Hitachi Construction Correlations

HTCMY Stock

USD 44.42 3.54 7.38%

The current 90-days correlation between Hitachi Construction and Alamo Group is 0.01 (i.e., Significant diversification). The correlation of Hitachi Construction 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.

Hitachi Construction Correlation With Market

Significant diversification

The correlation between Hitachi Construction Machinery and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hitachi Construction Machinery and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Hitachi Construction could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hitachi Construction when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Hitachi Construction - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Hitachi Construction Machinery to buy it.

Moving together with Hitachi Pink Sheet

0.63

TLK

Telkom Indonesia Tbk

Pair Corr

Moving against Hitachi Pink Sheet

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0.45	DTRUY	Daimler Truck Holding	Pair Corr
0.39	GLBE	Global E Online	Pair Corr
0.38	SSNLF	Samsung Electronics	Pair Corr
0.33	DTGHF	Daimler Truck Holding	Pair Corr
0.72	OPRA	Opera	Pair Corr
0.67	AVTE	Aerovate Therapeutics	Pair Corr
0.59	MSTR	MicroStrategy Incorporated Sell-off Trend	Pair Corr
0.58	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.58	IONQ	IONQ Inc Upward Rally	Pair Corr
0.57	INMD	InMode	Pair Corr
0.51	NFLX	Netflix Fiscal Year End 28th of January 2025	Pair Corr
0.49	BFLY	Butterfly Network	Pair Corr
0.48	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.48	ET	Energy Transfer LP	Pair Corr
0.47	LUNR	Intuitive Machines Buyout Trend	Pair Corr
0.45	CRS	Carpenter Technology	Pair Corr
0.4	RUM	Rumble Inc	Pair Corr
0.36	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.35	GOOG	Alphabet Class C Aggressive Push	Pair Corr

Related Correlations Analysis

	KMTUY	ALG	KMTUF	CAT	AGCO	NKLA	PCAR
KMTUY		0.22	0.6	0.47	0.07	-0.11	0.1	KMTUY
ALG	0.22		0.27	0.39	-0.08	-0.84	0.79	ALG
KMTUF	0.6	0.27		0.57	0.31	-0.39	0.45	KMTUF
CAT	0.47	0.39	0.57		0.5	-0.47	0.65	CAT
AGCO	0.07	-0.08	0.31	0.5		-0.14	0.19	AGCO
NKLA	-0.11	-0.84	-0.39	-0.47	-0.14		-0.88	NKLA
PCAR	0.1	0.79	0.45	0.65	0.19	-0.88		PCAR
	KMTUY	ALG	KMTUF	CAT	AGCO	NKLA	PCAR

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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

PCAR	+ 0.79	ALG
PCAR	+ 0.65	CAT
KMTUF	+ 0.6	KMTUY
CAT	+ 0.57	KMTUF
AGCO	+ 0.5	CAT
CAT	+ 0.47	KMTUY

High negative correlations

PCAR	- 0.88	NKLA
NKLA	- 0.84	ALG
NKLA	- 0.47	CAT
NKLA	- 0.39	KMTUF
NKLA	- 0.14	AGCO
NKLA	- 0.11	KMTUY

Risk-Adjusted Indicators

There is a big difference between Hitachi Pink Sheet performing well and Hitachi Construction 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 Hitachi Construction'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
KMTUY	1.03	0.00	(0.01)	0.10	1.27	(1.06)	1.96	(1.67)	6.24
ALG	1.35	0.01	0.04	0.10	1.32	(1.46)	2.41	(2.33)	12.98
KMTUF	1.82	0.25	0.05	(4.19)	2.11	(2.31)	5.38	(4.14)	13.40
CAT	1.28	0.02	0.06	0.10	1.23	(1.34)	3.36	(2.13)	12.38
AGCO	1.45	0.05	0.02	0.15	1.94	(1.47)	3.20	(2.40)	10.25
NKLA	4.71	(1.90)	0.00	(0.73)	0.00	0.00	6.76	(12.50)	42.89
PCAR	1.25	0.13	0.12	0.17	1.26	(1.45)	3.32	(2.43)	10.18

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hitachi Construction without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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