Fastenal Correlations

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USD 74.73 0.78 1.03%

The current 90-days correlation between Fastenal and Applied Industrial Technologies is 0.44 (i.e., Very weak diversification). The correlation of Fastenal 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.

Fastenal Correlation With Market

Very weak diversification

The correlation between Fastenal Company and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fastenal Company 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 Fastenal Company. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Fastenal Stock

0.72	WSO	Watsco Inc	Pair Corr
0.62	WCC-PA	WESCO International	Pair Corr

Moving against Fastenal Stock

0.63	BW	Babcock Wilcox Enter	Pair Corr
0.58	TRNS	Transcat	Pair Corr
0.47	BXC	BlueLinx Holdings	Pair Corr
0.4	BA	Boeing	Pair Corr
0.38	BV	BrightView Holdings	Pair Corr
0.36	WCC	WESCO International	Pair Corr
0.31	GWW	WW Grainger	Pair Corr
0.65	OP	Oceanpal	Pair Corr
0.61	TE	T1 Energy Symbol Change	Pair Corr
0.52	RR	Richtech Robotics Class Buyout Trend	Pair Corr
0.5	TH	Target Hospitality Corp	Pair Corr
0.43	DY	Dycom Industries	Pair Corr
0.43	DLHC	DLH Holdings Corp	Pair Corr
0.4	FA	First Advantage Corp	Pair Corr
0.34	FC	Franklin Covey Earnings Call This Week	Pair Corr
0.33	TG	Tredegar	Pair Corr
0.31	UP	Wheels Up Experience	Pair Corr

Related Correlations Analysis

	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE
AIT		0.6	0.9	-0.26	0.23	0.52	0.72	0.89	0.74	AIT
MSM	0.6		0.44	0.18	0.38	0.38	0.61	0.59	0.72	MSM
FERG	0.9	0.44		-0.21	0.3	0.51	0.65	0.84	0.56	FERG
WSO	-0.26	0.18	-0.21		0.2	-0.35	-0.11	-0.32	-0.14	WSO
POOL	0.23	0.38	0.3	0.2		0.47	0.51	0.33	0.36	POOL
GWW	0.52	0.38	0.51	-0.35	0.47		0.8	0.76	0.6	GWW
SITE	0.72	0.61	0.65	-0.11	0.51	0.8		0.85	0.82	SITE
CNM	0.89	0.59	0.84	-0.32	0.33	0.76	0.85		0.83	CNM
DXPE	0.74	0.72	0.56	-0.14	0.36	0.6	0.82	0.83		DXPE
	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE

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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

FERG	+ 0.9	AIT
CNM	+ 0.89	AIT
CNM	+ 0.85	SITE
CNM	+ 0.84	FERG
DXPE	+ 0.83	CNM
DXPE	+ 0.82	SITE

High negative correlations

GWW	- 0.35	WSO
CNM	- 0.32	WSO
WSO	- 0.26	AIT
WSO	- 0.21	FERG
DXPE	- 0.14	WSO
SITE	- 0.11	WSO

Risk-Adjusted Indicators

There is a big difference between Fastenal Stock performing well and Fastenal 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 Fastenal'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
AIT	1.37	(0.13)	0.00	(0.17)	0.00	0.00	2.59	(3.87)	10.46
MSM	1.37	0.12	0.07	0.06	1.73	(1.32)	3.33	(2.73)	7.60
FERG	1.33	(0.13)	0.00	(0.20)	0.00	0.00	2.44	(2.80)	8.55
WSO	1.32	0.10	0.08	0.06	1.44	(1.52)	2.74	(2.58)	13.32
POOL	1.22	(0.11)	0.00	(0.53)	0.00	0.00	2.04	(2.63)	9.46
GWW	0.94	(0.13)	0.00	(0.27)	0.00	0.00	1.19	(1.80)	7.86
SITE	1.52	(0.08)	0.00	(0.15)	0.00	0.00	3.12	(3.07)	8.22
CNM	1.24	(0.05)	0.00	(0.11)	0.00	0.00	2.53	(2.77)	8.03
DXPE	2.55	0.27	0.07	0.13	3.27	(2.59)	5.24	(5.28)	15.13

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