Applied Industrial Correlations

AIT Stock

USD 274.72 0.82 0.30%

The current 90-days correlation between Applied Industrial and Core Main is 0.4 (i.e., Very weak diversification). The correlation of Applied Industrial 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.

Applied Industrial Correlation With Market

Poor diversification

The correlation between Applied Industrial Technologie and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Applied Industrial Technologie and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Applied Industrial Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Applied Stock

0.83	DNOW	Now Inc	Pair Corr
0.89	DXPE	DXP Enterprises	Pair Corr
0.95	FAST	Fastenal Sell-off Trend	Pair Corr
0.73	FERG	Ferguson Plc	Pair Corr
0.96	BXC	BlueLinx Holdings	Pair Corr
0.97	GWW	WW Grainger	Pair Corr
0.71	MSM	MSC Industrial Direct	Pair Corr
0.98	WCC	WESCO International	Pair Corr
0.93	WSO	Watsco Inc	Pair Corr
0.88	WCC-PA	WESCO International	Pair Corr
0.62	SMSMY	Sims Metal Management	Pair Corr
0.93	BECN	Beacon Roofing Supply	Pair Corr
0.7	TITN	Titan Machinery	Pair Corr
0.73	B	Barnes Group	Pair Corr
0.73	J	Jacobs Solutions	Pair Corr
0.96	R	Ryder System	Pair Corr
0.89	AL	Air Lease	Pair Corr
0.91	AZ	A2Z Smart Technologies	Pair Corr
0.72	BE	Bloom Energy Corp	Pair Corr
0.73	BV	BrightView Holdings	Pair Corr
0.94	CR	Crane Company	Pair Corr
0.91	CW	Curtiss Wright	Pair Corr
0.61	DE	Deere Company	Pair Corr

Moving against Applied Stock

0.72	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.64	GIC	Global Industrial	Pair Corr
0.62	TRNS	Transcat	Pair Corr
0.81	CP	Canadian Pacific Railway	Pair Corr
0.77	ST	Sensata Technologies	Pair Corr
0.74	RR	Richtech Robotics Class	Pair Corr
0.69	MG	Mistras Group	Pair Corr
0.65	SB	Safe Bulkers	Pair Corr
0.64	DLHC	DLH Holdings Corp Earnings Call This Week	Pair Corr
0.5	HY	Hyster Yale Materials	Pair Corr
0.47	GP	GreenPower Motor	Pair Corr
0.42	OP	Oceanpal	Pair Corr
0.34	FA	First Advantage Corp	Pair Corr

Related Correlations Analysis

	CNM	GWW	DXPE	SITE	DSGR	GIC	BXC	FERG	MSM	FAST
CNM		0.4	0.28	0.5	0.6	0.06	0.4	0.69	0.4	0.39	CNM
GWW	0.4		0.81	0.49	0.63	-0.61	0.93	0.69	0.65	0.99	GWW
DXPE	0.28	0.81		0.42	0.33	-0.65	0.89	0.76	0.7	0.77	DXPE
SITE	0.5	0.49	0.42		0.64	-0.04	0.61	0.68	0.8	0.45	SITE
DSGR	0.6	0.63	0.33	0.64		0.07	0.56	0.56	0.62	0.61	DSGR
GIC	0.06	-0.61	-0.65	-0.04	0.07		-0.64	-0.3	-0.2	-0.65	GIC
BXC	0.4	0.93	0.89	0.61	0.56	-0.64		0.79	0.73	0.9	BXC
FERG	0.69	0.69	0.76	0.68	0.56	-0.3	0.79		0.75	0.66	FERG
MSM	0.4	0.65	0.7	0.8	0.62	-0.2	0.73	0.75		0.6	MSM
FAST	0.39	0.99	0.77	0.45	0.61	-0.65	0.9	0.66	0.6		FAST
	CNM	GWW	DXPE	SITE	DSGR	GIC	BXC	FERG	MSM	FAST

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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

FAST	+ 0.99	GWW
BXC	+ 0.93	GWW
FAST	+ 0.9	BXC
BXC	+ 0.89	DXPE
DXPE	+ 0.81	GWW
MSM	+ 0.8	SITE

High negative correlations

FAST	- 0.65	GIC
GIC	- 0.65	DXPE
BXC	- 0.64	GIC
GIC	- 0.61	GWW
FERG	- 0.3	GIC
MSM	- 0.2	GIC

Risk-Adjusted Indicators

There is a big difference between Applied Stock performing well and Applied Industrial 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 Applied Industrial'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
CNM	1.87	(0.16)	(0.03)	0.00	3.55	(1.73)	3.55	(3.12)	15.81
GWW	1.02	0.15	0.21	0.23	0.65	(1.25)	2.52	(1.45)	8.66
DXPE	2.00	0.29	0.21	0.28	1.63	(2.70)	3.89	(2.97)	22.06
SITE	1.76	(0.01)	0.02	0.12	1.94	(2.04)	3.93	(3.10)	11.76
DSGR	1.62	(0.20)	(0.01)	0.05	1.96	(1.90)	3.54	(2.89)	18.72
GIC	1.51	(0.44)	0.00	(0.10)	0.00	0.00	2.07	(2.31)	23.70
BXC	1.99	0.14	0.10	0.20	2.18	(2.14)	4.69	(3.32)	13.51
FERG	1.27	(0.05)	(0.02)	0.09	1.69	(1.27)	2.15	(2.28)	10.59
MSM	1.52	(0.14)	(0.01)	0.05	1.72	(1.64)	3.08	(2.68)	10.99
FAST	0.96	0.17	0.24	0.25	0.48	(1.25)	1.52	(1.58)	11.50

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