampco Pittsburgh	Pair Corr
0.8	ATI	Allegheny Technologies	Pair Corr
0.64	CRS	Carpenter Technology	Pair Corr
0.91	MEC	Mayville Engineering	Pair Corr
0.63	MLI	Mueller Industries Earnings Call This Week	Pair Corr
0.81	GIFI	Gulf Island Fabrication	Pair Corr
0.62	CMPOW	CompoSecure	Pair Corr
0.8	NWPX	Northwest Pipe	Pair Corr
0.77	PRLB	Proto Labs	Pair Corr
0.8	SGBX	SG Blocks	Pair Corr
0.74	CMPO	CompoSecure	Pair Corr
0.89	J	Jacobs Solutions	Pair Corr
0.82	R	Ryder System	Pair Corr
0.69	BE	Bloom Energy Corp	Pair Corr
0.82	BV	BrightView Holdings	Pair Corr
0.94	BW	Babcock Wilcox Enter	Pair Corr
0.82	CP	Canadian Pacific Railway	Pair Corr
0.67	CR	Crane Company	Pair Corr
0.75	CW	Curtiss Wright	Pair Corr
0.82	DY	Dycom Industries	Pair Corr
0.79	FA	First Advantage Corp	Pair Corr
0.86	GP	GreenPower Motor	Pair Corr
0.92	HI	Hillenbrand	Pair Corr
0.89	HY	Hyster Yale Materials	Pair Corr

Moving against TechPrecision Stock

0.59	WOR	Worthington Industries	Pair Corr
0.36	RYI	Ryerson Holding Corp	Pair Corr
0.31	AZ	A2Z Smart Technologies	Pair Corr
0.68	PC	Premium Catering	Pair Corr

Related Correlations Analysis

	MEC	IIIN	NWPX	HAYN	AP	CRS	RYI	MLI	ATI	ESAB
MEC		0.6	0.86	0.0	0.63	0.71	-0.17	0.73	0.85	0.73	MEC
IIIN	0.6		0.63	0.0	0.22	0.52	0.4	0.53	0.68	0.75	IIIN
NWPX	0.86	0.63		0.0	0.56	0.61	-0.25	0.53	0.84	0.63	NWPX
HAYN	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	HAYN
AP	0.63	0.22	0.56	0.0		0.54	-0.43	0.4	0.42	0.38	AP
CRS	0.71	0.52	0.61	0.0	0.54		0.13	0.74	0.75	0.72	CRS
RYI	-0.17	0.4	-0.25	0.0	-0.43	0.13		0.11	0.04	0.24	RYI
MLI	0.73	0.53	0.53	0.0	0.4	0.74	0.11		0.69	0.87	MLI
ATI	0.85	0.68	0.84	0.0	0.42	0.75	0.04	0.69		0.75	ATI
ESAB	0.73	0.75	0.63	0.0	0.38	0.72	0.24	0.87	0.75		ESAB
	MEC	IIIN	NWPX	HAYN	AP	CRS	RYI	MLI	ATI	ESAB

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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

ESAB	+ 0.87	MLI
NWPX	+ 0.86	MEC
ATI	+ 0.85	MEC
ATI	+ 0.84	NWPX
ESAB	+ 0.75	IIIN
ATI	+ 0.75	CRS

High negative correlations

RYI	- 0.43	AP
RYI	- 0.25	NWPX
RYI	- 0.17	MEC
ESAB	- 0.0	HAYN
ATI	- 0.0	HAYN
MLI	- 0.0	HAYN

Risk-Adjusted Indicators

There is a big difference between TechPrecision Stock performing well and TechPrecision Common 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 TechPrecision Common'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
MEC	1.79	(0.20)	0.00	(0.31)	0.00	0.00	3.20	(4.03)	11.94
IIIN	1.98	0.20	0.08	0.11	2.29	(2.16)	3.71	(3.15)	17.76
NWPX	1.92	(0.07)	0.00	(0.16)	0.00	0.00	3.60	(3.71)	14.98
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AP	3.11	0.02	0.00	(0.06)	0.00	0.00	7.69	(6.81)	33.21
CRS	2.76	0.13	0.00	(0.01)	0.00	0.00	5.00	(7.39)	20.34
RYI	2.56	0.44	0.13	0.32	3.04	(2.68)	5.69	(4.46)	17.73
MLI	1.81	0.03	0.00	(0.06)	0.00	0.00	2.87	(3.90)	14.65
ATI	2.45	(0.04)	0.00	(0.10)	0.00	0.00	3.95	(4.73)	21.97
ESAB	2.08	0.13	0.03	0.01	2.83	(2.03)	3.76	(4.49)	16.36

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