Byrna Technologies Correlations

BYRN Stock

USD 18.21 0.82 4.31%

The current 90-days correlation between Byrna Technologies and Ducommun Incorporated is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Byrna Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Byrna Technologies moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Byrna Technologies Correlation With Market

Weak diversification

The correlation between Byrna Technologies and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Byrna Technologies 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 Byrna Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

To learn how to invest in Byrna Stock, please use our How to Invest in Byrna Technologies guide.

Moving together with Byrna Stock

0.73	BA	Boeing	Pair Corr
0.71	BA-PA	Boeing	Pair Corr
0.76	EVEX	Eve Holding	Pair Corr
0.66	CVU	CPI Aerostructures	Pair Corr
0.61	DCO	Ducommun Incorporated	Pair Corr
0.86	HXL	Hexcel	Pair Corr
0.68	NPK	National Presto Indu	Pair Corr
0.64	PKE	Park Electrochemical	Pair Corr
0.77	RDW	Redwire Corp	Pair Corr
0.76	SIF	SIFCO Industries	Pair Corr
0.62	MNTSW	Momentus	Pair Corr

Moving against Byrna Stock

0.74	ESLT	Elbit Systems Earnings Call Tomorrow	Pair Corr
0.74	ERJ	Embraer SA ADR	Pair Corr
0.73	HEI	Heico	Pair Corr
0.44	HII	Huntington Ingalls	Pair Corr
0.4	NOC	Northrop Grumman	Pair Corr
0.34	GD	General Dynamics	Pair Corr
0.74	RGR	Sturm Ruger	Pair Corr
0.47	RTX	Raytheon Technologies	Pair Corr
0.4	TGI	Triumph Group	Pair Corr

Related Correlations Analysis

	DCO	PKE	KAMN	NPK	ATRO	KITTW	ISSC	HXL	CDRE
DCO		0.8	0.0	0.36	-0.61	0.29	0.9	0.83	0.71	DCO
PKE	0.8		0.0	0.33	-0.7	-0.05	0.76	0.75	0.61	PKE
KAMN	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	KAMN
NPK	0.36	0.33	0.0		-0.49	0.05	0.42	0.69	0.21	NPK
ATRO	-0.61	-0.7	0.0	-0.49		0.02	-0.52	-0.77	-0.24	ATRO
KITTW	0.29	-0.05	0.0	0.05	0.02		0.2	0.21	0.0	KITTW
ISSC	0.9	0.76	0.0	0.42	-0.52	0.2		0.78	0.72	ISSC
HXL	0.83	0.75	0.0	0.69	-0.77	0.21	0.78		0.58	HXL
CDRE	0.71	0.61	0.0	0.21	-0.24	0.0	0.72	0.58		CDRE
	DCO	PKE	KAMN	NPK	ATRO	KITTW	ISSC	HXL	CDRE

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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

ISSC	+ 0.9	DCO
HXL	+ 0.83	DCO
PKE	+ 0.8	DCO
HXL	+ 0.78	ISSC
ISSC	+ 0.76	PKE
HXL	+ 0.75	PKE

High negative correlations

HXL	- 0.77	ATRO
ATRO	- 0.7	PKE
ATRO	- 0.61	DCO
ISSC	- 0.52	ATRO
ATRO	- 0.49	NPK
CDRE	- 0.24	ATRO

Risk-Adjusted Indicators

There is a big difference between Byrna Stock performing well and Byrna 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 Byrna 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
DCO	1.16	(0.09)	0.00	(0.27)	0.00	0.00	2.09	(2.77)	10.87
PKE	1.33	(0.04)	0.00	(0.12)	0.00	0.00	2.27	(2.98)	7.97
KAMN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NPK	1.15	0.01	0.00	(0.06)	0.00	0.00	1.78	(2.41)	9.22
ATRO	1.71	0.77	0.63	0.86	0.58	(2.32)	3.86	(1.65)	26.52
KITTW	21.34	7.42	0.48	4.47	12.27	(28.01)	44.46	(24.20)	223.76
ISSC	2.85	(0.04)	0.00	(0.10)	0.00	0.00	5.14	(5.85)	32.27
HXL	1.36	(0.12)	0.00	(0.17)	0.00	0.00	2.34	(3.25)	7.60
CDRE	1.70	(0.13)	0.00	(0.28)	0.00	0.00	4.15	(3.83)	9.93

Byrna Technologies Corporate Management

Lisa Wager	Chief Secretary	Profile
Andy Pollack	Chief Officer	Profile
David Schultz	Chief Officer	Profile
Andre Buys	Chief Officer	Profile
Chief Boatman	Chief Officer	Profile
Sandra Driscoll	Chief Officer	Profile
Laurilee Kearnes	Chief Officer	Profile

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