3M Correlations

MMM Stock

USD 153.23 5.81 3.65%

The current 90-days correlation between 3M Company and Honeywell International is 0.59 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as 3M moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if 3M Company moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

3M Correlation With Market

Poor diversification

The correlation between 3M Company and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 3M Company and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with 3M Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in 3M Company. 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 3M Stock

0.89	BBU	Brookfield Business	Pair Corr
0.75	FIP	FTAI Infrastructure	Pair Corr
0.92	HON	Honeywell International Earnings Call This Week	Pair Corr
0.92	VMI	Valmont Industries Earnings Call This Week	Pair Corr
0.62	GTEC	Greenland Acquisition	Pair Corr
0.61	MVST	Microvast Holdings Buyout Trend	Pair Corr
0.75	NNBR	NN Inc	Pair Corr
0.84	TOYO	TOYO Co,	Pair Corr
0.92	J	Jacobs Solutions	Pair Corr
0.91	R	Ryder System Earnings Call This Week	Pair Corr
0.88	AL	Air Lease	Pair Corr
0.72	AP	Ampco Pittsburgh	Pair Corr
0.82	AZ	A2Z Smart Technologies	Pair Corr
0.92	BA	Boeing	Pair Corr
0.75	BE	Bloom Energy Corp	Pair Corr
0.75	BV	BrightView Holdings	Pair Corr
0.73	BW	Babcock Wilcox Enter	Pair Corr
0.79	CP	Canadian Pacific Railway	Pair Corr
0.86	CR	Crane Company	Pair Corr
0.83	CW	Curtiss Wright	Pair Corr
0.79	DE	Deere Company	Pair Corr
0.81	DY	Dycom Industries	Pair Corr
0.72	FA	First Advantage Corp	Pair Corr
0.74	GD	General Dynamics Earnings Call This Week	Pair Corr
0.88	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.78	HY	Hyster Yale Materials	Pair Corr
0.95	IR	Ingersoll Rand	Pair Corr

Moving against 3M Stock

0.44	FBYD	Falcons Beyond Global,	Pair Corr
0.32	CNR	Core Natural Resources, Symbol Change	Pair Corr
0.65	MG	Mistras Group	Pair Corr
0.64	DNOW	Now Inc	Pair Corr
0.58	NL	NL Industries	Pair Corr
0.58	CODI-PA	Compass Diversified	Pair Corr
0.35	VATE	Innovate Corp	Pair Corr

Related Correlations Analysis

	HON	MDU	CODI	VMI	JNJ	CAT	PG	PEP
HON		-0.09	-0.83	0.96	0.31	0.95	-0.39	-0.2	HON
MDU	-0.09		0.27	-0.13	0.04	-0.21	0.12	-0.1	MDU
CODI	-0.83	0.27		-0.85	-0.04	-0.8	0.24	0.36	CODI
VMI	0.96	-0.13	-0.85		0.19	0.95	-0.49	-0.28	VMI
JNJ	0.31	0.04	-0.04	0.19		0.35	-0.21	0.57	JNJ
CAT	0.95	-0.21	-0.8	0.95	0.35		-0.56	-0.07	CAT
PG	-0.39	0.12	0.24	-0.49	-0.21	-0.56		0.06	PG
PEP	-0.2	-0.1	0.36	-0.28	0.57	-0.07	0.06		PEP
	HON	MDU	CODI	VMI	JNJ	CAT	PG	PEP

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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

VMI	+ 0.96	HON
CAT	+ 0.95	HON
CAT	+ 0.95	VMI
PEP	+ 0.57	JNJ
PEP	+ 0.36	CODI
CAT	+ 0.35	JNJ

High negative correlations

VMI	- 0.85	CODI
CODI	- 0.83	HON
CAT	- 0.8	CODI
PG	- 0.56	CAT
PG	- 0.49	VMI
PG	- 0.39	HON

Risk-Adjusted Indicators

There is a big difference between 3M Stock performing well and 3M 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 3M'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
HON	0.98	0.14	0.14	0.28	0.64	(1.18)	2.35	(1.25)	7.41
MDU	1.05	(0.03)	(0.06)	0.08	1.42	(1.04)	2.21	(2.24)	6.04
CODI	3.55	(1.05)	0.00	(1.01)	0.00	0.00	4.59	(7.41)	65.92
VMI	1.17	0.10	0.12	0.22	0.80	(1.53)	3.10	(1.46)	6.21
JNJ	0.83	0.06	(0.03)	0.33	0.99	(0.89)	2.08	(1.40)	7.29
CAT	1.13	0.36	0.36	0.45	0.56	(1.45)	2.92	(1.57)	7.20
PG	0.85	(0.17)	0.00	(0.25)	0.00	0.00	1.29	(1.78)	6.28
PEP	1.08	(0.09)	0.00	(0.03)	0.00	0.00	2.20	(1.93)	6.85

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