Topbuild Corp Correlations

BLD Stock

USD 306.55 0.68 0.22%

The current 90-days correlation between Topbuild Corp and Api Group Corp is 0.53 (i.e., Very weak diversification). The correlation of Topbuild Corp 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.

Topbuild Corp Correlation With Market

Very weak diversification

The correlation between Topbuild Corp and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Topbuild Corp 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 Topbuild Corp. 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 Topbuild Stock refer to our How to Trade Topbuild Stock guide.

Moving together with Topbuild Stock

0.62	FORD	Forward Industries	Pair Corr
0.66	CRI	Carters	Pair Corr
0.78	DHI	DR Horton	Pair Corr
0.71	KTB	Kontoor Brands	Pair Corr
0.7	NVR	NVR Inc	Pair Corr
0.72	WWW	Wolverine World Wide	Pair Corr
0.84	HD	Home Depot	Pair Corr
0.71	WHR	Whirlpool	Pair Corr
0.78	PRPL	Purple Innovation	Pair Corr
0.88	ARMK	Aramark Holdings	Pair Corr
0.69	COOK	Traeger	Pair Corr

Moving against Topbuild Stock

0.32	MAT	Mattel Inc	Pair Corr
0.31	HAS	Hasbro Inc	Pair Corr
0.68	TCTZF	Tencent Holdings Downward Rally	Pair Corr
0.63	CBYDF	Corby Spirit	Pair Corr
0.49	RTMVF	Rightmove plc	Pair Corr
0.44	CDUAF	Canadian Utilities	Pair Corr
0.43	FWEDF	Fireweed Zinc	Pair Corr
0.34	BAOB	Baraboo Bancorporation	Pair Corr
0.34	AXSM	Axsome Therapeutics	Pair Corr
0.32	GORO	Gold Resource	Pair Corr

Related Correlations Analysis

	APG	MYRG	FIX	ROAD	ACA	AMRC	EME	DY	GVA	MTZ
APG		0.0	0.09	-0.11	0.29	0.02	0.05	0.31	0.16	0.13	APG
MYRG	0.0		0.87	0.94	0.86	0.85	0.89	0.73	0.92	0.74	MYRG
FIX	0.09	0.87		0.83	0.77	0.82	0.99	0.84	0.9	0.94	FIX
ROAD	-0.11	0.94	0.83		0.77	0.88	0.87	0.64	0.87	0.7	ROAD
ACA	0.29	0.86	0.77	0.77		0.84	0.77	0.84	0.91	0.69	ACA
AMRC	0.02	0.85	0.82	0.88	0.84		0.84	0.76	0.89	0.78	AMRC
EME	0.05	0.89	0.99	0.87	0.77	0.84		0.81	0.91	0.93	EME
DY	0.31	0.73	0.84	0.64	0.84	0.76	0.81		0.83	0.88	DY
GVA	0.16	0.92	0.9	0.87	0.91	0.89	0.91	0.83		0.84	GVA
MTZ	0.13	0.74	0.94	0.7	0.69	0.78	0.93	0.88	0.84		MTZ
	APG	MYRG	FIX	ROAD	ACA	AMRC	EME	DY	GVA	MTZ

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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
ROAD	+ 0.94	MYRG
MTZ	+ 0.94	FIX
MTZ	+ 0.93	EME
GVA	+ 0.92	MYRG
GVA	+ 0.91	ACA

High negative correlations

ROAD	- 0.11	APG
MYRG	- 0.0	APG

Risk-Adjusted Indicators

There is a big difference between Topbuild Stock performing well and Topbuild Corp 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 Topbuild Corp'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
APG	1.41	0.00	(0.07)	3.25	(3.14)	12.53
MYRG	2.39	(0.31)	(0.36)	4.57	(5.73)	16.92
FIX	2.75	(0.21)	(0.21)	5.37	(5.90)	31.92
ROAD	2.23	(0.28)	(0.38)	4.39	(5.81)	16.21
ACA	1.55	(0.35)	(0.52)	2.86	(3.07)	11.82
AMRC	3.99	(0.76)	(0.87)	7.14	(7.78)	45.05
EME	2.10	(0.15)	(0.21)	4.09	(4.35)	24.49
DY	2.04	(0.07)	(0.14)	4.93	(4.95)	13.28
GVA	1.37	(0.29)	(0.37)	2.25	(2.86)	8.39
MTZ	2.37	0.01	(0.06)	4.79	(4.71)	22.88

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