Hyster Yale Correlations

HY Stock

USD 51.75 1.14 2.25%

The current 90-days correlation between Hyster Yale Materials and Astec Industries is 0.62 (i.e., Poor diversification). The correlation of Hyster Yale 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.

Hyster Yale Correlation With Market

Very weak diversification

The correlation between Hyster Yale Materials Handling and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hyster Yale Materials Handling 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 Hyster Yale Materials Handling. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Hyster Stock

0.72	ALG	Alamo Group	Pair Corr
0.76	CAT	Caterpillar	Pair Corr
0.64	LNN	Lindsay	Pair Corr
0.66	MTW	Manitowoc	Pair Corr
0.69	PCAR	PACCAR Inc	Pair Corr
0.77	R	Ryder System	Pair Corr
0.77	CR	Crane Company	Pair Corr

Moving against Hyster Stock

0.34	ARTW	Arts Way Manufacturing	Pair Corr
0.61	BA	Boeing	Pair Corr

Related Correlations Analysis

	ASTE	MNTX	SHYF	REVG	ALG	CMCO	AGCO	TWI	TEX
ASTE		0.0	0.86	-0.06	0.5	0.57	0.33	0.05	0.95	ASTE
MNTX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	MNTX
SHYF	0.86	0.0		0.05	0.46	0.33	0.4	0.21	0.83	SHYF
REVG	-0.06	0.0	0.05		-0.44	0.09	0.4	0.37	-0.07	REVG
ALG	0.5	0.0	0.46	-0.44		-0.05	0.21	-0.01	0.4	ALG
CMCO	0.57	0.0	0.33	0.09	-0.05		-0.03	-0.27	0.53	CMCO
AGCO	0.33	0.0	0.4	0.4	0.21	-0.03		0.58	0.41	AGCO
TWI	0.05	0.0	0.21	0.37	-0.01	-0.27	0.58		0.04	TWI
TEX	0.95	0.0	0.83	-0.07	0.4	0.53	0.41	0.04		TEX
	ASTE	MNTX	SHYF	REVG	ALG	CMCO	AGCO	TWI	TEX

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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

TEX	+ 0.95	ASTE
SHYF	+ 0.86	ASTE
TEX	+ 0.83	SHYF
TWI	+ 0.58	AGCO
CMCO	+ 0.57	ASTE
TEX	+ 0.53	CMCO

High negative correlations

ALG	- 0.44	REVG
TWI	- 0.27	CMCO
TEX	- 0.07	REVG
REVG	- 0.06	ASTE
CMCO	- 0.05	ALG
AGCO	- 0.03	CMCO

Risk-Adjusted Indicators

There is a big difference between Hyster Stock performing well and Hyster Yale 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 Hyster Yale'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
ASTE	1.52	(0.35)	0.00	(0.24)	0.00	0.00	2.67	(4.51)	9.34
MNTX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SHYF	2.57	(0.43)	0.00	(0.16)	0.00	0.00	5.85	(7.39)	27.19
REVG	2.07	(0.01)	0.00	(0.01)	2.47	(2.26)	3.63	(4.57)	19.60
ALG	1.02	(0.06)	0.00	(0.10)	0.00	0.00	2.03	(2.40)	5.58
CMCO	2.27	(1.07)	0.00	(1.73)	0.00	0.00	3.33	(5.25)	44.77
AGCO	1.63	(0.05)	0.00	(0.10)	0.00	0.00	3.55	(3.53)	11.92
TWI	2.68	0.45	0.12	0.49	3.13	(3.20)	6.16	(4.49)	41.41
TEX	1.74	(0.42)	0.00	(0.29)	0.00	0.00	3.18	(4.37)	9.73

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