Worthington Industries Correlations

WOR Stock

USD 40.17 0.92 2.24%

The current 90-days correlation between Worthington Industries and Haynes International is -0.03 (i.e., Good diversification). The correlation of Worthington Industries 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.

Worthington Industries Correlation With Market

Poor diversification

The correlation between Worthington Industries and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Worthington Industries and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Worthington Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

To learn how to invest in Worthington Stock, please use our How to Invest in Worthington Industries guide.

Moving together with Worthington Stock

0.64	AP	Ampco Pittsburgh	Pair Corr
0.76	IIIN	Insteel Industries	Pair Corr
0.7	CP	Canadian Pacific Railway	Pair Corr

Moving against Worthington Stock

0.69	B	Barnes Group	Pair Corr
0.66	CMPO	CompoSecure	Pair Corr
0.65	CMPOW	CompoSecure	Pair Corr
0.6	J	Jacobs Solutions	Pair Corr
0.6	AZ	A2Z Smart Technologies	Pair Corr
0.59	BW	Babcock Wilcox Enter	Pair Corr
0.53	MTEN	Mingteng International Potential Growth	Pair Corr
0.47	DIST	Distoken Acquisition	Pair Corr
0.45	CRS	Carpenter Technology	Pair Corr
0.44	MLI	Mueller Industries	Pair Corr
0.44	RYI	Ryerson Holding Corp	Pair Corr
0.42	ESAB	ESAB Corp	Pair Corr
0.39	HIHO	Highway Holdings	Pair Corr
0.38	TG	Tredegar	Pair Corr
0.34	NWPX	Northwest Pipe	Pair Corr
0.33	BV	BrightView Holdings	Pair Corr
0.32	HAYN	Haynes International	Pair Corr
0.32	TPCS	TechPrecision Common	Pair Corr
0.63	EH	Ehang Holdings	Pair Corr
0.58	NL	NL Industries	Pair Corr
0.54	VATE	Innovate Corp Trending	Pair Corr
0.51	CW	Curtiss Wright	Pair Corr
0.41	WM	Waste Management	Pair Corr
0.39	IR	Ingersoll Rand	Pair Corr
0.38	BZ	Kanzhun Ltd ADR	Pair Corr
0.35	PH	Parker Hannifin	Pair Corr

Related Correlations Analysis

	ATI	HAYN	ESAB	IIIN	MEC	RYI	CRS	ARNC	MLI	NWPX
ATI		-0.55	-0.61	0.35	0.26	-0.34	-0.26	0.0	-0.54	-0.33	ATI
HAYN	-0.55		0.47	-0.09	-0.58	0.58	0.28	0.0	0.56	0.61	HAYN
ESAB	-0.61	0.47		-0.4	-0.35	0.82	0.82	0.0	0.89	0.74	ESAB
IIIN	0.35	-0.09	-0.4		-0.29	-0.32	-0.26	0.0	-0.35	-0.13	IIIN
MEC	0.26	-0.58	-0.35	-0.29		-0.56	-0.39	0.0	-0.53	-0.66	MEC
RYI	-0.34	0.58	0.82	-0.32	-0.56		0.73	0.0	0.91	0.93	RYI
CRS	-0.26	0.28	0.82	-0.26	-0.39	0.73		0.0	0.7	0.68	CRS
ARNC	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	ARNC
MLI	-0.54	0.56	0.89	-0.35	-0.53	0.91	0.7	0.0		0.86	MLI
NWPX	-0.33	0.61	0.74	-0.13	-0.66	0.93	0.68	0.0	0.86		NWPX
	ATI	HAYN	ESAB	IIIN	MEC	RYI	CRS	ARNC	MLI	NWPX

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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

NWPX	+ 0.93	RYI
MLI	+ 0.91	RYI
MLI	+ 0.89	ESAB
NWPX	+ 0.86	MLI
RYI	+ 0.82	ESAB
CRS	+ 0.82	ESAB

High negative correlations

NWPX	- 0.66	MEC
ESAB	- 0.61	ATI
MEC	- 0.58	HAYN
RYI	- 0.56	MEC
HAYN	- 0.55	ATI
MLI	- 0.54	ATI

Risk-Adjusted Indicators

There is a big difference between Worthington Stock performing well and Worthington Industries 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 Worthington Industries' 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
ATI	1.52	(0.32)	0.00	(0.06)	0.00	0.00	3.00	(3.73)	13.98
HAYN	0.20	0.02	(0.29)	(0.35)	0.27	(0.21)	0.64	(0.43)	1.28
ESAB	1.53	0.17	0.14	0.22	1.41	(1.81)	3.42	(2.26)	15.01
IIIN	1.62	(0.37)	0.00	(0.12)	0.00	0.00	3.00	(4.52)	11.16
MEC	2.09	(0.12)	0.00	0.33	0.00	0.00	4.55	(2.95)	25.65
RYI	2.04	0.10	0.14	0.15	1.95	(2.48)	4.48	(3.34)	21.43
CRS	1.94	0.49	0.15	2.96	2.13	(2.05)	5.44	(2.91)	13.31
ARNC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MLI	1.76	0.00	0.04	0.11	1.93	(2.04)	2.93	(2.62)	20.61
NWPX	1.68	0.24	0.20	0.27	1.10	(2.13)	3.47	(1.99)	12.92

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