Alcoa Corp Correlations

AA Stock

USD 47.34 2.70 6.05%

The current 90-days correlation between Alcoa Corp and The Mosaic is 0.18 (i.e., Average 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 0.41 (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

0.83	ATYM	Atalaya Mining	Pair Corr
0.75	000630	Tongling Nonferrous	Pair Corr
0.81	GRX	GreenX Metals	Pair Corr
0.83	CAML	Central Asia Metals	Pair Corr
0.81	600362	Jiangxi Copper	Pair Corr
0.81	002379	Shandong Hongchuang	Pair Corr
0.64	601969	Hainan Mining	Pair Corr
0.75	601899	Zijin Mining Group	Pair Corr
0.75	601600	Aluminum Corp	Pair Corr

Moving against Alcoa Stock

0.76	300489	Optics Technology Holding	Pair Corr
0.7	601003	Liuzhou Iron Steel	Pair Corr
0.51	002743	Anhui Fuhuang Steel	Pair Corr
0.49	600255	Xinke Material	Pair Corr
0.76	MTLN	Metlen Energy Metals	Pair Corr
0.65	000761	Bengang Steel Plates	Pair Corr
0.56	601609	Ningbo Jintian Copper	Pair Corr
0.38	600399	Fushun Special Steel	Pair Corr

Related Correlations Analysis

	MOS	HMY	CDE	SUZ	WLK	ICL	MP	EMN	IAG	HL
MOS		-0.21	0.5	0.54	0.87	0.65	0.54	0.64	-0.57	-0.79	MOS
HMY	-0.21		0.59	-0.47	-0.17	-0.17	0.43	-0.27	0.81	0.65	HMY
CDE	0.5	0.59		-0.2	0.49	0.58	0.86	0.1	0.08	-0.11	CDE
SUZ	0.54	-0.47	-0.2		0.57	0.02	-0.13	0.71	-0.43	-0.49	SUZ
WLK	0.87	-0.17	0.49	0.57		0.61	0.52	0.82	-0.52	-0.62	WLK
ICL	0.65	-0.17	0.58	0.02	0.61		0.56	0.24	-0.61	-0.66	ICL
MP	0.54	0.43	0.86	-0.13	0.52	0.56		0.13	-0.05	-0.26	MP
EMN	0.64	-0.27	0.1	0.71	0.82	0.24	0.13		-0.4	-0.44	EMN
IAG	-0.57	0.81	0.08	-0.43	-0.52	-0.61	-0.05	-0.4		0.9	IAG
HL	-0.79	0.65	-0.11	-0.49	-0.62	-0.66	-0.26	-0.44	0.9		HL
	MOS	HMY	CDE	SUZ	WLK	ICL	MP	EMN	IAG	HL

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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

HL	+ 0.9	IAG
WLK	+ 0.87	MOS
MP	+ 0.86	CDE
EMN	+ 0.82	WLK
IAG	+ 0.81	HMY
EMN	+ 0.71	SUZ

High negative correlations

HL	- 0.79	MOS
HL	- 0.66	ICL
HL	- 0.62	WLK
IAG	- 0.61	ICL
IAG	- 0.57	MOS
IAG	- 0.52	WLK

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
MOS	1.67	(0.50)	0.00	(0.40)	0.00	0.00	2.67	(3.86)	15.03
HMY	2.96	0.43	0.13	0.33	3.39	(3.32)	6.79	(5.83)	23.88
CDE	3.47	0.16	0.04	0.17	4.81	(3.64)	7.43	(8.72)	27.75
SUZ	0.90	(0.05)	0.00	(0.05)	0.00	0.00	1.83	(1.68)	3.87
WLK	2.13	(0.35)	0.00	(0.10)	0.00	0.00	4.63	(4.13)	12.36
ICL	1.76	(0.33)	0.00	(0.27)	0.00	0.00	3.85	(3.68)	22.75
MP	4.19	(0.08)	(0.01)	0.01	5.17	(4.35)	8.61	(8.92)	32.15
EMN	1.78	(0.14)	0.00	(0.01)	0.00	0.00	4.42	(3.94)	9.50
IAG	2.70	0.61	0.16	0.46	3.52	(2.86)	6.69	(5.97)	19.71
HL	3.52	0.82	0.19	0.85	3.76	(3.90)	8.07	(6.38)	23.10

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