GMS Correlations

GMS Stock  USD 73.19  0.87  1.20%   
The current 90-days correlation between GMS Inc and Azek Company is 0.53 (i.e., Very weak diversification). The correlation of GMS 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.

GMS Correlation With Market

Very weak diversification

The correlation between GMS Inc and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GMS Inc and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in GMS Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with GMS Stock

  0.88NX Quanex Building ProductsPairCorr
  0.87OC Owens CorningPairCorr
  0.8TT Trane Technologies plcPairCorr
  0.88FBIN Fortune Brands InnovPairCorr
  0.85CSL Carlisle CompaniesPairCorr
  0.65LII Lennox InternationalPairCorr
  0.64LMB Limbach HoldingsPairCorr
  0.77LPX Louisiana PacificPairCorr
  0.62MAS MascoPairCorr
  0.75WMS Advanced Drainage SystemsPairCorr
  0.77ILAG Intelligent LivingPairCorr
  0.83JELD Jeld Wen HoldingPairCorr
  0.8PPIH Perma Pipe InternatiPairCorr
  0.79AAON AAON IncPairCorr
  0.67AEHL Antelope EnterprisePairCorr
  0.77APOG Apogee EnterprisesPairCorr
  0.77ASPN Aspen Aerogels Sell-off TrendPairCorr
  0.91AZEK Azek CompanyPairCorr
  0.85SPXC SPX CorpPairCorr
  0.81BLDR Builders FirstSourcePairCorr
  0.92TREX Trex CompanyPairCorr
  0.66CARR Carrier Global CorpPairCorr
  0.94CSTE CaesarstonePairCorr
  0.74J Jacobs SolutionsPairCorr
  0.62R Ryder SystemPairCorr
  0.63AL Air LeasePairCorr

Moving against GMS Stock

  0.43G Genpact LimitedPairCorr

Related Correlations Analysis

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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   
APOGNX
JELDTILE
TILEAZEK
TILENX
JELDAZEK
JELDNX
  
High negative correlations   
BECNAPOG
JBIAPOG
BECNNX
JBINX
TILEJBI
TILEBECN

Risk-Adjusted Indicators

There is a big difference between GMS Stock performing well and GMS 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 GMS'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.