MSC Industrial Correlations

MSM Stock

USD 89.97 0.36 0.40%

The current 90-days correlation between MSC Industrial Direct and Insteel Industries is 0.6 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MSC Industrial moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MSC Industrial Direct moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

MSC Industrial Correlation With Market

Poor diversification

The correlation between MSC Industrial Direct and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MSC Industrial Direct and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with MSC Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in MSC Industrial Direct. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with MSC Stock

0.73	DSGR	Distribution Solutions	Pair Corr
0.87	FAST	Fastenal Earnings Call This Week	Pair Corr
0.84	FERG	Ferguson Plc	Pair Corr
0.69	AIT	Applied Industrial	Pair Corr
0.89	CNM	Core Main	Pair Corr
0.82	EVI	EVI Industries	Pair Corr
0.77	GIC	Global Industrial	Pair Corr
0.62	GWW	WW Grainger	Pair Corr
0.92	WCC	WESCO International	Pair Corr
0.83	WCC-PA	WESCO International	Pair Corr
0.7	SITE	SiteOne Landscape Supply	Pair Corr
0.8	TITN	Titan Machinery	Pair Corr
0.89	J	Jacobs Solutions	Pair Corr
0.88	R	Ryder System	Pair Corr
0.78	AL	Air Lease	Pair Corr
0.7	AP	Ampco Pittsburgh	Pair Corr
0.81	AZ	A2Z Smart Technologies	Pair Corr
0.8	BA	Boeing Aggressive Push	Pair Corr
0.78	BE	Bloom Energy Corp Buyout Trend	Pair Corr
0.7	BR	Broadridge Financial	Pair Corr
0.74	BV	BrightView Holdings Buyout Trend	Pair Corr
0.76	BW	Babcock Wilcox Enter	Pair Corr
0.8	CP	Canadian Pacific Railway	Pair Corr
0.83	CR	Crane Company	Pair Corr
0.86	CW	Curtiss Wright	Pair Corr
0.82	DE	Deere Company	Pair Corr
0.83	DY	Dycom Industries	Pair Corr
0.65	FA	First Advantage Corp	Pair Corr
0.9	GD	General Dynamics	Pair Corr
0.84	GE	GE Aerospace	Pair Corr

Moving against MSC Stock

0.5	G	Genpact Limited	Pair Corr
0.47	WSO	Watsco Inc	Pair Corr
0.6	MG	Mistras Group	Pair Corr
0.57	NL	NL Industries	Pair Corr
0.48	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	IIIN	PIUTQ	INBX	HIHO	MDXHF	CPPKF	VMD	PMNXF
IIIN		0.0	0.34	0.5	0.0	0.42	0.05	0.62	IIIN
PIUTQ	0.0		0.0	0.0	0.0	0.0	0.0	0.0	PIUTQ
INBX	0.34	0.0		0.34	0.0	0.43	0.19	0.4	INBX
HIHO	0.5	0.0	0.34		0.0	-0.09	-0.06	0.4	HIHO
MDXHF	0.0	0.0	0.0	0.0		0.0	0.0	0.0	MDXHF
CPPKF	0.42	0.0	0.43	-0.09	0.0		0.57	0.05	CPPKF
VMD	0.05	0.0	0.19	-0.06	0.0	0.57		-0.27	VMD
PMNXF	0.62	0.0	0.4	0.4	0.0	0.05	-0.27		PMNXF
	IIIN	PIUTQ	INBX	HIHO	MDXHF	CPPKF	VMD	PMNXF

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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

PMNXF	+ 0.62	IIIN
VMD	+ 0.57	CPPKF
HIHO	+ 0.5	IIIN
CPPKF	+ 0.43	INBX
CPPKF	+ 0.42	IIIN
PMNXF	+ 0.4	INBX

High negative correlations

PMNXF	- 0.27	VMD
CPPKF	- 0.09	HIHO
VMD	- 0.06	HIHO
PMNXF	- 0.0	MDXHF
VMD	- 0.0	MDXHF
CPPKF	- 0.0	MDXHF

Risk-Adjusted Indicators

There is a big difference between MSC Stock performing well and MSC 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 MSC 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
IIIN	1.75	0.56	0.30	0.82	1.35	(2.27)	3.58	(1.88)	17.07
PIUTQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
INBX	3.04	0.22	0.05	0.36	3.95	(3.18)	6.81	(5.46)	16.42
HIHO	1.91	(0.19)	0.00	(0.42)	0.00	0.00	4.79	(4.62)	15.64
MDXHF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CPPKF	2.24	0.40	0.09	2.75	2.21	(3.37)	6.90	(5.00)	12.82
VMD	1.57	(0.04)	(0.04)	(0.02)	2.61	(1.62)	3.51	(2.69)	16.08
PMNXF	1.95	0.20	0.03	(4.44)	2.58	(2.68)	5.77	(5.24)	13.58

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