Manitowoc Correlations

MTW Stock

USD 9.62 0.06 0.63%

The current 90-days correlation between Manitowoc and Alamo Group is 0.41 (i.e., Very weak diversification). The correlation of Manitowoc 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.

Manitowoc Correlation With Market

Very weak diversification

The correlation between Manitowoc and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manitowoc 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 Manitowoc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

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

Moving together with Manitowoc Stock

0.81	DE	Deere Company	Pair Corr
0.71	CNH	CNH Industrial NV Symbol Change	Pair Corr
0.74	LNN	Lindsay	Pair Corr
0.68	OSK	Oshkosh	Pair Corr
0.81	TWI	Titan International	Pair Corr
0.71	CEAD	CEA Industries Earnings Call This Week	Pair Corr
0.81	G	Genpact Limited	Pair Corr
0.67	BR	Broadridge Financial	Pair Corr
0.62	CP	Canadian Pacific Railway	Pair Corr
0.64	CR	Crane Company	Pair Corr

Moving against Manitowoc Stock

0.64	GENC	Gencor Industries	Pair Corr
0.6	WNC	Wabash National	Pair Corr
0.41	AGFY	Agrify Corp	Pair Corr
0.65	UGRO	Urban Gro Earnings Call This Week	Pair Corr
0.57	BLBD	Blue Bird Corp	Pair Corr
0.55	CMCO	Columbus McKinnon	Pair Corr
0.49	BW	Babcock Wilcox Enter	Pair Corr
0.37	BV	BrightView Holdings	Pair Corr

Related Correlations Analysis

	OSK	ALG	WNC	HY	TEX	PCAR	GENC	MNTX	CMCO	REVG
OSK		0.09	-0.34	0.31	0.21	0.18	-0.38	0.0	-0.21	0.17	OSK
ALG	0.09		-0.27	0.34	-0.13	-0.4	-0.14	0.0	-0.24	0.01	ALG
WNC	-0.34	-0.27		0.31	0.72	0.39	0.96	0.0	0.95	0.59	WNC
HY	0.31	0.34	0.31		0.58	0.3	0.26	0.0	0.35	0.57	HY
TEX	0.21	-0.13	0.72	0.58		0.63	0.67	0.0	0.78	0.85	TEX
PCAR	0.18	-0.4	0.39	0.3	0.63		0.24	0.0	0.43	0.54	PCAR
GENC	-0.38	-0.14	0.96	0.26	0.67	0.24		0.0	0.92	0.53	GENC
MNTX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MNTX
CMCO	-0.21	-0.24	0.95	0.35	0.78	0.43	0.92	0.0		0.68	CMCO
REVG	0.17	0.01	0.59	0.57	0.85	0.54	0.53	0.0	0.68		REVG
	OSK	ALG	WNC	HY	TEX	PCAR	GENC	MNTX	CMCO	REVG

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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

GENC	+ 0.96	WNC
CMCO	+ 0.95	WNC
CMCO	+ 0.92	GENC
REVG	+ 0.85	TEX
CMCO	+ 0.78	TEX
TEX	+ 0.72	WNC

High negative correlations

PCAR	- 0.4	ALG
GENC	- 0.38	OSK
WNC	- 0.34	OSK
WNC	- 0.27	ALG
CMCO	- 0.24	ALG
CMCO	- 0.21	OSK

Risk-Adjusted Indicators

There is a big difference between Manitowoc Stock performing well and Manitowoc 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 Manitowoc'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
OSK	1.47	0.17	0.08	0.05	1.88	(1.68)	2.49	(3.05)	24.90
ALG	1.06	(0.03)	0.00	(0.27)	0.00	0.00	1.96	(2.71)	7.08
WNC	2.31	(0.56)	0.00	(0.82)	0.00	0.00	5.18	(6.05)	13.46
HY	1.62	(0.19)	0.00	(0.32)	0.00	0.00	2.25	(2.80)	15.44
TEX	1.86	(0.09)	0.00	(0.17)	0.00	0.00	3.53	(4.36)	10.40
PCAR	1.30	0.02	0.00	(0.08)	0.00	0.00	2.97	(3.37)	9.09
GENC	2.21	(0.41)	0.00	(0.47)	0.00	0.00	3.67	(4.45)	15.04
MNTX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CMCO	2.54	(0.88)	0.00	(0.81)	0.00	0.00	3.76	(5.88)	44.77
REVG	2.02	(0.03)	0.00	0.11	0.00	0.00	3.56	(3.55)	14.34

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