Alcoa Correlations

AAI Stock

45.83 1.29 2.90%

The current 90-days correlation between Alcoa and Pinnacle Investment Management is 0.43 (i.e., Very weak diversification). The correlation of Alcoa 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.

Alcoa Correlation With Market

Modest diversification

The correlation between Alcoa and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alcoa and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Alcoa could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Alcoa when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Alcoa - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Alcoa to buy it.

Moving together with Alcoa Stock

0.75	SFR	Sandfire Resources	Pair Corr
0.85	WBCPJ	Westpac Banking	Pair Corr
0.62	BIS	Bisalloy Steel Group	Pair Corr

Moving against Alcoa Stock

0.59	NST	Northern Star Resources	Pair Corr
0.31	EVN	Evolution Mining	Pair Corr

Related Correlations Analysis

	POL	PNI	TRM	SEG	SLB	SNC	PAI	FSI
POL		-0.65	0.42	-0.62	0.65	-0.4	-0.81	-0.44	POL
PNI	-0.65		-0.33	0.44	-0.64	0.76	0.83	0.62	PNI
TRM	0.42	-0.33		-0.65	0.43	0.06	-0.54	-0.22	TRM
SEG	-0.62	0.44	-0.65		-0.52	0.17	0.78	0.39	SEG
SLB	0.65	-0.64	0.43	-0.52		-0.39	-0.73	-0.39	SLB
SNC	-0.4	0.76	0.06	0.17	-0.39		0.55	0.35	SNC
PAI	-0.81	0.83	-0.54	0.78	-0.73	0.55		0.61	PAI
FSI	-0.44	0.62	-0.22	0.39	-0.39	0.35	0.61		FSI
	POL	PNI	TRM	SEG	SLB	SNC	PAI	FSI

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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

PAI	+ 0.83	PNI
PAI	+ 0.78	SEG
SNC	+ 0.76	PNI
SLB	+ 0.65	POL
FSI	+ 0.62	PNI
FSI	+ 0.61	PAI

High negative correlations

PAI	- 0.81	POL
PAI	- 0.73	SLB
SEG	- 0.65	TRM
PNI	- 0.65	POL
SLB	- 0.64	PNI
SEG	- 0.62	POL

Risk-Adjusted Indicators

There is a big difference between Alcoa Stock performing well and Alcoa 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'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
POL	2.64	0.05	0.00	0.09	0.00	0.00	4.71	(4.94)	23.69
PNI	1.98	0.42	0.17	0.91	1.84	(2.29)	5.10	(3.69)	10.62
TRM	1.07	(0.21)	0.00	1.44	0.00	0.00	0.00	(5.45)	35.38
SEG	1.77	0.26	0.03	0.59	2.27	(6.85)	4.35	(4.17)	23.33
SLB	2.48	0.10	0.00	1.01	3.28	(6.44)	11.11	(6.67)	28.61
SNC	0.97	0.11	0.01	0.51	0.85	(1.95)	2.50	(2.38)	6.45
PAI	0.69	0.18	0.06	1.48	0.39	(1.20)	1.83	(0.96)	3.85
FSI	0.56	0.07	(0.03)	2.09	0.70	(1.51)	2.56	(1.59)	7.42

Be your own money manager

Our tools can tell you how much better you can do entering a position in Alcoa without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Alcoa Corporate Management

Elected by the shareholders, the Alcoa's board of directors comprises two types of representatives: Alcoa inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Alcoa. The board's role is to monitor Alcoa's management team and ensure that shareholders' interests are well served. Alcoa's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Alcoa's outside directors are responsible for providing unbiased perspectives on the board's policies.

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Andrew Hastings	Executive Counsel	Profile
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Heather Hudak	Senior Tax	Profile

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