Snap On Correlations

SNA Stock

USD 329.24 2.60 0.78%

The current 90-days correlation between Snap On and Lincoln Electric Holdings is 0.63 (i.e., Poor diversification). The correlation of Snap On 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.

Snap On Correlation With Market

Very weak diversification

The correlation between Snap On and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Snap On and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Snap On. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For information on how to trade Snap Stock refer to our How to Trade Snap Stock guide.

Moving together with Snap Stock

0.65	KMT	Kennametal	Pair Corr
0.81	TTC	Toro	Pair Corr
0.72	HLMN	Hillman Solutions Corp	Pair Corr
0.72	J	Jacobs Solutions	Pair Corr
0.65	BV	BrightView Holdings	Pair Corr
0.64	HI	Hillenbrand	Pair Corr
0.69	HY	Hyster Yale Materials	Pair Corr
0.74	IR	Ingersoll Rand	Pair Corr
0.75	OC	Owens Corning	Pair Corr

Moving against Snap Stock

0.44	KC	Kingsoft Cloud Holdings Earnings Call This Week	Pair Corr
0.43	EH	Ehang Holdings	Pair Corr

Related Correlations Analysis

	LECO	TKR	RBCP	KMT	TTC	TTNDY	RBC	SCX	EML	HLMN
LECO		0.7	0.0	0.09	0.38	0.72	0.62	0.0	0.74	0.61	LECO
TKR	0.7		0.0	-0.32	0.15	0.38	0.82	0.0	0.28	0.32	TKR
RBCP	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	RBCP
KMT	0.09	-0.32	0.0		0.75	0.24	-0.49	0.0	0.49	0.71	KMT
TTC	0.38	0.15	0.0	0.75		0.41	-0.18	0.0	0.53	0.85	TTC
TTNDY	0.72	0.38	0.0	0.24	0.41		0.35	0.0	0.64	0.57	TTNDY
RBC	0.62	0.82	0.0	-0.49	-0.18	0.35		0.0	0.23	0.11	RBC
SCX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	SCX
EML	0.74	0.28	0.0	0.49	0.53	0.64	0.23	0.0		0.73	EML
HLMN	0.61	0.32	0.0	0.71	0.85	0.57	0.11	0.0	0.73		HLMN
	LECO	TKR	RBCP	KMT	TTC	TTNDY	RBC	SCX	EML	HLMN

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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

HLMN	+ 0.85	TTC
RBC	+ 0.82	TKR
TTC	+ 0.75	KMT
EML	+ 0.74	LECO
HLMN	+ 0.73	EML
TTNDY	+ 0.72	LECO

High negative correlations

RBC	- 0.49	KMT
KMT	- 0.32	TKR
RBC	- 0.18	TTC
HLMN	- 0.0	SCX
EML	- 0.0	SCX
SCX	- 0.0	RBC

Risk-Adjusted Indicators

There is a big difference between Snap Stock performing well and Snap On 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 Snap On'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
LECO	1.24	0.01	0.00	(0.10)	0.00	0.00	2.91	(3.18)	13.78
TKR	1.30	0.08	0.00	(0.03)	0.00	0.00	3.10	(3.68)	7.96
RBCP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KMT	1.18	(0.31)	0.00	(0.86)	0.00	0.00	1.82	(3.12)	7.36
TTC	1.44	(0.13)	0.00	(0.26)	0.00	0.00	2.85	(3.18)	8.48
TTNDY	1.54	(0.15)	0.00	(2.87)	0.00	0.00	3.78	(3.58)	9.75
RBC	1.15	0.09	0.10	0.02	1.23	(1.38)	3.35	(2.07)	11.49
SCX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EML	1.87	(0.05)	0.00	(0.17)	0.00	0.00	4.56	(3.60)	9.74
HLMN	1.51	(0.16)	0.00	(0.27)	0.00	0.00	2.80	(3.37)	7.61

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