Insteel Industries Correlations

IIIN Stock

USD 28.90 0.09 0.31%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Insteel Industries moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Insteel Industries moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Insteel Industries Correlation With Market

Weak diversification

The correlation between Insteel Industries and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Insteel Industries 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 Insteel 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 gross domestic product.

To learn how to invest in Insteel Stock, please use our How to Invest in Insteel Industries guide.

Moving together with Insteel Stock

0.72	ESAB	ESAB Corp Earnings Call Tomorrow	Pair Corr
0.75	RYI	Ryerson Holding Corp	Pair Corr
0.64	CMPOW	CompoSecure	Pair Corr
0.71	PRLB	Proto Labs	Pair Corr
0.64	CMPO	CompoSecure Earnings Call This Week	Pair Corr
0.79	CR	Crane Company	Pair Corr
0.72	FA	First Advantage Corp Earnings Call Tomorrow	Pair Corr

Moving against Insteel Stock

0.58	HIHO	Highway Holdings	Pair Corr
0.4	GIFI	Gulf Island Fabrication Earnings Call Next Week	Pair Corr
0.37	AP	Ampco Pittsburgh	Pair Corr

Related Correlations Analysis

	HAYN	MEC	GIFI	ESAB	NWPX	CRS	MLI	TG	RYI	WOR
HAYN		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	HAYN
MEC	0.0		0.17	0.61	0.82	-0.16	0.22	0.26	0.47	-0.29	MEC
GIFI	0.0	0.17		-0.1	-0.11	0.07	0.19	0.45	-0.34	-0.41	GIFI
ESAB	0.0	0.61	-0.1		0.78	0.14	0.37	0.04	0.63	0.14	ESAB
NWPX	0.0	0.82	-0.11	0.78		0.03	0.17	0.16	0.67	-0.02	NWPX
CRS	0.0	-0.16	0.07	0.14	0.03		0.06	-0.08	0.41	0.55	CRS
MLI	0.0	0.22	0.19	0.37	0.17	0.06		0.28	-0.02	-0.11	MLI
TG	0.0	0.26	0.45	0.04	0.16	-0.08	0.28		-0.23	-0.07	TG
RYI	0.0	0.47	-0.34	0.63	0.67	0.41	-0.02	-0.23		0.39	RYI
WOR	0.0	-0.29	-0.41	0.14	-0.02	0.55	-0.11	-0.07	0.39		WOR
	HAYN	MEC	GIFI	ESAB	NWPX	CRS	MLI	TG	RYI	WOR

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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

NWPX	+ 0.82	MEC
NWPX	+ 0.78	ESAB
RYI	+ 0.67	NWPX
RYI	+ 0.63	ESAB
ESAB	+ 0.61	MEC
WOR	+ 0.55	CRS

High negative correlations

WOR	- 0.41	GIFI
RYI	- 0.34	GIFI
WOR	- 0.29	MEC
RYI	- 0.23	TG
CRS	- 0.16	MEC
WOR	- 0.11	MLI

Risk-Adjusted Indicators

There is a big difference between Insteel Stock performing well and Insteel 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 Insteel 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
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MEC	1.41	(0.18)	0.00	(0.20)	0.00	0.00	2.31	(3.46)	7.29
GIFI	1.41	(0.06)	0.00	(1.09)	0.00	0.00	4.02	(4.11)	8.45
ESAB	1.29	0.02	0.01	0.03	1.76	(1.32)	2.79	(3.03)	8.87
NWPX	1.52	(0.27)	0.00	(0.24)	0.00	0.00	3.21	(4.26)	8.79
CRS	2.00	0.06	0.02	0.07	2.85	(1.91)	3.53	(5.33)	15.39
MLI	1.27	(0.01)	(0.01)	(0.01)	1.65	(1.25)	2.69	(2.42)	9.47
TG	1.34	0.20	0.11	0.35	1.63	(1.44)	2.82	(2.37)	9.16
RYI	2.27	0.01	0.00	0.03	2.54	(2.41)	5.69	(3.88)	12.86
WOR	1.50	0.10	0.06	0.13	1.73	(1.54)	3.49	(3.17)	13.61

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