Tennant Correlations

TNC Stock

USD 88.70 0.33 0.37%

The current 90-days correlation between Tennant Company and Franklin Electric Co is 0.68 (i.e., Poor diversification). The correlation of Tennant 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.

Tennant Correlation With Market

Poor diversification

The correlation between Tennant Company and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tennant Company 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 Tennant Company. 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.

Moving together with Tennant Stock

0.74	AOS	Smith AO	Pair Corr
0.65	CVV	CVD Equipment	Pair Corr

Moving against Tennant Stock

0.58	AME	Ametek Inc	Pair Corr
0.53	EPAC	Enerpac Tool Group	Pair Corr
0.51	CMI	Cummins	Pair Corr
0.5	PH	Parker Hannifin	Pair Corr
0.49	B	Barnes Group	Pair Corr
0.44	CR	Crane Company	Pair Corr
0.43	DCI	Donaldson	Pair Corr
0.39	DOV	Dover	Pair Corr
0.31	IR	Ingersoll Rand	Pair Corr
0.67	JBT	John Bean Technologies	Pair Corr
0.62	MIR	Mirion Technologies	Pair Corr
0.55	XMTR	Xometry	Pair Corr
0.55	PNR	Pentair PLC Sell-off Trend	Pair Corr
0.53	NNE	Nano Nuclear Energy	Pair Corr
0.51	EMR	Emerson Electric	Pair Corr
0.5	KAI	Kadant Inc	Pair Corr
0.49	FLS	Flowserve	Pair Corr
0.46	ETN	Eaton PLC	Pair Corr
0.46	IEX	IDEX	Pair Corr
0.46	MWA	Mueller Water Products Fiscal Year End 11th of December 2024	Pair Corr
0.45	ITW	Illinois Tool Works	Pair Corr
0.44	GHM	Graham	Pair Corr
0.37	ROK	Rockwell Automation	Pair Corr
0.65	SMR	Nuscale Power Corp	Pair Corr
0.59	GTES	Gates Industrial	Pair Corr

Related Correlations Analysis

	FELE	CIR	OFLX	LXFR	KAI	TAYD	NPO	IEX	WTS	DCI
FELE		0.54	0.5	0.63	0.74	-0.4	0.78	0.78	0.91	0.81	FELE
CIR	0.54		0.57	0.85	0.77	-0.65	0.45	0.79	0.54	0.87	CIR
OFLX	0.5	0.57		0.75	0.6	-0.16	0.25	0.68	0.52	0.66	OFLX
LXFR	0.63	0.85	0.75		0.83	-0.59	0.55	0.92	0.69	0.89	LXFR
KAI	0.74	0.77	0.6	0.83		-0.39	0.83	0.94	0.77	0.87	KAI
TAYD	-0.4	-0.65	-0.16	-0.59	-0.39		-0.25	-0.48	-0.37	-0.59	TAYD
NPO	0.78	0.45	0.25	0.55	0.83	-0.25		0.75	0.83	0.69	NPO
IEX	0.78	0.79	0.68	0.92	0.94	-0.48	0.75		0.81	0.91	IEX
WTS	0.91	0.54	0.52	0.69	0.77	-0.37	0.83	0.81		0.8	WTS
DCI	0.81	0.87	0.66	0.89	0.87	-0.59	0.69	0.91	0.8		DCI
	FELE	CIR	OFLX	LXFR	KAI	TAYD	NPO	IEX	WTS	DCI

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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

IEX	+ 0.94	KAI
IEX	+ 0.92	LXFR
WTS	+ 0.91	FELE
DCI	+ 0.91	IEX
DCI	+ 0.89	LXFR
DCI	+ 0.87	CIR

High negative correlations

TAYD	- 0.65	CIR
DCI	- 0.59	TAYD
TAYD	- 0.59	LXFR
IEX	- 0.48	TAYD
TAYD	- 0.4	FELE
TAYD	- 0.39	KAI

Risk-Adjusted Indicators

There is a big difference between Tennant Stock performing well and Tennant 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 Tennant'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
FELE	1.22	(0.13)	(0.02)	0.06	1.55	(1.32)	2.27	(2.14)	11.41
CIR	2.74	1.15	0.70	3.31	0.48	(3.80)	7.45	(2.85)	51.68
OFLX	1.57	(0.09)	(0.01)	0.07	1.66	(1.80)	3.46	(2.69)	11.00
LXFR	1.94	0.37	0.18	0.55	1.62	(2.55)	3.67	(2.96)	16.99
KAI	1.61	0.16	0.14	0.21	1.62	(1.87)	4.01	(2.54)	11.67
TAYD	3.27	(0.51)	0.00	(0.03)	0.00	0.00	5.81	(7.70)	25.59
NPO	1.46	0.00	0.08	0.13	1.73	(1.54)	3.32	(2.30)	13.16
IEX	1.10	0.05	0.07	0.17	0.87	(1.41)	2.38	(1.74)	9.79
WTS	1.04	(0.01)	0.04	0.12	1.08	(1.19)	2.07	(1.66)	8.63
DCI	0.77	0.01	(0.01)	0.14	0.70	(0.92)	1.89	(1.27)	4.00

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