Commercial Metals Correlations

CMC Stock

USD 46.59 0.77 1.63%

The correlation of Commercial Metals 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.

Commercial Metals Correlation With Market

Very weak diversification

The correlation between Commercial Metals and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Commercial Metals 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 Commercial Metals. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

For information on how to trade Commercial Stock refer to our How to Trade Commercial Stock guide.

Moving together with Commercial Stock

0.74	AA	Alcoa Corp	Pair Corr
0.67	CC	Chemours Potential Growth	Pair Corr
0.77	NX	Quanex Building Products	Pair Corr
0.78	WS	Worthington Steel	Pair Corr
0.69	HYMCW	Hycroft Mining Holding	Pair Corr

Moving against Commercial Stock

0.51	AGI	Alamos Gold	Pair Corr
0.49	MT	ArcelorMittal SA ADR	Pair Corr
0.4	MP	MP Materials Corp	Pair Corr
0.39	AG	First Majestic Silver Aggressive Push	Pair Corr
0.38	AU	AngloGold Ashanti plc	Pair Corr
0.37	HMY	Harmony Gold Mining	Pair Corr
0.33	KGC	Kinross Gold Aggressive Push	Pair Corr
0.32	NGD	New Gold	Pair Corr
0.53	WDFC	WD 40 Company	Pair Corr
0.4	TX	Ternium SA ADR	Pair Corr
0.31	USARW	USARW Symbol Change	Pair Corr

Related Correlations Analysis

	ZEUS	SCHN	STLD	NUE	USAP	PKX	OUTKY	X	RS
ZEUS		0.0	0.35	0.26	0.0	-0.27	0.27	-0.01	0.54	ZEUS
SCHN	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SCHN
STLD	0.35	0.0		0.94	0.0	0.0	0.18	0.79	0.88	STLD
NUE	0.26	0.0	0.94		0.0	0.13	0.3	0.78	0.82	NUE
USAP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	USAP
PKX	-0.27	0.0	0.0	0.13	0.0		0.57	0.34	0.08	PKX
OUTKY	0.27	0.0	0.18	0.3	0.0	0.57		0.28	0.2	OUTKY
X	-0.01	0.0	0.79	0.78	0.0	0.34	0.28		0.65	X
RS	0.54	0.0	0.88	0.82	0.0	0.08	0.2	0.65		RS
	ZEUS	SCHN	STLD	NUE	USAP	PKX	OUTKY	X	RS

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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

NUE	+ 0.94	STLD
RS	+ 0.88	STLD
RS	+ 0.82	NUE
X	+ 0.79	STLD
X	+ 0.78	NUE
RS	+ 0.65	X

High negative correlations

PKX	- 0.27	ZEUS
X	- 0.01	ZEUS
RS	- 0.0	USAP
X	- 0.0	USAP
OUTKY	- 0.0	USAP
PKX	- 0.0	USAP

Risk-Adjusted Indicators

There is a big difference between Commercial Stock performing well and Commercial Metals 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 Commercial Metals' 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
ZEUS	2.02	(0.23)	0.00	(0.30)	0.00	0.00	3.32	(4.65)	13.58
SCHN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
STLD	1.55	0.09	0.05	0.02	1.79	(1.73)	4.13	(3.16)	10.47
NUE	1.57	0.05	0.00	(0.02)	0.00	0.00	3.76	(3.37)	10.83
USAP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PKX	1.86	0.24	0.10	0.24	2.32	(1.89)	4.76	(3.76)	11.46
OUTKY	1.75	0.57	0.00	1.87	0.00	0.00	8.03	(3.03)	15.00
X	2.37	0.41	0.16	0.39	2.46	(2.72)	5.46	(4.07)	16.06
RS	1.19	(0.02)	0.00	(0.10)	0.00	0.00	2.41	(2.69)	5.82

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