Federal Signal Correlations

FSS Stock

USD 75.88 1.94 2.49%

The current 90-days correlation between Federal Signal and Zurn Elkay Water is 0.35 (i.e., Weak diversification). The correlation of Federal Signal 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.

Federal Signal Correlation With Market

Weak diversification

The correlation between Federal Signal and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Federal Signal 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 Federal Signal. 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.

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

Moving together with Federal Stock

0.71	ARQ	Arq Inc	Pair Corr
0.82	ZWS	Zurn Elkay Water	Pair Corr
0.79	LIQT	LiqTech International	Pair Corr
0.65	ADUR	Aduro Clean Technologies	Pair Corr
0.82	ATMU	Atmus Filtration Tec	Pair Corr
0.65	PCTTW	PureCycle Technologies	Pair Corr
0.63	CECO	CECO Environmental Corp	Pair Corr
0.7	CLIR	ClearSign Combustion	Pair Corr
0.87	J	Jacobs Solutions	Pair Corr
0.74	R	Ryder System	Pair Corr
0.69	BA	Boeing	Pair Corr
0.77	BV	BrightView Holdings	Pair Corr
0.7	BW	Babcock Wilcox Enter	Pair Corr
0.72	CW	Curtiss Wright	Pair Corr
0.89	DY	Dycom Industries	Pair Corr
0.9	FA	First Advantage Corp	Pair Corr
0.74	FC	Franklin Covey Earnings Call This Week	Pair Corr
0.92	HI	Hillenbrand	Pair Corr

Moving against Federal Stock

0.71	BZ	Kanzhun Ltd ADR	Pair Corr
0.49	ERII	Energy Recovery	Pair Corr
0.78	DMYY	dMY Squared Technology	Pair Corr
0.67	SB	Safe Bulkers	Pair Corr
0.62	VACH	Voyager Acquisition Corp	Pair Corr
0.55	PC	Premium Catering	Pair Corr
0.48	EH	Ehang Holdings Downward Rally	Pair Corr
0.48	LZ	LegalZoom	Pair Corr
0.42	WM	Waste Management	Pair Corr

Related Correlations Analysis

	ERII	CECO	SCWO	COSLF	ZWS	FTEK	MKUL
ERII		-0.25	0.01	0.0	-0.35	-0.01	0.0	ERII
CECO	-0.25		0.89	0.0	0.79	0.42	0.0	CECO
SCWO	0.01	0.89		0.0	0.67	0.55	0.0	SCWO
COSLF	0.0	0.0	0.0		0.0	0.0	0.0	COSLF
ZWS	-0.35	0.79	0.67	0.0		0.22	0.0	ZWS
FTEK	-0.01	0.42	0.55	0.0	0.22		0.0	FTEK
MKUL	0.0	0.0	0.0	0.0	0.0	0.0		MKUL
	ERII	CECO	SCWO	COSLF	ZWS	FTEK	MKUL

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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

SCWO	+ 0.89	CECO
ZWS	+ 0.79	CECO
ZWS	+ 0.67	SCWO
FTEK	+ 0.55	SCWO
FTEK	+ 0.42	CECO
FTEK	+ 0.22	ZWS

High negative correlations

ZWS	- 0.35	ERII
CECO	- 0.25	ERII
FTEK	- 0.01	ERII
MKUL	- 0.0	FTEK
MKUL	- 0.0	ZWS
MKUL	- 0.0	COSLF

Risk-Adjusted Indicators

There is a big difference between Federal Stock performing well and Federal Signal 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 Federal Signal'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ERII	1.59	0.00	(0.07)	2.99	(4.39)	8.47
CECO	2.11	(0.44)	(0.54)	3.83	(4.80)	12.38
SCWO	3.86	(1.35)	(1.34)	5.88	(8.75)	27.11
COSLF	0.00	0.00	0.00	0.00	0.00	0.00
ZWS	1.13	(0.18)	(0.27)	1.82	(3.23)	5.78
FTEK	1.57	(0.02)	(0.13)	2.97	(2.94)	21.20
MKUL	0.00	0.00	0.00	0.00	0.00	0.00

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