Reliance Steel Correlations

RS6 Stock

EUR 256.30 2.70 1.04%

The current 90-days correlation between Reliance Steel Aluminum and Computershare Limited is 0.13 (i.e., Average 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.

Reliance Steel Correlation With Market

Good diversification

The correlation between Reliance Steel Aluminum and DJI is -0.11 (i.e., Good 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.

The ability to find closely correlated positions to Reliance Steel could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Reliance Steel when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Reliance Steel - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Reliance Steel Aluminum to buy it.

Moving together with Reliance Stock

0.73	NUO	Nucor	Pair Corr
0.88	SD5	Steel Dynamics	Pair Corr
0.63	BBZA	BB Biotech AG	Pair Corr
0.65	BBZA	BB Biotech AG	Pair Corr

Moving against Reliance Stock

0.58	9TO	Toyota Tsusho	Pair Corr
0.4	PKX	POSCO Holdings	Pair Corr
0.31	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	ISHA	9GY	45P	CVB	QCH	PL8	TQI1
ISHA		0.19	-0.66	0.64	0.87	0.55	0.57	ISHA
9GY	0.19		-0.3	0.11	0.28	0.39	0.29	9GY
45P	-0.66	-0.3		-0.54	-0.59	-0.29	-0.35	45P
CVB	0.64	0.11	-0.54		0.66	0.26	0.23	CVB
QCH	0.87	0.28	-0.59	0.66		0.54	0.41	QCH
PL8	0.55	0.39	-0.29	0.26	0.54		0.58	PL8
TQI1	0.57	0.29	-0.35	0.23	0.41	0.58		TQI1
	ISHA	9GY	45P	CVB	QCH	PL8	TQI1

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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

QCH	+ 0.87	ISHA
QCH	+ 0.66	CVB
CVB	+ 0.64	ISHA
TQI1	+ 0.58	PL8
TQI1	+ 0.57	ISHA
PL8	+ 0.55	ISHA

High negative correlations

45P	- 0.66	ISHA
QCH	- 0.59	45P
CVB	- 0.54	45P
TQI1	- 0.35	45P
45P	- 0.3	9GY
PL8	- 0.29	45P

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
ISHA	2.09	0.15	0.04	0.59	2.84	(2.72)	4.17	(4.37)	27.37
9GY	1.62	0.08	0.02	0.40	2.06	(2.76)	4.17	(3.70)	13.87
45P	2.74	0.10	0.02	(0.13)	3.55	(4.04)	6.56	(6.45)	25.64
CVB	1.85	0.05	0.01	0.15	2.48	(7.68)	6.25	(5.56)	22.29
QCH	1.63	0.25	0.12	(1.82)	1.60	(2.18)	2.95	(3.36)	19.34
PL8	1.16	0.00	0.00	(0.01)	1.42	(1.28)	2.49	(2.43)	7.26
TQI1	1.73	0.17	0.06	(0.90)	2.03	(2.29)	4.90	(4.17)	12.30

Be your own money manager

Our tools can tell you how much better you can do entering a position in Reliance Steel without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Reliance Steel Corporate Management

Elected by the shareholders, the Reliance Steel's board of directors comprises two types of representatives: Reliance Steel inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Reliance. The board's role is to monitor Reliance Steel's management team and ensure that shareholders' interests are well served. Reliance Steel's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Reliance Steel's outside directors are responsible for providing unbiased perspectives on the board's policies.

William II	Gen VP	Profile
Suzanne Bonner	VP Officer	Profile
James Hoffman	CEO Director	Profile
Jeffrey Durham	VP Operations	Profile
Sean Mollins	VP Operations	Profile
Karla Lewis	Pres Director	Profile
Stephen Koch	Ex COO	Profile

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