Reliance Steel Correlations

RS Stock

USD 322.58 0.67 0.21%

The current 90-days correlation between Reliance Steel Aluminum and Outokumpu Oyj ADR is 0.08 (i.e., Significant diversification). The correlation of Reliance Steel 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.

Reliance Steel Correlation With Market

Poor diversification

The correlation between Reliance Steel Aluminum and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Reliance Steel Aluminum 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 Reliance Steel Aluminum. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Reliance Stock

0.84	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.69	ZEUS	Olympic Steel	Pair Corr
0.91	KALU	Kaiser Aluminum	Pair Corr
0.66	X	United States Steel	Pair Corr
0.65	CC	Chemours	Pair Corr
0.64	IE	Ivanhoe Electric	Pair Corr
0.78	MP	MP Materials Corp	Pair Corr
0.63	MT	ArcelorMittal SA ADR	Pair Corr
0.87	NC	NACCO Industries	Pair Corr
0.8	NX	Quanex Building Products Downward Rally	Pair Corr
0.88	OC	Owens Corning	Pair Corr

Moving against Reliance Stock

0.77	GURE	Gulf Resources	Pair Corr
0.71	GOLD	Barrick Gold Corp	Pair Corr
0.7	BAK	Braskem SA Class	Pair Corr
0.7	DOW	Dow Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.53	PFH	Prudential Financial 4125	Pair Corr
0.43	EGO	Eldorado Gold Corp	Pair Corr
0.78	CE	Celanese	Pair Corr
0.65	NB	NioCorp Developments	Pair Corr
0.55	AU	AngloGold Ashanti plc	Pair Corr
0.53	NG	NovaGold Resources	Pair Corr
0.37	CX	Cemex SAB de Sell-off Trend	Pair Corr
0.36	FF	FutureFuel Corp	Pair Corr
0.34	HL	Hecla Mining Potential Growth	Pair Corr
0.64	DNMR	Danimer Scientific Upward Rally	Pair Corr
0.62	WEBC	Webco Industries	Pair Corr

Related Correlations Analysis

	TMST	SCHN	USAP	OUTKY	ZEUS	PKX	NUE	X	MT	CMC
TMST		0.57	0.84	-0.83	0.43	-0.83	0.37	0.63	0.52	0.86	TMST
SCHN	0.57		0.69	-0.51	0.19	-0.47	0.21	0.41	0.17	0.32	SCHN
USAP	0.84	0.69		-0.73	0.33	-0.66	0.44	0.8	0.48	0.73	USAP
OUTKY	-0.83	-0.51	-0.73		-0.29	0.89	-0.1	-0.52	-0.11	-0.67	OUTKY
ZEUS	0.43	0.19	0.33	-0.29		-0.29	0.71	0.37	0.4	0.71	ZEUS
PKX	-0.83	-0.47	-0.66	0.89	-0.29		-0.11	-0.37	-0.12	-0.66	PKX
NUE	0.37	0.21	0.44	-0.1	0.71	-0.11		0.51	0.6	0.67	NUE
X	0.63	0.41	0.8	-0.52	0.37	-0.37	0.51		0.49	0.65	X
MT	0.52	0.17	0.48	-0.11	0.4	-0.12	0.6	0.49		0.65	MT
CMC	0.86	0.32	0.73	-0.67	0.71	-0.66	0.67	0.65	0.65		CMC
	TMST	SCHN	USAP	OUTKY	ZEUS	PKX	NUE	X	MT	CMC

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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

PKX	+ 0.89	OUTKY
CMC	+ 0.86	TMST
USAP	+ 0.84	TMST
X	+ 0.8	USAP
CMC	+ 0.73	USAP
NUE	+ 0.71	ZEUS

High negative correlations

PKX	- 0.83	TMST
OUTKY	- 0.83	TMST
OUTKY	- 0.73	USAP
CMC	- 0.67	OUTKY
CMC	- 0.66	PKX
PKX	- 0.66	USAP

Risk-Adjusted Indicators

There is a big difference between Reliance Stock performing well and Reliance Steel 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 Reliance Steel'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
TMST	1.64	0.29	0.14	0.66	1.46	(1.98)	4.81	(2.47)	13.11
SCHN	1.66	0.05	(0.01)	0.23	2.05	(1.68)	3.12	(3.33)	13.80
USAP	1.63	(0.07)	(0.01)	0.07	2.51	(1.64)	5.09	(4.35)	13.88
OUTKY	0.50	(0.12)	0.00	1.53	0.00	0.00	0.56	(1.76)	9.38
ZEUS	2.10	(0.22)	(0.03)	0.02	2.64	(2.16)	4.04	(4.04)	14.90
PKX	1.94	(0.29)	0.00	(0.83)	0.00	0.00	4.63	(4.94)	10.53
NUE	1.68	(0.25)	(0.02)	0.03	2.23	(1.71)	2.50	(3.82)	19.91
X	2.44	(0.04)	0.00	0.09	3.68	(2.82)	5.55	(5.48)	20.57
MT	1.55	(0.03)	(0.03)	0.08	2.02	(1.62)	3.83	(3.37)	9.08
CMC	1.59	(0.07)	0.06	0.09	1.60	(1.87)	4.50	(2.80)	16.53

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