Mesa Laboratories Correlations

MLAB Stock

USD 144.36 1.28 0.88%

The current 90-days correlation between Mesa Laboratories and Vishay Precision Group is 0.47 (i.e., Very weak diversification). The correlation of Mesa Laboratories 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.

Mesa Laboratories Correlation With Market

Weak diversification

The correlation between Mesa Laboratories 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 Mesa Laboratories 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 Mesa Laboratories. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Mesa Stock refer to our How to Trade Mesa Stock guide.

Moving together with Mesa Stock

0.63	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.74	LCID	Lucid Group	Pair Corr
0.68	FNMA	Federal National Mortgage	Pair Corr
0.9	BA	Boeing	Pair Corr
0.68	WMT	Walmart	Pair Corr

Moving against Mesa Stock

0.66	RIG	Transocean	Pair Corr
0.51	NIO	Nio Class A	Pair Corr
0.5	ILMN	Illumina	Pair Corr
0.4	BBD	Banco Bradesco SA	Pair Corr
0.38	CRSP	Crispr Therapeutics	Pair Corr
0.38	DD	Dupont De Nemours	Pair Corr
0.37	VZ	Verizon Communications Aggressive Push	Pair Corr
0.35	NVDA	NVIDIA Earnings Call Today	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.72	HPQ	HP Inc Earnings Call Today	Pair Corr
0.71	XOM	Exxon Mobil Corp	Pair Corr
0.67	TRV	The Travelers Companies	Pair Corr
0.59	DIS	Walt Disney	Pair Corr
0.48	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	NOVT	ITRI	FTV	VPG	COHR	ESE	ST	SEPJF	FCUV	BMI
NOVT		0.91	-0.33	-0.31	0.75	-0.04	0.71	-0.55	-0.66	0.61	NOVT
ITRI	0.91		-0.37	-0.5	0.77	-0.28	0.54	-0.56	-0.52	0.41	ITRI
FTV	-0.33	-0.37		0.49	-0.37	0.47	0.07	0.78	0.3	-0.03	FTV
VPG	-0.31	-0.5	0.49		-0.26	0.5	0.02	0.3	0.04	0.32	VPG
COHR	0.75	0.77	-0.37	-0.26		-0.26	0.4	-0.57	-0.39	0.56	COHR
ESE	-0.04	-0.28	0.47	0.5	-0.26		0.37	0.34	-0.2	0.14	ESE
ST	0.71	0.54	0.07	0.02	0.4	0.37		-0.28	-0.46	0.38	ST
SEPJF	-0.55	-0.56	0.78	0.3	-0.57	0.34	-0.28		0.39	-0.25	SEPJF
FCUV	-0.66	-0.52	0.3	0.04	-0.39	-0.2	-0.46	0.39		-0.49	FCUV
BMI	0.61	0.41	-0.03	0.32	0.56	0.14	0.38	-0.25	-0.49		BMI
	NOVT	ITRI	FTV	VPG	COHR	ESE	ST	SEPJF	FCUV	BMI

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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

ITRI	+ 0.91	NOVT
SEPJF	+ 0.78	FTV
COHR	+ 0.77	ITRI
COHR	+ 0.75	NOVT
ST	+ 0.71	NOVT
BMI	+ 0.61	NOVT

High negative correlations

FCUV	- 0.66	NOVT
SEPJF	- 0.57	COHR
SEPJF	- 0.56	ITRI
SEPJF	- 0.55	NOVT
FCUV	- 0.52	ITRI
VPG	- 0.5	ITRI

Risk-Adjusted Indicators

There is a big difference between Mesa Stock performing well and Mesa Laboratories 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 Mesa Laboratories' 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
NOVT	1.25	(0.17)	0.00	(0.22)	0.00	0.00	2.14	(2.80)	8.66
ITRI	1.18	(0.18)	0.00	(0.21)	0.00	0.00	1.86	(2.98)	9.19
FTV	0.86	0.09	0.09	0.11	0.91	(0.93)	1.87	(1.85)	4.65
VPG	1.69	0.21	0.11	0.18	1.84	(1.82)	3.57	(3.32)	11.15
COHR	3.25	(0.26)	0.00	(0.24)	0.00	0.00	5.62	(6.55)	28.28
ESE	1.42	0.19	0.11	0.58	1.49	(1.52)	1.94	(2.15)	24.14
ST	1.39	(0.09)	0.00	(0.12)	0.00	0.00	3.00	(3.03)	10.95
SEPJF	2.28	0.16	0.04	(0.43)	2.72	(2.76)	5.84	(5.47)	17.99
FCUV	10.65	2.72	0.27	5.13	8.19	(14.31)	29.33	(19.35)	200.44
BMI	1.21	(0.04)	0.00	(0.04)	0.00	0.00	2.17	(3.23)	6.83

Mesa Laboratories Corporate Management

Peter Dansky	Pres Genomics	Profile
Brian Archbold	Senior Improvement	Profile
Bryan Leo	VP Operations	Profile
Garrett Krushefski	VP Operations	Profile

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