Titan International Correlations

TWI Stock

USD 8.72 0.29 3.22%

The current 90-days correlation between Titan International and Shyft Group is 0.38 (i.e., Weak diversification). The correlation of Titan International 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.

Titan International Correlation With Market

Very weak diversification

The correlation between Titan International and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Titan International 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 Titan International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

For more detail on how to invest in Titan Stock please use our How to Invest in Titan International guide.

Moving together with Titan Stock

0.91	DE	Deere Company	Pair Corr
0.86	CNH	CNH Industrial NV Symbol Change	Pair Corr
0.75	LNN	Lindsay	Pair Corr
0.79	MTW	Manitowoc	Pair Corr
0.74	OSK	Oshkosh	Pair Corr
0.84	G	Genpact Limited	Pair Corr
0.77	BR	Broadridge Financial	Pair Corr
0.61	CP	Canadian Pacific Railway	Pair Corr
0.67	CR	Crane Company	Pair Corr

Moving against Titan Stock

0.79	UGRO	Urban Gro Earnings Call This Week	Pair Corr
0.66	WNC	Wabash National	Pair Corr
0.59	GENC	Gencor Industries	Pair Corr
0.56	AGFY	Agrify Corp	Pair Corr
0.56	CMCO	Columbus McKinnon	Pair Corr
0.38	GP	GreenPower Motor	Pair Corr
0.33	ARTW	Arts Way Manufacturing	Pair Corr
0.62	BW	Babcock Wilcox Enter	Pair Corr
0.53	NX	Quanex Building Products	Pair Corr
0.49	BV	BrightView Holdings	Pair Corr
0.49	OP	Oceanpal	Pair Corr
0.48	CW	Curtiss Wright	Pair Corr
0.37	GD	General Dynamics	Pair Corr
0.34	NL	NL Industries	Pair Corr

Related Correlations Analysis

	SHYF	MTW	OSK	TEX	ALG	HY	CMCO	AGCO	REVG
SHYF		0.12	0.29	0.93	0.39	0.89	0.7	0.4	0.78	SHYF
MTW	0.12		0.69	0.01	0.24	0.28	-0.52	0.51	0.05	MTW
OSK	0.29	0.69		0.21	0.18	0.38	-0.19	0.49	0.26	OSK
TEX	0.93	0.01	0.21		0.27	0.88	0.8	0.51	0.86	TEX
ALG	0.39	0.24	0.18	0.27		0.23	0.11	0.27	0.21	ALG
HY	0.89	0.28	0.38	0.88	0.23		0.58	0.53	0.75	HY
CMCO	0.7	-0.52	-0.19	0.8	0.11	0.58		0.14	0.68	CMCO
AGCO	0.4	0.51	0.49	0.51	0.27	0.53	0.14		0.56	AGCO
REVG	0.78	0.05	0.26	0.86	0.21	0.75	0.68	0.56		REVG
	SHYF	MTW	OSK	TEX	ALG	HY	CMCO	AGCO	REVG

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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

TEX	+ 0.93	SHYF
HY	+ 0.89	SHYF
HY	+ 0.88	TEX
REVG	+ 0.86	TEX
CMCO	+ 0.8	TEX
REVG	+ 0.78	SHYF

High negative correlations

CMCO	- 0.52	MTW
CMCO	- 0.19	OSK

Risk-Adjusted Indicators

There is a big difference between Titan Stock performing well and Titan International 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 Titan International'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
SHYF	2.85	(0.28)	(0.18)	4.15	(7.35)	27.14
MTW	2.26	0.07	(0.03)	5.24	(5.05)	19.98
OSK	1.46	0.04	(0.03)	1.86	(2.92)	24.90
TEX	1.80	(0.25)	(0.27)	3.39	(3.80)	10.40
ALG	1.09	(0.06)	(0.44)	1.96	(2.71)	7.08
HY	1.66	(0.23)	(0.32)	2.75	(3.69)	15.44
CMCO	2.42	(0.85)	(0.81)	3.59	(5.25)	44.77
AGCO	1.90	0.01	(0.05)	4.48	(3.80)	13.24
REVG	2.03	(0.06)	(0.11)	3.56	(3.72)	14.34

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