GMS Correlations

Stocks . USA . 
Stock . GMS Inc
GMS Stock  USD 109.83  0.13  0.12%   
The current 90-days correlation between GMS Inc and Armstrong World Industries is 0.23 (i.e., Modest diversification). The correlation of GMS 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.

GMS Correlation With Market

Modest diversification

The correlation between GMS Inc and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GMS Inc and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with GMS Stock
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in GMS Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with GMS Stock

  0.71NX Quanex Building ProductsPairCorr
  0.71APT Alpha Pro TechPairCorr
  0.75AWI Armstrong World InduPairCorr
  0.78GFF GriffonPairCorr
  0.63JBI Janus InternationalPairCorr
  0.68JCI Johnson Controls IntPairCorr
  0.64LII Lennox International Earnings Call This WeekPairCorr
  0.67LMB Limbach HoldingsPairCorr
  0.79ILAG Intelligent LivingPairCorr
  0.91PPIH Perma Pipe InternatiPairCorr
  0.63ROCK Gibraltar IndustriesPairCorr
  0.61AEHL Antelope EnterprisePairCorr
  0.61ASPN Aspen Aerogels Buyout TrendPairCorr
  0.77AZEK Azek CompanyPairCorr
  0.81SPXC SPX CorpPairCorr
  0.73SWIM Latham GroupPairCorr
  0.72BLDR Builders FirstSourcePairCorr
  0.82J Jacobs SolutionsPairCorr
  0.87R Ryder System Earnings Call This WeekPairCorr
  0.81AZ A2Z Smart TechnologiesPairCorr
  0.67BA BoeingPairCorr

Moving against GMS Stock

  0.61AAON AAON IncPairCorr
  0.5CSTE CaesarstonePairCorr

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   
JBI
+ 0.95
AWI
ATKR
+ 0.94
AWI
FBK
+ 0.93
ATKR
FBK
+ 0.91
AWI
ATKR
+ 0.9
JBI
FBK
+ 0.84
JBI
  
High negative correlations   
JBI
- 0.61
JELD
JELD
- 0.53
AWI
ATKR
- 0.36
JELD
JELD
- 0.33
NX
FBK
- 0.26
JELD

Risk-Adjusted Indicators

There is a big difference between GMS Stock performing well and GMS 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 GMS'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.

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