Alcoa Corp Correlations

AA Stock

USD 35.53 1.74 5.15%

The current 90-days correlation between Alcoa Corp and Golden Minerals is -0.06 (i.e., Good 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

Very weak diversification

The correlation between Alcoa Corp and DJI is 0.52 (i.e., Very weak 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.

Build AI portfolio with Alcoa Stock

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

0.73	CMC	Commercial Metals	Pair Corr
0.82	GGB	Gerdau SA ADR	Pair Corr
0.72	THM	International Tower Hill	Pair Corr
0.77	STLD	Steel Dynamics	Pair Corr
0.8	CENX	Century Aluminum	Pair Corr
0.77	CSTM	Constellium Nv	Pair Corr
0.64	PTAIY	Astra International Tbk	Pair Corr
0.72	ENTO	Entero Therapeutics,	Pair Corr
0.68	VPV	Invesco Pennsylvania	Pair Corr
0.78	SCCO	Southern Copper	Pair Corr
0.75	REI	Ring Energy	Pair Corr
0.69	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.72	IDR	Idaho Strategic Resources Downward Rally	Pair Corr
0.69	OBE	Obsidian Energy	Pair Corr

Moving against Alcoa Stock

0.57	ADVWW	Advantage Solutions	Pair Corr
0.41	CRS	Carpenter Technology	Pair Corr
0.38	TM	Trigon Metals	Pair Corr
0.37	WOR	Worthington Industries	Pair Corr
0.52	PTAIF	PT Astra International	Pair Corr
0.49	PPERY	Bank Mandiri Persero	Pair Corr
0.4	BKRKF	PT Bank Rakyat	Pair Corr
0.35	PPERF	Bank Mandiri Persero	Pair Corr

Related Correlations Analysis

	AUMN	GAU	GORO	MUX	PZG	THM	VGZ
AUMN		0.69	0.73	0.91	0.85	0.83	0.93	AUMN
GAU	0.69		0.54	0.72	0.87	0.86	0.79	GAU
GORO	0.73	0.54		0.83	0.74	0.57	0.78	GORO
MUX	0.91	0.72	0.83		0.91	0.83	0.9	MUX
PZG	0.85	0.87	0.74	0.91		0.87	0.91	PZG
THM	0.83	0.86	0.57	0.83	0.87		0.84	THM
VGZ	0.93	0.79	0.78	0.9	0.91	0.84		VGZ
	AUMN	GAU	GORO	MUX	PZG	THM	VGZ

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
AUMN	5.80	1.99	0.29	(0.94)	4.87	(8.06)	13.79	(7.69)	40.09
GAU	3.12	1.07	0.27	6.84	3.11	(3.80)	6.81	(4.42)	33.90
GORO	4.30	0.38	0.07	(5.03)	3.75	(7.13)	13.33	(7.41)	26.71
MUX	2.58	0.78	0.25	83.16	2.26	(2.91)	6.61	(4.68)	23.92
PZG	2.77	0.86	0.24	1.74	2.58	(3.75)	7.63	(4.55)	16.73
THM	4.22	1.05	0.27	0.60	3.49	(5.35)	11.98	(5.99)	23.92
VGZ	3.27	1.31	0.36	(4.91)	2.44	(4.05)	12.20	(4.44)	23.02

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