Modine Manufacturing Correlations

MOD Stock

USD 135.79 2.42 1.81%

The current 90-days correlation between Modine Manufacturing and Cooper Stnd is 0.16 (i.e., Average diversification). The correlation of Modine Manufacturing 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.

Modine Manufacturing Correlation With Market

Very weak diversification

The correlation between Modine Manufacturing and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Modine Manufacturing 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 Modine Manufacturing. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

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

Moving together with Modine Stock

0.61	XPEV	Xpeng Inc	Pair Corr
0.7	BC	Brunswick	Pair Corr
0.85	HD	Home Depot	Pair Corr
0.79	RH	RH Earnings Call This Week	Pair Corr
0.68	RL	Ralph Lauren Corp	Pair Corr

Moving against Modine Stock

0.62	RIVN	Rivian Automotive Aggressive Push	Pair Corr
0.6	STLA	Stellantis NV	Pair Corr
0.49	ZAPP	Zapp Electric Vehicles	Pair Corr
0.38	LCID	Lucid Group Aggressive Push	Pair Corr
0.35	RACE	Ferrari NV	Pair Corr
0.34	AYRO	AYRO Inc	Pair Corr
0.61	FEBO	Fenbo Holdings	Pair Corr
0.57	TH	Target Hospitality Corp	Pair Corr
0.49	EZGO	EZGO Technologies	Pair Corr
0.45	EDTK	Skillful Craftsman	Pair Corr
0.4	DOOO	BRP Inc	Pair Corr

Related Correlations Analysis

	CPS	MPAA	AXL	SRI	DAN	DORM	SMP	PLOW	MNRO	FOXF
CPS		0.23	0.58	-0.33	-0.39	0.64	0.55	-0.21	0.48	-0.45	CPS
MPAA	0.23		0.61	-0.13	0.14	0.29	0.37	0.35	0.38	-0.06	MPAA
AXL	0.58	0.61		-0.33	0.08	0.55	0.32	0.13	0.56	-0.23	AXL
SRI	-0.33	-0.13	-0.33		0.67	-0.83	-0.17	0.69	-0.59	0.8	SRI
DAN	-0.39	0.14	0.08	0.67		-0.7	-0.42	0.76	-0.22	0.79	DAN
DORM	0.64	0.29	0.55	-0.83	-0.7		0.52	-0.51	0.52	-0.8	DORM
SMP	0.55	0.37	0.32	-0.17	-0.42	0.52		0.07	0.36	-0.17	SMP
PLOW	-0.21	0.35	0.13	0.69	0.76	-0.51	0.07		-0.2	0.74	PLOW
MNRO	0.48	0.38	0.56	-0.59	-0.22	0.52	0.36	-0.2		-0.21	MNRO
FOXF	-0.45	-0.06	-0.23	0.8	0.79	-0.8	-0.17	0.74	-0.21		FOXF
	CPS	MPAA	AXL	SRI	DAN	DORM	SMP	PLOW	MNRO	FOXF

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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

FOXF	+ 0.8	SRI
FOXF	+ 0.79	DAN
PLOW	+ 0.76	DAN
FOXF	+ 0.74	PLOW
PLOW	+ 0.69	SRI
DAN	+ 0.67	SRI

High negative correlations

DORM	- 0.83	SRI
FOXF	- 0.8	DORM
DORM	- 0.7	DAN
MNRO	- 0.59	SRI
PLOW	- 0.51	DORM
FOXF	- 0.45	CPS

Risk-Adjusted Indicators

There is a big difference between Modine Stock performing well and Modine Manufacturing 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 Modine Manufacturing'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
CPS	2.66	(0.23)	(0.02)	0.03	3.47	(2.82)	5.54	(6.64)	24.31
MPAA	3.07	0.01	0.02	0.13	3.43	(3.47)	8.38	(6.22)	19.99
AXL	2.02	(0.20)	(0.03)	0.03	2.20	(2.23)	5.00	(3.27)	12.38
SRI	2.77	(1.03)	0.00	(3.25)	0.00	0.00	4.32	(6.29)	30.05
DAN	2.79	(0.41)	0.00	(0.03)	0.00	0.00	5.53	(5.70)	22.77
DORM	1.32	0.25	0.18	0.42	0.97	(1.56)	3.10	(2.12)	14.67
SMP	1.73	(0.10)	(0.02)	0.06	2.02	(1.82)	3.71	(3.41)	24.56
PLOW	1.33	(0.29)	0.00	(0.04)	0.00	0.00	2.14	(1.97)	13.91
MNRO	1.50	(0.09)	(0.02)	0.06	1.62	(1.75)	4.55	(2.57)	10.48
FOXF	1.96	(0.53)	0.00	(0.14)	0.00	0.00	3.31	(4.97)	15.31

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