Simpson Manufacturing Correlations

SSD Stock

USD 159.23 0.53 0.33%

The current 90-days correlation between Simpson Manufacturing and Ufp Industries is 0.82 (i.e., Very poor diversification). The correlation of Simpson Manufacturing 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.

Simpson Manufacturing Correlation With Market

Poor diversification

The correlation between Simpson Manufacturing and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Simpson Manufacturing and DJI in the same portfolio, assuming nothing else is changed.

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Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Simpson Manufacturing. 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.

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

Moving together with Simpson Stock

0.72	WFG	West Fraser Timber Earnings Call Tomorrow	Pair Corr
0.8	AA	Alcoa Corp	Pair Corr
0.78	CE	Celanese	Pair Corr
0.75	CX	Cemex SAB de Earnings Call This Week	Pair Corr
0.85	DD	Dupont De Nemours	Pair Corr
0.86	MT	ArcelorMittal SA ADR	Pair Corr
0.74	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.7	TX	Ternium SA ADR	Pair Corr
0.69	WS	Worthington Steel	Pair Corr
0.73	VALE	Vale SA ADR Earnings Call This Week	Pair Corr
0.68	ECVT	Ecovyst	Pair Corr
0.69	ALB-PA	Albemarle	Pair Corr

Moving against Simpson Stock

0.66	AGI	Alamos Gold	Pair Corr
0.58	HYMCL	Hycroft Mining Holding	Pair Corr
0.41	AEM	Agnico Eagle Mines	Pair Corr
0.4	FEAM	5E Advanced Materials	Pair Corr

Related Correlations Analysis

	UFPI	WFG	CFPZF	STLJF	FELE	SXI	STC	SXT
UFPI		0.31	0.08	-0.15	0.69	-0.05	0.4	-0.04	UFPI
WFG	0.31		0.6	0.49	0.52	0.62	0.11	0.51	WFG
CFPZF	0.08	0.6		0.8	0.57	0.8	-0.19	0.81	CFPZF
STLJF	-0.15	0.49	0.8		0.45	0.78	-0.48	0.82	STLJF
FELE	0.69	0.52	0.57	0.45		0.58	0.19	0.54	FELE
SXI	-0.05	0.62	0.8	0.78	0.58		-0.08	0.84	SXI
STC	0.4	0.11	-0.19	-0.48	0.19	-0.08		-0.36	STC
SXT	-0.04	0.51	0.81	0.82	0.54	0.84	-0.36		SXT
	UFPI	WFG	CFPZF	STLJF	FELE	SXI	STC	SXT

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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

SXT	+ 0.84	SXI
SXT	+ 0.82	STLJF
SXT	+ 0.81	CFPZF
STLJF	+ 0.8	CFPZF
SXI	+ 0.8	CFPZF
SXI	+ 0.78	STLJF

High negative correlations

STC	- 0.48	STLJF
SXT	- 0.36	STC
STC	- 0.19	CFPZF
STLJF	- 0.15	UFPI
STC	- 0.08	SXI
SXI	- 0.05	UFPI

Risk-Adjusted Indicators

There is a big difference between Simpson Stock performing well and Simpson Manufacturing 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 Simpson Manufacturing'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
UFPI	1.60	(0.25)	0.00	(0.05)	0.00	0.00	3.44	(2.90)	9.60
WFG	1.25	(0.08)	(0.09)	0.00	1.51	(1.33)	2.83	(2.42)	6.23
CFPZF	1.44	0.04	0.00	0.19	1.75	(1.49)	2.58	(2.93)	7.53
STLJF	0.84	0.28	0.14	2.01	0.30	(1.60)	2.41	(0.95)	9.01
FELE	1.27	(0.12)	(0.07)	0.03	1.32	(1.54)	3.03	(1.94)	7.07
SXI	1.62	(0.01)	0.02	0.12	1.75	(1.73)	3.09	(3.05)	12.94
STC	1.42	(0.32)	0.00	(0.17)	0.00	0.00	2.79	(2.80)	11.31
SXT	1.23	0.52	0.58	1.07	0.00	(1.58)	4.75	(1.08)	15.95

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