Alcoa Corp Correlations

AA Stock

USD 28.35 0.37 1.29%

The current 90-days correlation between Alcoa Corp and China Hongqiao Group is 0.24 (i.e., Modest diversification). The correlation of Alcoa Corp 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.

Alcoa Corp Correlation With Market

Poor diversification

The correlation between Alcoa Corp and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alcoa Corp and DJI in the same portfolio, assuming nothing else is changed.

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

For information on how to trade Alcoa Stock refer to our How to Trade Alcoa Stock guide.

Moving together with Alcoa Stock

0.84	CE	Celanese	Pair Corr
0.67	MT	ArcelorMittal SA ADR	Pair Corr
0.79	TX	Ternium SA ADR	Pair Corr
0.88	DOW	Dow Inc	Pair Corr
0.63	EXK	Endeavour Silver Corp	Pair Corr
0.68	FCX	Freeport McMoran Copper	Pair Corr
0.77	GGB	Gerdau SA ADR	Pair Corr

Moving against Alcoa Stock

0.44	AEM	Agnico Eagle Mines Sell-off Trend	Pair Corr
0.41	AGI	Alamos Gold Sell-off Trend	Pair Corr
0.39	DRD	DRDGOLD Limited ADR	Pair Corr
0.37	AU	AngloGold Ashanti plc	Pair Corr
0.74	HMY	Harmony Gold Mining	Pair Corr
0.68	IDR	Idaho Strategic Resources	Pair Corr
0.52	KGC	Kinross Gold Aggressive Push	Pair Corr
0.51	IAG	IAMGold Aggressive Push	Pair Corr
0.47	EGO	Eldorado Gold Corp	Pair Corr
0.45	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.42	FNV	Franco Nevada	Pair Corr

Related Correlations Analysis

	CENX	CHHQF	NHYKF	KALU
CENX		0.45	0.66	0.54	CENX
CHHQF	0.45		0.75	0.16	CHHQF
NHYKF	0.66	0.75		0.33	NHYKF
KALU	0.54	0.16	0.33		KALU
	CENX	CHHQF	NHYKF	KALU

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Risk-Adjusted Indicators

There is a big difference between Alcoa Stock performing well and Alcoa Corp 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 Alcoa Corp'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
CENX	3.08	(0.11)	0.00	(0.03)	0.00	0.00	6.56	(6.13)	25.61
CHHQF	1.33	(0.16)	0.00	(0.85)	0.00	0.00	1.64	(2.62)	35.44
NHYKF	2.23	(0.15)	0.00	(0.39)	0.00	0.00	4.27	(4.68)	17.21
KALU	2.04	0.14	0.06	0.13	2.50	(2.35)	5.95	(4.35)	13.81

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