FARO Technologies Correlations

FARO Stock

USD 28.21 1.25 4.24%

The current 90-days correlation between FARO Technologies and Mesa Laboratories is 0.24 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as FARO Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if FARO Technologies moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

FARO Technologies Correlation With Market

Modest diversification

The correlation between FARO Technologies and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FARO Technologies 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 FARO 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 FARO Stock, please use our How to Invest in FARO Technologies guide.

Moving together with FARO Stock

0.62	FTV	Fortive Corp	Pair Corr
0.78	TDY	Teledyne Technologies	Pair Corr

Moving against FARO Stock

0.48	KNW	Know Labs	Pair Corr
0.36	ELSE	Electro Sensors	Pair Corr
0.34	WATT	Energous Earnings Call This Week	Pair Corr
0.49	SVRE	SaverOne 2014	Pair Corr
0.42	SOTK	Sono Tek Corp	Pair Corr
0.39	DM	Desktop Metal	Pair Corr
0.36	DIOD	Diodes Incorporated	Pair Corr
0.33	AI	C3 Ai Inc	Pair Corr

Related Correlations Analysis

	COHR	ESE	MLAB	VPG	ST	SOTK	NOVT	VNT	ITRI	FTV
COHR		-0.69	0.35	0.35	0.08	0.76	0.82	0.69	0.33	0.17	COHR
ESE	-0.69		0.13	0.19	0.24	-0.59	-0.6	-0.25	-0.53	0.15	ESE
MLAB	0.35	0.13		0.58	0.17	0.01	0.17	0.72	-0.38	0.81	MLAB
VPG	0.35	0.19	0.58		0.51	0.18	0.22	0.72	-0.44	0.56	VPG
ST	0.08	0.24	0.17	0.51		0.11	0.18	0.29	-0.2	0.24	ST
SOTK	0.76	-0.59	0.01	0.18	0.11		0.88	0.44	0.52	-0.16	SOTK
NOVT	0.82	-0.6	0.17	0.22	0.18	0.88		0.59	0.54	0.04	NOVT
VNT	0.69	-0.25	0.72	0.72	0.29	0.44	0.59		-0.1	0.75	VNT
ITRI	0.33	-0.53	-0.38	-0.44	-0.2	0.52	0.54	-0.1		-0.44	ITRI
FTV	0.17	0.15	0.81	0.56	0.24	-0.16	0.04	0.75	-0.44		FTV
	COHR	ESE	MLAB	VPG	ST	SOTK	NOVT	VNT	ITRI	FTV

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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

NOVT	+ 0.88	SOTK
NOVT	+ 0.82	COHR
FTV	+ 0.81	MLAB
SOTK	+ 0.76	COHR
FTV	+ 0.75	VNT
VNT	+ 0.72	MLAB

High negative correlations

ESE	- 0.69	COHR
NOVT	- 0.6	ESE
SOTK	- 0.59	ESE
ITRI	- 0.53	ESE
FTV	- 0.44	ITRI
ITRI	- 0.44	VPG

Risk-Adjusted Indicators

There is a big difference between FARO Stock performing well and FARO 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 FARO 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
COHR	3.51	(0.45)	0.00	(0.32)	0.00	0.00	5.84	(7.31)	25.13
ESE	1.62	0.27	0.16	0.32	1.54	(1.83)	2.58	(2.47)	24.14
MLAB	2.22	0.11	0.02	0.00	2.85	(2.38)	4.46	(5.23)	13.66
VPG	1.62	0.03	0.00	(0.04)	0.00	0.00	3.57	(3.32)	14.71
ST	1.55	(0.09)	0.00	(0.16)	0.00	0.00	2.73	(3.03)	14.38
SOTK	2.24	(0.32)	0.00	(0.48)	0.00	0.00	4.64	(4.73)	15.16
NOVT	1.27	(0.27)	0.00	(0.39)	0.00	0.00	1.65	(2.80)	10.19
VNT	1.36	(0.15)	0.00	(0.18)	0.00	0.00	3.00	(3.17)	8.33
ITRI	1.31	(0.02)	0.00	(0.09)	0.00	0.00	1.89	(2.98)	12.12
FTV	0.95	0.02	0.00	(0.05)	0.00	0.00	1.87	(2.21)	5.10

FARO Technologies Corporate Management

Jason Pollock	Chief Officer	Profile
Arianne Boyer	VP Officer	Profile
Allen Muhich	Executive Officer	Profile
Jeffrey Sexton	Senior Sales	Profile
Michael Carris	VP Officer	Profile

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