Applied Industrial Correlations

AIT Stock

USD 264.89 4.69 1.80%

The current 90-days correlation between Applied Industrial and Core Main is -0.06 (i.e., Good diversification). The correlation of Applied Industrial 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.

Applied Industrial Correlation With Market

Very good diversification

The correlation between Applied Industrial Technologie and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Applied Industrial Technologie and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Applied Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Applied Industrial Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Applied Stock

0.62	DSGR	Distribution Solutions Earnings Call This Week	Pair Corr
0.78	DXPE	DXP Enterprises	Pair Corr
0.85	FAST	Fastenal	Pair Corr
0.68	BXC	BlueLinx Holdings Earnings Call This Week	Pair Corr
0.73	CNM	Core Main Sell-off Trend	Pair Corr
0.77	EVI	EVI Industries	Pair Corr
0.73	MSM	MSC Industrial Direct	Pair Corr
0.81	WCC	WESCO International Earnings Call This Week	Pair Corr
0.75	WXM	WF International	Pair Corr
0.8	J	Jacobs Solutions	Pair Corr
0.74	R	Ryder System Earnings Call Today	Pair Corr
0.77	DIST	Distoken Acquisition	Pair Corr
0.64	AZ	A2Z Smart Technologies	Pair Corr
0.71	BA	Boeing Earnings Call This Week	Pair Corr
0.76	BE	Bloom Energy Corp Earnings Call This Week	Pair Corr
0.81	GD	General Dynamics	Pair Corr

Moving against Applied Stock

0.55	PC	Premium Catering	Pair Corr
0.43	FC	Franklin Covey	Pair Corr
0.43	NL	NL Industries	Pair Corr

Related Correlations Analysis

	CNM	AIT	BXC	DXPE	FERG	MSM
CNM		0.73	0.68	0.49	0.94	0.89	CNM
AIT	0.73		0.68	0.78	0.58	0.73	AIT
BXC	0.68	0.68		0.58	0.58	0.82	BXC
DXPE	0.49	0.78	0.58		0.26	0.53	DXPE
FERG	0.94	0.58	0.58	0.26		0.84	FERG
MSM	0.89	0.73	0.82	0.53	0.84		MSM
	CNM	AIT	BXC	DXPE	FERG	MSM

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Risk-Adjusted Indicators

There is a big difference between Applied Stock performing well and Applied Industrial 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 Applied Industrial'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
CNM	1.43	0.17	0.15	0.35	1.06	(1.73)	3.34	(2.21)	12.44
AIT	1.57	0.44	0.06	(0.62)	1.64	(1.85)	3.60	(2.30)	10.50
BXC	2.56	(0.22)	0.00	0.10	3.44	(2.64)	6.61	(4.80)	19.00
DXPE	1.84	0.11	0.08	0.29	1.85	(2.05)	3.81	(2.87)	9.85
FERG	1.31	0.32	0.31	0.53	0.43	(1.69)	3.17	(1.72)	18.95
MSM	1.19	(0.03)	0.00	0.18	1.04	(1.40)	3.43	(1.89)	8.73

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