Proto Labs Correlations

PRLB Stock

USD 40.51 0.31 0.77%

The current 90-days correlation between Proto Labs and Northwest Pipe is 0.54 (i.e., Very weak diversification). The correlation of Proto Labs 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.

Proto Labs Correlation With Market

Very poor diversification

The correlation between Proto Labs and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Proto Labs and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Proto Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Proto Labs. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

For information on how to trade Proto Stock refer to our How to Trade Proto Stock guide.

Moving together with Proto Stock

0.65	TG	Tredegar	Pair Corr
0.83	ESAB	ESAB Corp	Pair Corr
0.8	ATI	Allegheny Technologies	Pair Corr
0.88	MEC	Mayville Engineering	Pair Corr
0.71	MLI	Mueller Industries	Pair Corr
0.87	CMPOW	CompoSecure	Pair Corr
0.75	NWPX	Northwest Pipe	Pair Corr
0.85	SGBX	SG Blocks	Pair Corr
0.89	TPCS	TechPrecision Common	Pair Corr
0.88	CMPO	CompoSecure	Pair Corr
0.65	G	Genpact Limited	Pair Corr
0.9	J	Jacobs Solutions	Pair Corr
0.87	R	Ryder System	Pair Corr
0.68	BA	Boeing	Pair Corr
0.64	BE	Bloom Energy Corp	Pair Corr
0.67	BV	BrightView Holdings	Pair Corr
0.83	BW	Babcock Wilcox Enter	Pair Corr
0.83	CP	Canadian Pacific Railway	Pair Corr
0.91	CR	Crane Company	Pair Corr
0.63	DE	Deere Company Earnings Call This Week	Pair Corr
0.77	DY	Dycom Industries	Pair Corr
0.62	EH	Ehang Holdings	Pair Corr
0.86	FA	First Advantage Corp	Pair Corr
0.73	GE	GE Aerospace	Pair Corr
0.84	GP	GreenPower Motor	Pair Corr
0.84	HI	Hillenbrand	Pair Corr
0.86	HY	Hyster Yale Materials Earnings Call Tomorrow	Pair Corr

Moving against Proto Stock

0.59	GD	General Dynamics Sell-off Trend	Pair Corr
0.35	NL	NL Industries Earnings Call This Week	Pair Corr

Related Correlations Analysis

	NWPX	TG	IIIN	RYI	HAYN	ESAB	MEC	CRS	GIFI	WOR
NWPX		0.41	-0.01	0.27	0.0	0.48	0.74	0.18	0.46	-0.48	NWPX
TG	0.41		0.59	-0.06	0.0	0.64	0.47	0.69	0.55	0.33	TG
IIIN	-0.01	0.59		-0.3	0.0	0.44	-0.04	0.67	0.56	0.57	IIIN
RYI	0.27	-0.06	-0.3		0.0	0.27	0.34	0.2	0.04	-0.56	RYI
HAYN	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HAYN
ESAB	0.48	0.64	0.44	0.27	0.0		0.73	0.73	0.37	-0.07	ESAB
MEC	0.74	0.47	-0.04	0.34	0.0	0.73		0.36	0.19	-0.48	MEC
CRS	0.18	0.69	0.67	0.2	0.0	0.73	0.36		0.52	0.2	CRS
GIFI	0.46	0.55	0.56	0.04	0.0	0.37	0.19	0.52		0.11	GIFI
WOR	-0.48	0.33	0.57	-0.56	0.0	-0.07	-0.48	0.2	0.11		WOR
	NWPX	TG	IIIN	RYI	HAYN	ESAB	MEC	CRS	GIFI	WOR

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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

MEC	+ 0.74	NWPX
MEC	+ 0.73	ESAB
CRS	+ 0.73	ESAB
CRS	+ 0.69	TG
CRS	+ 0.67	IIIN
ESAB	+ 0.64	TG

High negative correlations

WOR	- 0.56	RYI
WOR	- 0.48	MEC
WOR	- 0.48	NWPX
RYI	- 0.3	IIIN
WOR	- 0.07	ESAB
RYI	- 0.06	TG

Risk-Adjusted Indicators

There is a big difference between Proto Stock performing well and Proto Labs 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 Proto Labs' 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
NWPX	1.93	(0.30)	0.00	(0.46)	0.00	0.00	3.57	(4.52)	13.98
TG	1.96	0.26	0.08	0.10	2.77	(2.21)	4.72	(3.88)	21.98
IIIN	2.11	0.48	0.22	0.39	1.93	(2.66)	7.15	(3.15)	17.76
RYI	2.48	0.05	0.00	(0.08)	0.00	0.00	5.69	(5.77)	25.71
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESAB	2.08	0.29	0.08	0.07	2.58	(2.25)	3.90	(4.49)	16.36
MEC	1.88	0.03	0.00	(0.09)	0.00	0.00	3.20	(3.79)	11.94
CRS	2.78	0.46	0.09	0.11	3.38	(3.28)	6.21	(6.16)	20.33
GIFI	2.27	(0.13)	0.00	(0.38)	0.00	0.00	5.61	(5.03)	18.12
WOR	2.11	0.66	0.28	0.53	2.00	(2.34)	4.40	(3.50)	29.47

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