Carpenter Technology Correlations

CRS Stock

USD 250.97 2.09 0.83%

The current 90-days correlation between Carpenter Technology and Worthington Industries is 0.06 (i.e., Significant 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

Significant diversification

The correlation between Carpenter Technology and DJI is 0.06 (i.e., Significant 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 metropolitan statistical area.

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

Moving together with Carpenter Stock

0.89	AP	Ampco Pittsburgh	Pair Corr
0.94	TG	Tredegar	Pair Corr
0.82	ESAB	ESAB Corp	Pair Corr
0.97	ATI	Allegheny Technologies	Pair Corr
0.82	MEC	Mayville Engineering	Pair Corr
0.86	WOR	Worthington Industries Earnings Call This Week	Pair Corr
0.84	IIIN	Insteel Industries	Pair Corr
0.95	CMPOW	CompoSecure	Pair Corr
0.75	PRLB	Proto Labs	Pair Corr
0.71	SGBX	SG Blocks	Pair Corr
0.87	TPCS	TechPrecision Common	Pair Corr
0.95	CMPO	CompoSecure	Pair Corr
0.91	J	Jacobs Solutions	Pair Corr
0.8	R	Ryder System	Pair Corr
0.94	AL	Air Lease	Pair Corr
0.87	AZ	A2Z Smart Technologies Tech Boost	Pair Corr
0.97	BA	Boeing	Pair Corr
0.67	BR	Broadridge Financial	Pair Corr
0.93	BV	BrightView Holdings	Pair Corr
0.7	BW	Babcock Wilcox Enter	Pair Corr
0.9	CP	Canadian Pacific Railway	Pair Corr
0.95	CR	Crane Company	Pair Corr
0.97	CW	Curtiss Wright	Pair Corr
0.93	DE	Deere Company	Pair Corr
0.95	DY	Dycom Industries	Pair Corr
0.9	FA	First Advantage Corp	Pair Corr
0.67	GD	General Dynamics	Pair Corr
0.97	GE	GE Aerospace	Pair Corr
0.73	IR	Ingersoll Rand	Pair Corr

Moving against Carpenter Stock

0.72	G	Genpact Limited	Pair Corr
0.4	RYI	Ryerson Holding Corp	Pair Corr
0.77	MG	Mistras Group	Pair Corr
0.39	PN	Skycorp Solar Group Tech Boost	Pair Corr
0.37	HI	Hillenbrand	Pair Corr
0.37	NL	NL Industries	Pair Corr
0.34	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	HAYN	WOR	RYI	ARNC	MLI	ATI	ESAB	NWPX	IIIN	GIFI
HAYN		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	HAYN
WOR	0.0		-0.55	0.0	0.24	0.9	0.69	-0.69	0.84	0.02	WOR
RYI	0.0	-0.55		0.0	0.32	-0.48	-0.21	0.85	-0.41	0.16	RYI
ARNC	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	ARNC
MLI	0.0	0.24	0.32	0.0		0.43	0.65	0.21	0.26	-0.08	MLI
ATI	0.0	0.9	-0.48	0.0	0.43		0.78	-0.64	0.86	0.11	ATI
ESAB	0.0	0.69	-0.21	0.0	0.65	0.78		-0.29	0.72	0.05	ESAB
NWPX	0.0	-0.69	0.85	0.0	0.21	-0.64	-0.29		-0.55	0.07	NWPX
IIIN	0.0	0.84	-0.41	0.0	0.26	0.86	0.72	-0.55		0.22	IIIN
GIFI	0.0	0.02	0.16	0.0	-0.08	0.11	0.05	0.07	0.22		GIFI
	HAYN	WOR	RYI	ARNC	MLI	ATI	ESAB	NWPX	IIIN	GIFI

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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

ATI	+ 0.9	WOR
IIIN	+ 0.86	ATI
NWPX	+ 0.85	RYI
IIIN	+ 0.84	WOR
ESAB	+ 0.78	ATI
IIIN	+ 0.72	ESAB

High negative correlations

NWPX	- 0.69	WOR
NWPX	- 0.64	ATI
IIIN	- 0.55	NWPX
RYI	- 0.55	WOR
ATI	- 0.48	RYI
IIIN	- 0.41	RYI

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
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WOR	1.88	0.57	0.28	0.61	1.45	(2.12)	4.04	(3.34)	29.50
RYI	2.43	(0.13)	0.00	(0.10)	0.00	0.00	4.66	(5.73)	25.70
ARNC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MLI	1.64	(0.17)	0.00	(0.11)	0.00	0.00	2.87	(3.55)	14.64
ATI	2.32	0.75	0.22	0.41	2.82	(2.68)	6.96	(3.38)	20.63
ESAB	1.72	0.02	0.00	(0.69)	2.21	(2.06)	3.77	(3.37)	16.36
NWPX	1.46	(0.12)	0.00	(0.14)	0.00	0.00	3.57	(2.89)	12.47
IIIN	1.75	0.38	0.20	0.48	1.56	(2.35)	3.63	(2.15)	17.07
GIFI	2.11	0.19	0.05	0.45	3.02	(2.25)	5.61	(5.03)	18.12

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