Dycom Industries Correlations

DY Stock

USD 156.24 2.91 1.83%

The current 90-days correlation between Dycom Industries and MYR Group is 0.68 (i.e., Poor diversification). The correlation of Dycom Industries 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Dycom Industries Correlation With Market

Weak diversification

The correlation between Dycom Industries and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dycom Industries and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dycom Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

For more information on how to buy Dycom Stock please use our How to Invest in Dycom Industries guide.

Moving together with Dycom Stock

0.83	J	Jacobs Solutions	Pair Corr
0.81	EXPO	Exponent	Pair Corr
0.81	ACA	Arcosa Inc	Pair Corr
0.77	ACM	Aecom Technology	Pair Corr
0.79	AGX	Argan Inc	Pair Corr
0.77	BLD	Topbuild Corp	Pair Corr
0.81	EME	EMCOR Group	Pair Corr
0.85	FIX	Comfort Systems USA	Pair Corr
0.75	FLR	Fluor Sell-off Trend	Pair Corr
0.85	GVA	Granite Construction Sell-off Trend	Pair Corr
0.65	KBR	KBR Inc	Pair Corr
0.9	LMB	Limbach Holdings	Pair Corr
0.83	MTZ	MasTec Inc	Pair Corr
0.83	ORN	Orion Group Holdings	Pair Corr
0.76	PWR	Quanta Services	Pair Corr
0.81	GLDD	Great Lakes Dredge	Pair Corr
0.78	IESC	IES Holdings	Pair Corr
0.67	MTRX	Matrix Service	Pair Corr
0.74	MYRG	MYR Group	Pair Corr
0.81	PRIM	Primoris Services	Pair Corr
0.65	ROAD	Construction Partners	Pair Corr
0.76	AMRC	Ameresco Trending	Pair Corr
0.74	SHIM	Shimmick Common	Pair Corr

Moving against Dycom Stock

0.64	STN	Stantec	Pair Corr
0.33	JUNE	Junee Limited Ordinary Trending	Pair Corr

Related Correlations Analysis

	EME	MYRG	BLD	APG	PWR	FIX	GVA	MTZ	ROAD	MTRX
EME		0.89	0.75	0.03	0.91	0.99	0.91	0.87	0.87	0.39	EME
MYRG	0.89		0.67	-0.04	0.92	0.88	0.92	0.71	0.94	0.23	MYRG
BLD	0.75	0.67		0.24	0.71	0.79	0.72	0.76	0.55	0.66	BLD
APG	0.03	-0.04	0.24		-0.05	0.07	0.13	0.11	-0.16	0.53	APG
PWR	0.91	0.92	0.71	-0.05		0.9	0.9	0.86	0.89	0.32	PWR
FIX	0.99	0.88	0.79	0.07	0.9		0.9	0.88	0.83	0.45	FIX
GVA	0.91	0.92	0.72	0.13	0.9	0.9		0.83	0.86	0.38	GVA
MTZ	0.87	0.71	0.76	0.11	0.86	0.88	0.83		0.66	0.54	MTZ
ROAD	0.87	0.94	0.55	-0.16	0.89	0.83	0.86	0.66		0.1	ROAD
MTRX	0.39	0.23	0.66	0.53	0.32	0.45	0.38	0.54	0.1		MTRX
	EME	MYRG	BLD	APG	PWR	FIX	GVA	MTZ	ROAD	MTRX

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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

FIX	+ 0.99	EME
ROAD	+ 0.94	MYRG
PWR	+ 0.92	MYRG
GVA	+ 0.92	MYRG
PWR	+ 0.91	EME
GVA	+ 0.91	EME

High negative correlations

ROAD	- 0.16	APG
PWR	- 0.05	APG
APG	- 0.04	MYRG

Risk-Adjusted Indicators

There is a big difference between Dycom Stock performing well and Dycom Industries 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 Dycom Industries' 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
EME	2.11	(0.15)	0.00	(0.21)	0.00	0.00	4.09	(4.35)	24.49
MYRG	2.39	(0.32)	0.00	(0.37)	0.00	0.00	4.57	(5.73)	16.92
BLD	1.53	(0.13)	0.00	(0.19)	0.00	0.00	3.23	(3.75)	11.12
APG	1.37	0.03	0.00	(0.02)	0.00	0.00	3.25	(3.14)	12.53
PWR	2.10	(0.29)	0.00	1.16	0.00	0.00	3.94	(4.20)	24.41
FIX	2.75	(0.21)	0.00	(0.21)	0.00	0.00	5.37	(5.90)	31.92
GVA	1.37	(0.26)	0.00	(0.34)	0.00	0.00	2.25	(2.86)	8.39
MTZ	2.37	(0.11)	0.00	0.18	0.00	0.00	4.79	(4.71)	22.88
ROAD	2.22	(0.25)	0.00	(0.35)	0.00	0.00	4.39	(5.81)	16.21
MTRX	2.33	0.15	0.04	0.05	2.92	(2.55)	4.67	(5.17)	14.29

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