Mueller Industries Correlations

MLI Stock

USD 77.25 2.34 2.94%

The current 90-days correlation between Mueller Industries and Carpenter Technology is 0.44 (i.e., Very weak diversification). The correlation of Mueller Industries 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.

Mueller Industries Correlation With Market

Very weak diversification

The correlation between Mueller Industries and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mueller Industries 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 Mueller 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 bureau of economic analysis.

For more detail on how to invest in Mueller Stock please use our How to Invest in Mueller Industries guide.

Moving together with Mueller Stock

0.64

ESAB

ESAB Corp

Pair Corr

Related Correlations Analysis

	IIIN	CRS	HAYN	NWPX	RYI	ATI	ESAB	WOR	ARNC	MEC
IIIN		0.13	0.0	0.52	0.39	0.48	0.71	0.54	0.0	0.43	IIIN
CRS	0.13		0.0	0.06	0.41	0.47	0.17	0.48	0.0	-0.11	CRS
HAYN	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HAYN
NWPX	0.52	0.06	0.0		-0.36	0.67	0.52	0.26	0.0	0.86	NWPX
RYI	0.39	0.41	0.0	-0.36		0.09	0.27	0.39	0.0	-0.43	RYI
ATI	0.48	0.47	0.0	0.67	0.09		0.38	0.5	0.0	0.42	ATI
ESAB	0.71	0.17	0.0	0.52	0.27	0.38		0.39	0.0	0.49	ESAB
WOR	0.54	0.48	0.0	0.26	0.39	0.5	0.39		0.0	0.07	WOR
ARNC	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	ARNC
MEC	0.43	-0.11	0.0	0.86	-0.43	0.42	0.49	0.07	0.0		MEC
	IIIN	CRS	HAYN	NWPX	RYI	ATI	ESAB	WOR	ARNC	MEC

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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

MEC	+ 0.86	NWPX
ESAB	+ 0.71	IIIN
ATI	+ 0.67	NWPX
WOR	+ 0.54	IIIN
NWPX	+ 0.52	IIIN
ESAB	+ 0.52	NWPX

High negative correlations

MEC	- 0.43	RYI
RYI	- 0.36	NWPX
MEC	- 0.11	CRS
MEC	- 0.0	ARNC
ARNC	- 0.0	WOR
ARNC	- 0.0	ESAB

Risk-Adjusted Indicators

There is a big difference between Mueller Stock performing well and Mueller 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 Mueller 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
IIIN	1.76	(0.03)	0.00	(0.09)	0.00	0.00	3.32	(3.15)	14.41
CRS	2.27	0.21	0.06	0.09	3.21	(2.21)	4.31	(5.33)	17.79
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NWPX	1.78	(0.23)	0.00	(0.26)	0.00	0.00	3.60	(4.26)	14.98
RYI	2.33	0.12	0.06	0.16	2.64	(2.43)	5.50	(3.92)	12.86
ATI	1.75	(0.01)	0.00	(0.08)	0.00	0.00	3.30	(3.88)	17.56
ESAB	1.58	(0.03)	0.00	(0.10)	0.00	0.00	3.05	(4.01)	8.87
WOR	1.63	0.11	0.06	0.04	1.90	(1.64)	3.51	(3.19)	14.32
ARNC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MEC	1.53	(0.26)	0.00	(0.49)	0.00	0.00	2.85	(3.51)	10.28

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