Alta Equipment Correlations

ALTG Stock

USD 4.99 0.11 2.16%

The current 90-days correlation between Alta Equipment Group and PROG Holdings is 0.26 (i.e., Modest diversification). The correlation of Alta Equipment 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.

Alta Equipment Correlation With Market

Very weak diversification

The correlation between Alta Equipment Group and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alta Equipment Group 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 Alta Equipment Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Alta Stock

0.69	R	Ryder System	Pair Corr
0.77	VSTS	Vestis	Pair Corr
0.83	CAR	Avis Budget Group Buyout Trend	Pair Corr
0.97	HRI	Herc Holdings	Pair Corr
0.89	PRG	PROG Holdings	Pair Corr
0.94	URI	United Rentals	Pair Corr
0.91	WSC	Willscot Mobile Mini	Pair Corr
0.73	UHAL	U Haul Holding	Pair Corr
0.62	CTOS	Custom Truck One	Pair Corr
0.84	J	Jacobs Solutions	Pair Corr
0.73	BA	Boeing	Pair Corr
0.81	BV	BrightView Holdings	Pair Corr
0.72	BW	Babcock Wilcox Enter	Pair Corr

Moving against Alta Stock

0.64	TRTN-PB	Triton International	Pair Corr
0.62	FTAIN	Fortress Transportation	Pair Corr
0.62	TRTN-PA	Triton International	Pair Corr
0.53	FTAIM	FTAI Aviation	Pair Corr
0.48	MWG	Multi Ways Holdings	Pair Corr
0.44	AER	AerCap Holdings NV	Pair Corr
0.46	LZ	LegalZoom	Pair Corr
0.44	EH	Ehang Holdings	Pair Corr
0.38	KC	Kingsoft Cloud Holdings	Pair Corr

Related Correlations Analysis

	PRG	GATX	MGRC	CTOS	MPU	FTAIM	HEES	AAN	HRI
PRG		0.13	0.06	0.54	0.79	-0.37	-0.55	0.0	0.94	PRG
GATX	0.13		0.82	0.39	-0.11	-0.52	0.45	0.0	0.31	GATX
MGRC	0.06	0.82		0.26	-0.12	-0.68	0.59	0.0	0.32	MGRC
CTOS	0.54	0.39	0.26		0.24	-0.45	-0.01	0.0	0.58	CTOS
MPU	0.79	-0.11	-0.12	0.24		-0.02	-0.76	0.0	0.72	MPU
FTAIM	-0.37	-0.52	-0.68	-0.45	-0.02		-0.42	0.0	-0.53	FTAIM
HEES	-0.55	0.45	0.59	-0.01	-0.76	-0.42		0.0	-0.35	HEES
AAN	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	AAN
HRI	0.94	0.31	0.32	0.58	0.72	-0.53	-0.35	0.0		HRI
	PRG	GATX	MGRC	CTOS	MPU	FTAIM	HEES	AAN	HRI

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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

HRI	+ 0.94	PRG
MGRC	+ 0.82	GATX
MPU	+ 0.79	PRG
HRI	+ 0.72	MPU
HEES	+ 0.59	MGRC
HRI	+ 0.58	CTOS

High negative correlations

HEES	- 0.76	MPU
FTAIM	- 0.68	MGRC
HEES	- 0.55	PRG
HRI	- 0.53	FTAIM
FTAIM	- 0.52	GATX
FTAIM	- 0.45	CTOS

Risk-Adjusted Indicators

There is a big difference between Alta Stock performing well and Alta Equipment 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 Alta Equipment'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
PRG	2.10	(0.58)	0.00	(0.81)	0.00	0.00	3.12	(4.44)	31.87
GATX	1.03	0.00	0.00	(0.07)	0.00	0.00	2.11	(1.90)	7.23
MGRC	1.16	(0.02)	0.00	(0.10)	0.00	0.00	2.75	(2.53)	7.16
CTOS	2.64	0.08	0.00	(0.03)	0.00	0.00	5.46	(5.54)	23.60
MPU	5.03	(1.19)	0.00	(0.95)	0.00	0.00	10.53	(11.11)	36.15
FTAIM	0.64	(0.02)	0.00	(0.26)	0.00	0.00	1.39	(1.66)	4.47
HEES	3.60	1.45	0.82	0.77	0.82	(5.57)	1.53	(3.34)	107.70
AAN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HRI	2.48	(0.50)	0.00	(0.41)	0.00	0.00	3.46	(6.02)	17.97

Alta Equipment Corporate Management

Daniel Shribman	Director	Profile
Andrew Studdert	Independent Director	Profile
Jeff Hoover	Chief Counsel	Profile
Sinem McDonald	Director Reporting	Profile
Craig Brubaker	Chief Officer	Profile

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