Carpenter Technology Correlations

CRS Stock

USD 256.27 4.26 1.69%

The current 90-days correlation between Carpenter Technology and Allegheny Technologies Incorporated is 0.8 (i.e., Very poor diversification). The correlation of Carpenter Technology 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.

Carpenter Technology Correlation With Market

Average diversification

The correlation between Carpenter Technology and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carpenter Technology and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Carpenter Stock

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

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

Moving together with Carpenter Stock

0.79	RS	Reliance Steel Aluminum	Pair Corr
0.79	KALU	Kaiser Aluminum	Pair Corr
0.77	PCTTW	PureCycle Technologies	Pair Corr
0.71	BKRKF	PT Bank Rakyat	Pair Corr
0.67	PBCRF	PT Bank Central	Pair Corr

Moving against Carpenter Stock

0.84	ATCOL	Atlas Corp	Pair Corr
0.75	IMR	iMetal Resources	Pair Corr
0.75	CMC	Commercial Metals	Pair Corr
0.7	THM	International Tower Hill	Pair Corr
0.65	GCMGW	GCM Grosvenor	Pair Corr
0.51	CENX	Century Aluminum	Pair Corr
0.46	MAPSW	WM Technology	Pair Corr
0.39	AA	Alcoa Corp	Pair Corr
0.38	GGB	Gerdau SA ADR	Pair Corr
0.38	CSTM	Constellium Nv	Pair Corr
0.87	TLK	Telkom Indonesia Tbk	Pair Corr
0.87	IRTC	iRhythm Technologies	Pair Corr
0.83	AGZNF	Aegean Airlines SA	Pair Corr
0.82	PTAIY	Astra International Tbk	Pair Corr
0.69	PLAB	Photronics	Pair Corr
0.69	GNRC	Generac Holdings	Pair Corr
0.63	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.52	VPV	Invesco Pennsylvania	Pair Corr
0.51	NOKPF	Nok Airlines Public	Pair Corr
0.46	EC	Ecopetrol SA ADR	Pair Corr
0.43	ADXDF	Adex Mining	Pair Corr
0.32	EPSM	Epsium Enterprise Trending	Pair Corr

Related Correlations Analysis

	ATI	WOR	ESAB	IIIN	CMC	RS
ATI		-0.21	0.71	-0.01	-0.5	0.72	ATI
WOR	-0.21		0.13	-0.04	-0.11	0.28	WOR
ESAB	0.71	0.13		-0.34	-0.75	0.64	ESAB
IIIN	-0.01	-0.04	-0.34		0.54	0.12	IIIN
CMC	-0.5	-0.11	-0.75	0.54		-0.51	CMC
RS	0.72	0.28	0.64	0.12	-0.51		RS
	ATI	WOR	ESAB	IIIN	CMC	RS

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

RS	+ 0.72	ATI
ESAB	+ 0.71	ATI
RS	+ 0.64	ESAB
CMC	+ 0.54	IIIN
RS	+ 0.28	WOR
ESAB	+ 0.13	WOR

High negative correlations

CMC	- 0.75	ESAB
RS	- 0.51	CMC
CMC	- 0.5	ATI
IIIN	- 0.34	ESAB
WOR	- 0.21	ATI
CMC	- 0.11	WOR

Risk-Adjusted Indicators

There is a big difference between Carpenter Stock performing well and Carpenter Technology 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 Carpenter Technology'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
ATI	1.63	(0.12)	0.00	(0.03)	0.00	0.00	3.11	(2.36)	21.46
WOR	1.26	(0.32)	0.00	(0.12)	0.00	0.00	3.04	(2.69)	16.07
ESAB	1.61	(0.14)	0.00	(0.05)	0.00	0.00	3.43	(2.48)	20.67
IIIN	1.24	(0.11)	(0.04)	0.00	1.72	(1.37)	2.88	(2.19)	8.35
CMC	1.45	0.08	0.09	0.11	1.42	(1.69)	3.20	(2.41)	7.82
RS	1.12	(0.31)	0.00	(0.12)	0.00	0.00	1.69	(2.06)	14.01

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