Quanex Building Correlations

Stocks . USA . 
Stock . Quanex Building Products
NX Stock  USD 19.97  0.38  1.87%   
The current 90-days correlation between Quanex Building Products and Gibraltar Industries is 0.3 (i.e., Weak diversification). The correlation of Quanex Building 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.

Quanex Building Correlation With Market

Weak diversification

The correlation between Quanex Building Products and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Quanex Building Products 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 Quanex Building Products. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Quanex Stock

  0.65OC Owens CorningPairCorr
  0.85TT Trane Technologies plcPairCorr
  0.77FBIN Fortune Brands InnovPairCorr
  0.79CSL Carlisle CompaniesPairCorr
  0.79GMS GMS IncPairCorr
  0.72LII Lennox InternationalPairCorr
  0.77ILAG Intelligent LivingPairCorr
  0.76JELD Jeld Wen HoldingPairCorr
  0.62PPIH Perma Pipe InternatiPairCorr
  0.7AIRJW Montana TechnologiesPairCorr
  0.84AAON AAON IncPairCorr
  0.79AEHL Antelope EnterprisePairCorr
  0.78AIRJ Montana Technologies Downward RallyPairCorr
  0.85APOG Apogee EnterprisesPairCorr
  0.78ASPN Aspen AerogelsPairCorr
  0.62AZEK Azek Company Upward RallyPairCorr
  0.85TILE InterfacePairCorr
  0.78TREX Trex CompanyPairCorr
  0.73CARR Carrier Global CorpPairCorr
  0.73CSTE CaesarstonePairCorr
  0.71J Jacobs SolutionsPairCorr

Moving against Quanex Stock

  0.51JBI Janus InternationalPairCorr
  0.44ROCK Gibraltar IndustriesPairCorr
  0.71GE GE AerospacePairCorr
  0.69G Genpact LimitedPairCorr
  0.69EH Ehang HoldingsPairCorr
  0.62DE Deere CompanyPairCorr
  0.44BR Broadridge FinancialPairCorr

Related Correlations Analysis

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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   
GFF
+ 0.38
CRS
CRS
+ 0.24
ROCK
GFF
+ 0.23
MYE
MYE
+ 0.2
ROCK
PGTI
+ 0.0
ROCK
PGTI
+ 0.0
CRS
  
High negative correlations   
GFF
- 0.3
ROCK
MYE
- 0.12
CRS
PGTI
- 0.0
GFF
PGTI
- 0.0
MYE
PGTI
- 0.0
CRS
PGTI
- 0.0
ROCK

Risk-Adjusted Indicators

There is a big difference between Quanex Stock performing well and Quanex Building 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 Quanex Building'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.

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