Argan Correlations

AGX Stock

USD 120.82 3.33 2.83%

The current 90-days correlation between Argan Inc and Tutor Perini is 0.48 (i.e., Very weak diversification). The correlation of Argan 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.

Argan Correlation With Market

Modest diversification

The correlation between Argan Inc and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Argan Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Argan 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 price.

Moving together with Argan Stock

0.75	J	Jacobs Solutions	Pair Corr
0.82	DY	Dycom Industries	Pair Corr
0.63	ACA	Arcosa Inc	Pair Corr
0.76	ACM	Aecom Technology	Pair Corr
0.73	ECG	Everus Construction	Pair Corr
0.91	EME	EMCOR Group	Pair Corr
0.9	FIX	Comfort Systems USA	Pair Corr
0.73	FLR	Fluor	Pair Corr
0.79	GVA	Granite Construction	Pair Corr
0.93	MTZ	MasTec Inc	Pair Corr
0.68	ORN	Orion Group Holdings	Pair Corr
0.82	PWR	Quanta Services	Pair Corr
0.75	GLDD	Great Lakes Dredge	Pair Corr
0.89	IESC	IES Holdings	Pair Corr
0.68	MYRG	MYR Group	Pair Corr
0.88	PRIM	Primoris Services	Pair Corr
0.68	ROAD	Construction Partners	Pair Corr
0.7	AMRC	Ameresco	Pair Corr
0.63	SHIM	Shimmick Common	Pair Corr
0.75	STRL	Sterling Construction	Pair Corr
0.61	BWMN	Bowman Consulting	Pair Corr

Moving against Argan Stock

0.52	JUNE	Junee Limited Ordinary Trending	Pair Corr
0.36	DE	Deere Company	Pair Corr
0.32	G	Genpact Limited	Pair Corr

Related Correlations Analysis

	ACA	ROAD	BLD	FIX	AMRC	TPC	GVA	MTRX	MYRG	EME
ACA		0.79	0.74	0.76	0.84	-0.15	0.9	0.46	0.87	0.75	ACA
ROAD	0.79		0.6	0.82	0.88	0.17	0.89	0.06	0.94	0.86	ROAD
BLD	0.74	0.6		0.75	0.61	0.2	0.74	0.53	0.7	0.7	BLD
FIX	0.76	0.82	0.75		0.81	0.16	0.89	0.44	0.87	0.99	FIX
AMRC	0.84	0.88	0.61	0.81		-0.17	0.89	0.2	0.85	0.83	AMRC
TPC	-0.15	0.17	0.2	0.16	-0.17		0.1	-0.19	0.21	0.17	TPC
GVA	0.9	0.89	0.74	0.89	0.89	0.1		0.34	0.94	0.9	GVA
MTRX	0.46	0.06	0.53	0.44	0.2	-0.19	0.34		0.19	0.38	MTRX
MYRG	0.87	0.94	0.7	0.87	0.85	0.21	0.94	0.19		0.88	MYRG
EME	0.75	0.86	0.7	0.99	0.83	0.17	0.9	0.38	0.88		EME
	ACA	ROAD	BLD	FIX	AMRC	TPC	GVA	MTRX	MYRG	EME

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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

EME	+ 0.99	FIX
MYRG	+ 0.94	ROAD
MYRG	+ 0.94	GVA
GVA	+ 0.9	ACA
EME	+ 0.9	GVA
GVA	+ 0.89	ROAD

High negative correlations

MTRX	- 0.19	TPC
TPC	- 0.17	AMRC
TPC	- 0.15	ACA

Risk-Adjusted Indicators

There is a big difference between Argan Stock performing well and Argan 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 Argan'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
ACA	1.52	(0.34)	0.00	(0.56)	0.00	0.00	2.86	(3.07)	11.82
ROAD	2.15	(0.31)	0.00	(0.48)	0.00	0.00	4.28	(5.81)	16.21
BLD	1.59	(0.23)	0.00	(0.29)	0.00	0.00	3.23	(3.75)	11.12
FIX	2.70	(0.21)	0.00	(0.25)	0.00	0.00	5.05	(5.90)	31.92
AMRC	3.84	(0.99)	0.00	(1.21)	0.00	0.00	7.07	(7.78)	45.05
TPC	2.81	0.29	0.05	0.03	3.36	(3.06)	3.85	(5.60)	42.81
GVA	1.33	(0.31)	0.00	(0.43)	0.00	0.00	2.03	(2.86)	8.39
MTRX	2.28	0.18	0.05	0.06	2.93	(2.43)	4.34	(5.17)	14.29
MYRG	2.43	(0.31)	0.00	(0.39)	0.00	0.00	4.97	(5.73)	18.19
EME	2.06	(0.15)	0.00	(0.24)	0.00	0.00	4.09	(4.35)	24.49

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