Patrick Industries Correlations

PATK Stock

USD 85.08 0.57 0.67%

The current 90-days correlation between Patrick Industries and Bassett Furniture Industries is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Patrick Industries moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Patrick Industries moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Patrick Industries Correlation With Market

Very weak diversification

The correlation between Patrick Industries and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Patrick Industries and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Patrick 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 estimate.

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

Moving together with Patrick Stock

0.78	SN	SharkNinja,	Pair Corr
0.77	ETD	Ethan Allen Interiors	Pair Corr
0.7	LZB	La Z Boy	Pair Corr
0.73	MBC	MasterBrand	Pair Corr
0.66	NTZ	Natuzzi SpA	Pair Corr
0.84	SGI	Somnigroup International Symbol Change	Pair Corr
0.77	PRPL	Purple Innovation	Pair Corr
0.67	IP	International Paper	Pair Corr
0.7	VIRC	Virco Manufacturing	Pair Corr
0.84	WPRT	Westport Fuel Systems Earnings Call Tomorrow	Pair Corr

Moving against Patrick Stock

0.4	ATER	Aterian	Pair Corr
0.33	VIOT	Viomi Technology ADR Earnings Call Tomorrow	Pair Corr
0.46	IVP	Inspire Veterinary	Pair Corr
0.33	DSS	DSS Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	BSET	ETD	NTZ	FLXS	KBAL	HBB	HOFT
BSET		-0.23	0.15	-0.78	0.0	0.8	-0.52	BSET
ETD	-0.23		0.32	0.51	0.0	-0.35	0.3	ETD
NTZ	0.15	0.32		-0.23	0.0	0.09	-0.35	NTZ
FLXS	-0.78	0.51	-0.23		0.0	-0.71	0.78	FLXS
KBAL	0.0	0.0	0.0	0.0		0.0	0.0	KBAL
HBB	0.8	-0.35	0.09	-0.71	0.0		-0.34	HBB
HOFT	-0.52	0.3	-0.35	0.78	0.0	-0.34		HOFT
	BSET	ETD	NTZ	FLXS	KBAL	HBB	HOFT

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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

HBB	+ 0.8	BSET
HOFT	+ 0.78	FLXS
FLXS	+ 0.51	ETD
NTZ	+ 0.32	ETD
HOFT	+ 0.3	ETD
NTZ	+ 0.15	BSET

High negative correlations

FLXS	- 0.78	BSET
HBB	- 0.71	FLXS
HOFT	- 0.52	BSET
HOFT	- 0.35	NTZ
HBB	- 0.35	ETD
HOFT	- 0.34	HBB

Risk-Adjusted Indicators

There is a big difference between Patrick Stock performing well and Patrick 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 Patrick 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
BSET	1.41	0.18	0.11	1.08	1.83	(1.51)	3.43	(2.82)	10.89
ETD	1.25	(0.05)	0.00	(0.13)	0.00	0.00	2.04	(2.52)	14.02
NTZ	2.85	0.05	0.04	(0.17)	3.26	(3.72)	6.75	(5.80)	24.28
FLXS	2.56	(0.59)	0.00	(0.47)	0.00	0.00	4.30	(5.34)	37.91
KBAL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HBB	2.23	0.24	0.09	0.20	2.54	(2.35)	5.34	(4.38)	17.62
HOFT	1.64	(0.50)	0.00	(1.66)	0.00	0.00	1.93	(4.36)	11.10

Patrick Industries Corporate Management

Jacob Petkovich	CFO, Officer	Profile
Attorney Duthie	Chief VP	Profile
Charlie Roeder	Executive Officer	Profile
Steve OHara	Vice Relations	Profile
Julie Kotowski	Director Relations	Profile
Hugo Gonzalez	Executive Officer	Profile

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