Allegheny Technologies Correlations

ATI Stock

USD 50.96 1.78 3.38%

The current 90-days correlation between Allegheny Technologies and ESAB Corp is 0.3 (i.e., Weak diversification). The correlation of Allegheny Technologies 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.

Allegheny Technologies Correlation With Market

Very weak diversification

The correlation between Allegheny Technologies Incorpo and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allegheny Technologies Incorpo 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 Allegheny Technologies Incorporated. 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 Allegheny Stock

0.64	MEC	Mayville Engineering	Pair Corr
0.69	CMPOW	CompoSecure	Pair Corr
0.81	NWPX	Northwest Pipe	Pair Corr
0.9	PRLB	Proto Labs	Pair Corr
0.61	SGBX	SG Blocks	Pair Corr
0.77	CMPO	CompoSecure	Pair Corr
0.7	R	Ryder System Earnings Call This Week	Pair Corr
0.71	CP	Canadian Pacific Railway	Pair Corr
0.8	CR	Crane Company	Pair Corr
0.68	DY	Dycom Industries	Pair Corr
0.66	FA	First Advantage Corp	Pair Corr
0.77	HI	Hillenbrand	Pair Corr

Moving against Allegheny Stock

0.55	GD	General Dynamics Sell-off Trend	Pair Corr
0.42	NL	NL Industries	Pair Corr

Related Correlations Analysis

	WOR	HAYN	ESAB	IIIN	NWPX	CRS	GIFI	RYI	MLI	MEC
WOR		0.0	0.09	0.35	-0.01	0.09	-0.12	0.33	-0.13	-0.16	WOR
HAYN	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	HAYN
ESAB	0.09	0.0		0.67	0.46	0.41	0.07	0.28	0.52	0.37	ESAB
IIIN	0.35	0.0	0.67		0.45	0.29	0.02	0.45	0.16	0.32	IIIN
NWPX	-0.01	0.0	0.46	0.45		0.34	0.76	-0.37	0.3	0.85	NWPX
CRS	0.09	0.0	0.41	0.29	0.34		0.31	0.27	0.27	0.25	CRS
GIFI	-0.12	0.0	0.07	0.02	0.76	0.31		-0.63	0.1	0.75	GIFI
RYI	0.33	0.0	0.28	0.45	-0.37	0.27	-0.63		-0.09	-0.45	RYI
MLI	-0.13	0.0	0.52	0.16	0.3	0.27	0.1	-0.09		0.36	MLI
MEC	-0.16	0.0	0.37	0.32	0.85	0.25	0.75	-0.45	0.36		MEC
	WOR	HAYN	ESAB	IIIN	NWPX	CRS	GIFI	RYI	MLI	MEC

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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	+ 0.85	NWPX
GIFI	+ 0.76	NWPX
MEC	+ 0.75	GIFI
IIIN	+ 0.67	ESAB
MLI	+ 0.52	ESAB
NWPX	+ 0.46	ESAB

High negative correlations

RYI	- 0.63	GIFI
MEC	- 0.45	RYI
RYI	- 0.37	NWPX
MEC	- 0.16	WOR
MLI	- 0.13	WOR
GIFI	- 0.12	WOR

Risk-Adjusted Indicators

There is a big difference between Allegheny Stock performing well and Allegheny Technologies 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 Allegheny Technologies' 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
WOR	1.93	0.49	0.24	0.41	1.74	(2.13)	3.51	(3.19)	23.60
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESAB	1.56	0.02	0.00	(0.04)	0.00	0.00	3.30	(3.89)	8.87
IIIN	1.79	0.14	0.06	0.05	1.91	(1.96)	3.63	(3.01)	14.41
NWPX	1.86	(0.16)	0.00	(0.18)	0.00	0.00	3.60	(3.71)	14.98
CRS	2.40	0.25	0.07	0.12	3.13	(2.47)	4.65	(5.33)	17.79
GIFI	1.54	(0.05)	0.00	0.61	0.00	0.00	4.02	(3.45)	12.26
RYI	2.30	0.48	0.18	0.58	2.47	(2.48)	5.50	(3.92)	14.78
MLI	1.44	0.00	0.00	(0.05)	0.00	0.00	2.70	(2.54)	7.81
MEC	1.54	(0.19)	0.00	(0.34)	0.00	0.00	2.85	(3.70)	10.28

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