Kennametal Correlations

KMT Stock

USD 22.28 0.02 0.09%

The current 90-days correlation between Kennametal and Hillman Solutions Corp is 0.12 (i.e., Average diversification). The correlation of Kennametal 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.

Kennametal Correlation With Market

Average diversification

The correlation between Kennametal and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kennametal and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kennametal. 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.

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

Moving together with Kennametal Stock

0.9	CVR	Chicago Rivet Machine	Pair Corr
0.77	SNA	Snap On	Pair Corr
0.62	TTC	Toro Earnings Call This Week	Pair Corr
0.81	HLMN	Hillman Solutions Corp	Pair Corr
0.66	AL	Air Lease	Pair Corr
0.8	BV	BrightView Holdings	Pair Corr
0.87	BW	Babcock Wilcox Enter	Pair Corr
0.64	CW	Curtiss Wright	Pair Corr
0.84	GD	General Dynamics	Pair Corr
0.69	HY	Hyster Yale Materials	Pair Corr
0.91	IR	Ingersoll Rand Sell-off Trend	Pair Corr
0.67	NL	NL Industries Earnings Call This Week	Pair Corr
0.95	NX	Quanex Building Products Earnings Call This Week	Pair Corr
0.79	OC	Owens Corning	Pair Corr
0.89	OP	Oceanpal	Pair Corr

Moving against Kennametal Stock

0.9	BA	Boeing	Pair Corr
0.49	AP	Ampco Pittsburgh	Pair Corr
0.31	TKR	Timken Company	Pair Corr
0.58	EH	Ehang Holdings Buyout Trend	Pair Corr
0.58	LZ	LegalZoom	Pair Corr
0.57	MG	Mistras Group Earnings Call This Week	Pair Corr
0.55	GE	GE Aerospace	Pair Corr
0.36	DE	Deere Company	Pair Corr
0.34	CP	Canadian Pacific Railway	Pair Corr
0.82	RR	Richtech Robotics Class Buyout Trend	Pair Corr
0.75	VACH	Voyager Acquisition Corp	Pair Corr
0.67	PL	Planet Labs PBC	Pair Corr
0.64	TG	Tredegar	Pair Corr

Related Correlations Analysis

	PFIN	HLMN	SCX	SKFRY	LECO	TTC	SNA	RBC	EML	SCXLB
PFIN		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PFIN
HLMN	0.0		0.0	0.02	0.79	0.76	0.83	0.26	0.78	0.0	HLMN
SCX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SCX
SKFRY	0.0	0.02	0.0		0.39	0.1	-0.19	0.63	0.32	0.0	SKFRY
LECO	0.0	0.79	0.0	0.39		0.6	0.6	0.56	0.75	0.0	LECO
TTC	0.0	0.76	0.0	0.1	0.6		0.76	0.05	0.71	0.0	TTC
SNA	0.0	0.83	0.0	-0.19	0.6	0.76		0.18	0.56	0.0	SNA
RBC	0.0	0.26	0.0	0.63	0.56	0.05	0.18		0.27	0.0	RBC
EML	0.0	0.78	0.0	0.32	0.75	0.71	0.56	0.27		0.0	EML
SCXLB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		SCXLB
	PFIN	HLMN	SCX	SKFRY	LECO	TTC	SNA	RBC	EML	SCXLB

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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

SNA	+ 0.83	HLMN
LECO	+ 0.79	HLMN
EML	+ 0.78	HLMN
TTC	+ 0.76	HLMN
SNA	+ 0.76	TTC
EML	+ 0.75	LECO

High negative correlations

SNA	- 0.19	SKFRY
SCXLB	- 0.0	EML
SCXLB	- 0.0	RBC
SCXLB	- 0.0	SNA
SCXLB	- 0.0	TTC
SCXLB	- 0.0	LECO

Risk-Adjusted Indicators

There is a big difference between Kennametal Stock performing well and Kennametal 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 Kennametal'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
PFIN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HLMN	1.42	(0.08)	0.00	0.52	0.00	0.00	2.80	(3.12)	8.13
SCX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SKFRY	1.37	0.23	0.15	0.54	1.34	(1.57)	2.71	(2.83)	7.35
LECO	1.16	0.01	0.01	0.02	1.34	(1.35)	2.62	(2.06)	12.28
TTC	1.15	(0.01)	0.00	0.00	1.50	(1.24)	2.59	(2.33)	7.06
SNA	0.77	(0.08)	0.00	(0.29)	0.00	0.00	1.63	(1.27)	6.57
RBC	1.11	0.17	0.14	0.26	0.99	(1.35)	3.72	(1.80)	11.49
EML	1.71	0.02	0.01	0.04	2.01	(1.85)	4.13	(3.60)	9.41
SCXLB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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