Friedman Industries Correlations

FRD Stock

USD 17.20 0.01 0.06%

The correlation of Friedman 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.

Friedman Industries Correlation With Market

Average diversification

The correlation between Friedman Industries and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Friedman 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 Friedman 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 metropolitan statistical area.

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

Moving together with Friedman Stock

0.63	WPM	Wheaton Precious Metals	Pair Corr
0.63	GOLD	Barrick Gold Corp	Pair Corr
0.62	PAAS	Pan American Silver	Pair Corr
0.62	SAND	Sandstorm Gold	Pair Corr
0.71	CX	Cemex SAB de	Pair Corr
0.65	DC	Dakota Gold Corp	Pair Corr

Moving against Friedman Stock

0.64	CF	CF Industries Holdings	Pair Corr
0.61	FF	FutureFuel Corp	Pair Corr
0.46	CE	Celanese	Pair Corr
0.42	EU	enCore Energy Corp	Pair Corr
0.41	CC	Chemours	Pair Corr
0.63	FMST	Foremost Lithium Resource	Pair Corr
0.54	ALB-PA	Albemarle	Pair Corr
0.54	ALB	Albemarle Corp	Pair Corr
0.53	FEAM	5E Advanced Materials	Pair Corr
0.52	FBIN	Fortune Brands Innov	Pair Corr
0.49	TT	Trane Technologies plc	Pair Corr
0.45	ASH	Ashland Global Holdings	Pair Corr
0.4	AMR	Alpha Metallurgical	Pair Corr
0.39	WTTR	Select Energy Services	Pair Corr

Related Correlations Analysis

	AMSYF	APEMY	ANIOY	ASTLW	SCHN	FEEXF	USAP	ZEUS	PKX
AMSYF		0.86	0.91	-0.87	0.0	-0.68	0.0	-0.27	0.64	AMSYF
APEMY	0.86		0.89	-0.87	0.0	-0.55	0.0	-0.16	0.82	APEMY
ANIOY	0.91	0.89		-0.92	0.0	-0.68	0.0	-0.22	0.76	ANIOY
ASTLW	-0.87	-0.87	-0.92		0.0	0.68	0.0	0.41	-0.78	ASTLW
SCHN	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SCHN
FEEXF	-0.68	-0.55	-0.68	0.68	0.0		0.0	0.25	-0.36	FEEXF
USAP	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	USAP
ZEUS	-0.27	-0.16	-0.22	0.41	0.0	0.25	0.0		-0.27	ZEUS
PKX	0.64	0.82	0.76	-0.78	0.0	-0.36	0.0	-0.27		PKX
	AMSYF	APEMY	ANIOY	ASTLW	SCHN	FEEXF	USAP	ZEUS	PKX

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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

ANIOY	+ 0.91	AMSYF
ANIOY	+ 0.89	APEMY
APEMY	+ 0.86	AMSYF
PKX	+ 0.82	APEMY
PKX	+ 0.76	ANIOY
FEEXF	+ 0.68	ASTLW

High negative correlations

ASTLW	- 0.92	ANIOY
ASTLW	- 0.87	APEMY
ASTLW	- 0.87	AMSYF
PKX	- 0.78	ASTLW
FEEXF	- 0.68	ANIOY
FEEXF	- 0.68	AMSYF

Risk-Adjusted Indicators

There is a big difference between Friedman Stock performing well and Friedman 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 Friedman 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
AMSYF	0.84	0.30	0.00	3.91	0.00	0.00	2.81	0.00	17.47
APEMY	1.09	0.15	0.05	(0.52)	1.86	(2.74)	3.93	(1.80)	12.32
ANIOY	1.34	0.38	0.12	1.45	1.38	(3.32)	6.36	(3.30)	15.95
ASTLW	5.59	(1.68)	0.00	(2.88)	0.00	0.00	10.61	(15.38)	30.33
SCHN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FEEXF	5.90	(0.45)	0.00	12.18	0.00	0.00	18.95	(21.15)	59.35
USAP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ZEUS	2.02	(0.23)	0.00	(0.30)	0.00	0.00	3.32	(4.65)	13.58
PKX	1.86	0.24	0.10	0.24	2.32	(1.89)	4.76	(3.76)	11.46

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