Tandy Leather Correlations

TLF Stock

USD 2.96 0.04 1.33%

The correlation of Tandy Leather 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.

Tandy Leather Correlation With Market

Significant diversification

The correlation between Tandy Leather Factory and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tandy Leather Factory 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 Tandy Leather Factory. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Tandy Stock

0.66	W	Wayfair Buyout Trend	Pair Corr
0.73	WEYS	Weyco Group	Pair Corr
0.62	ETSY	Etsy Inc	Pair Corr
0.79	BBY	Best Buy	Pair Corr
0.81	DDS	Dillards	Pair Corr
0.63	DKS	Dicks Sporting Goods	Pair Corr
0.64	WSM	Williams Sonoma	Pair Corr
0.64	GLBE	Global E Online	Pair Corr
0.63	ARHS	Arhaus Inc	Pair Corr
0.7	TTSH	Tile Shop Holdings	Pair Corr
0.61	CPNG	Coupang LLC	Pair Corr
0.62	BH	Biglari Holdings Downward Rally	Pair Corr

Moving against Tandy Stock

0.4	VIPS	Vipshop Holdings	Pair Corr
0.32	AZO	AutoZone	Pair Corr
0.55	F	Ford Motor Sell-off Trend	Pair Corr
0.54	IH	Ihuman Inc	Pair Corr

Related Correlations Analysis

	CCRRF	BOMH	DSITF	MTTRY	WINA	ODP	EYE	BNED	CRFCF
CCRRF		0.0	-0.01	-0.4	0.56	0.47	-0.29	0.6	-0.17	CCRRF
BOMH	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	BOMH
DSITF	-0.01	0.0		0.04	0.01	-0.04	0.13	0.03	0.12	DSITF
MTTRY	-0.4	0.0	0.04		-0.74	-0.76	0.77	-0.36	-0.57	MTTRY
WINA	0.56	0.0	0.01	-0.74		0.93	-0.65	0.77	0.55	WINA
ODP	0.47	0.0	-0.04	-0.76	0.93		-0.73	0.73	0.57	ODP
EYE	-0.29	0.0	0.13	0.77	-0.65	-0.73		-0.27	-0.62	EYE
BNED	0.6	0.0	0.03	-0.36	0.77	0.73	-0.27		0.17	BNED
CRFCF	-0.17	0.0	0.12	-0.57	0.55	0.57	-0.62	0.17		CRFCF
	CCRRF	BOMH	DSITF	MTTRY	WINA	ODP	EYE	BNED	CRFCF

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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

ODP	+ 0.93	WINA
EYE	+ 0.77	MTTRY
BNED	+ 0.77	WINA
BNED	+ 0.73	ODP
BNED	+ 0.6	CCRRF
CRFCF	+ 0.57	ODP

High negative correlations

ODP	- 0.76	MTTRY
WINA	- 0.74	MTTRY
EYE	- 0.73	ODP
EYE	- 0.65	WINA
CRFCF	- 0.62	EYE
CRFCF	- 0.57	MTTRY

Risk-Adjusted Indicators

There is a big difference between Tandy Stock performing well and Tandy Leather 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 Tandy Leather'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
CCRRF	1.99	0.21	0.00	(0.72)	0.00	0.00	0.00	0.00	105.17
BOMH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DSITF	0.77	0.01	0.03	(0.13)	1.18	(3.20)	4.42	(2.61)	11.72
MTTRY	2.91	0.36	0.07	(0.51)	3.68	(6.07)	10.34	(6.25)	28.09
WINA	1.24	(0.29)	0.00	(0.35)	0.00	0.00	2.34	(3.54)	7.50
ODP	2.96	(0.83)	0.00	(1.49)	0.00	0.00	6.19	(6.61)	27.92
EYE	2.20	0.31	0.11	0.20	2.50	(2.38)	4.71	(4.45)	16.13
BNED	2.67	(0.28)	0.00	(0.25)	0.00	0.00	3.85	(7.44)	24.63
CRFCF	0.79	(0.43)	0.00	1.67	0.00	0.00	0.00	0.00	22.58

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