Northwest Pipe Correlations

NWPX Stock

USD 42.67 0.81 1.86%

The current 90-days correlation between Northwest Pipe and Insteel Industries is 0.43 (i.e., Very weak diversification). The correlation of Northwest Pipe 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.

Northwest Pipe Correlation With Market

Very weak diversification

The correlation between Northwest Pipe and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northwest Pipe 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 Northwest Pipe. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

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

Moving together with Northwest Stock

0.8	TG	Tredegar	Pair Corr
0.64	ATI	Allegheny Technologies Sell-off Trend	Pair Corr
0.86	MEC	Mayville Engineering	Pair Corr
0.64	GIFI	Gulf Island Fabrication	Pair Corr
0.67	CMPOW	CompoSecure Trending	Pair Corr
0.74	J	Jacobs Solutions	Pair Corr
0.72	R	Ryder System	Pair Corr
0.78	BA	Boeing	Pair Corr
0.77	BV	BrightView Holdings	Pair Corr
0.71	BW	Babcock Wilcox Enter	Pair Corr
0.68	CW	Curtiss Wright	Pair Corr
0.83	DY	Dycom Industries	Pair Corr
0.94	FA	First Advantage Corp	Pair Corr
0.75	GP	GreenPower Motor	Pair Corr
0.81	HI	Hillenbrand	Pair Corr
0.86	HY	Hyster Yale Materials	Pair Corr

Moving against Northwest Stock

0.34	RYI	Ryerson Holding Corp	Pair Corr
0.36	EH	Ehang Holdings Downward Rally	Pair Corr
0.33	KC	Kingsoft Cloud Holdings	Pair Corr

Related Correlations Analysis

	IIIN	CRS	ESAB	GIFI	HAYN	MEC	RYI	TG	CMPO	MLI
IIIN		0.11	0.71	-0.02	0.0	0.45	0.39	0.49	0.42	-0.13	IIIN
CRS	0.11		0.14	0.16	0.0	-0.15	0.4	0.19	0.4	0.25	CRS
ESAB	0.71	0.14		-0.01	0.0	0.51	0.29	0.39	0.2	0.02	ESAB
GIFI	-0.02	0.16	-0.01		0.0	0.57	-0.66	0.54	0.54	0.03	GIFI
HAYN	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HAYN
MEC	0.45	-0.15	0.51	0.57	0.0		-0.39	0.66	0.33	-0.19	MEC
RYI	0.39	0.4	0.29	-0.66	0.0	-0.39		-0.15	-0.13	-0.05	RYI
TG	0.49	0.19	0.39	0.54	0.0	0.66	-0.15		0.58	-0.11	TG
CMPO	0.42	0.4	0.2	0.54	0.0	0.33	-0.13	0.58		0.05	CMPO
MLI	-0.13	0.25	0.02	0.03	0.0	-0.19	-0.05	-0.11	0.05		MLI
	IIIN	CRS	ESAB	GIFI	HAYN	MEC	RYI	TG	CMPO	MLI

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

ESAB	+ 0.71	IIIN
TG	+ 0.66	MEC
CMPO	+ 0.58	TG
MEC	+ 0.57	GIFI
TG	+ 0.54	GIFI
CMPO	+ 0.54	GIFI

High negative correlations

RYI	- 0.66	GIFI
RYI	- 0.39	MEC
MLI	- 0.19	MEC
TG	- 0.15	RYI
MEC	- 0.15	CRS
CMPO	- 0.13	RYI

Risk-Adjusted Indicators

There is a big difference between Northwest Stock performing well and Northwest Pipe 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 Northwest Pipe'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
IIIN	1.76	(0.02)	0.00	(0.09)	0.00	0.00	3.32	(3.15)	14.41
CRS	2.28	0.21	0.06	0.08	3.22	(2.21)	4.31	(5.33)	17.79
ESAB	1.56	(0.01)	0.00	(0.09)	0.00	0.00	3.05	(4.01)	8.87
GIFI	1.45	(0.04)	0.00	(0.21)	0.00	0.00	2.56	(3.45)	8.96
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MEC	1.50	(0.23)	0.00	(0.44)	0.00	0.00	2.85	(3.51)	10.28
RYI	2.27	0.19	0.09	0.27	2.38	(2.43)	5.50	(3.91)	12.86
TG	1.64	(0.14)	0.00	0.19	0.00	0.00	2.53	(4.23)	16.84
CMPO	2.41	(0.23)	0.00	4.52	0.00	0.00	4.48	(5.34)	18.16
MLI	1.42	(0.04)	0.00	26.47	0.00	0.00	2.66	(2.54)	7.81

Northwest Pipe Corporate Management

William Smith	Executive VP of Operations	Profile
Michael Wray	Senior Systems	Profile
Eric Stokes	Senior Pipe	Profile
Megan Kendrick	Vice Resources	Profile
Aaron Wilkins	CFO VP	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC