Aurora Cannabis Correlations

ACB Stock

USD 5.53 0.41 8.01%

The current 90-days correlation between Aurora Cannabis and Alpha Teknova is -0.07 (i.e., Good diversification). The correlation of Aurora Cannabis 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.

Aurora Cannabis Correlation With Market

Modest diversification

The correlation between Aurora Cannabis and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aurora Cannabis and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Aurora Stock

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

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

Moving together with Aurora Stock

0.78	NVO	Novo Nordisk AS Aggressive Push	Pair Corr
0.64	MVP	Medical Developments	Pair Corr
0.65	SNES	SenesTech	Pair Corr

Moving against Aurora Stock

0.79	TLK	Telkom Indonesia Tbk	Pair Corr
0.73	EC	Ecopetrol SA ADR	Pair Corr
0.64	SHG	Shinhan Financial	Pair Corr
0.63	MTC	MMTEC Inc Tech Boost	Pair Corr
0.56	GSK	GlaxoSmithKline PLC ADR	Pair Corr
0.54	KB	KB Financial Group	Pair Corr
0.47	MRK	Merck Company Aggressive Push	Pair Corr
0.44	AZN	AstraZeneca PLC ADR	Pair Corr
0.41	JNJ	Johnson Johnson	Pair Corr
0.35	VFS	VinFast Auto	Pair Corr
0.72	NHIC	NewHold Investment Corp	Pair Corr
0.69	DD	Dupont De Nemours	Pair Corr
0.66	DRXGF	Drax Group plc	Pair Corr
0.64	XOM	Exxon Mobil Corp	Pair Corr
0.64	CSCO	Cisco Systems	Pair Corr
0.59	AXP	American Express	Pair Corr
0.57	AAPL	Apple Inc	Pair Corr
0.56	JBHT	JB Hunt Transport	Pair Corr
0.55	CAT	Caterpillar Sell-off Trend	Pair Corr
0.5	BAC	Bank of America Aggressive Push	Pair Corr
0.45	GKOS	Glaukos Corp	Pair Corr
0.39	TRV	The Travelers Companies	Pair Corr
0.35	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	TKNO	CGC	LFCR	BIOA	IRWD	OGI	HITI	LFMD	ACRS	EDIT
TKNO		0.47	-0.59	-0.42	-0.61	0.54	0.57	0.69	-0.45	0.75	TKNO
CGC	0.47		-0.29	-0.38	-0.53	0.87	0.7	0.54	-0.43	0.6	CGC
LFCR	-0.59	-0.29		0.45	0.61	-0.34	-0.4	-0.6	0.46	-0.75	LFCR
BIOA	-0.42	-0.38	0.45		0.87	-0.49	-0.85	-0.87	0.96	-0.64	BIOA
IRWD	-0.61	-0.53	0.61	0.87		-0.57	-0.9	-0.95	0.87	-0.74	IRWD
OGI	0.54	0.87	-0.34	-0.49	-0.57		0.76	0.62	-0.54	0.72	OGI
HITI	0.57	0.7	-0.4	-0.85	-0.9	0.76		0.91	-0.87	0.71	HITI
LFMD	0.69	0.54	-0.6	-0.87	-0.95	0.62	0.91		-0.88	0.83	LFMD
ACRS	-0.45	-0.43	0.46	0.96	0.87	-0.54	-0.87	-0.88		-0.66	ACRS
EDIT	0.75	0.6	-0.75	-0.64	-0.74	0.72	0.71	0.83	-0.66		EDIT
	TKNO	CGC	LFCR	BIOA	IRWD	OGI	HITI	LFMD	ACRS	EDIT

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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

ACRS	+ 0.96	BIOA
LFMD	+ 0.91	HITI
OGI	+ 0.87	CGC
IRWD	+ 0.87	BIOA
ACRS	+ 0.87	IRWD
EDIT	+ 0.83	LFMD

High negative correlations

LFMD	- 0.95	IRWD
HITI	- 0.9	IRWD
ACRS	- 0.88	LFMD
ACRS	- 0.87	HITI
LFMD	- 0.87	BIOA
HITI	- 0.85	BIOA

Risk-Adjusted Indicators

There is a big difference between Aurora Stock performing well and Aurora Cannabis 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 Aurora Cannabis' 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
TKNO	3.53	0.03	0.02	0.10	3.91	(4.04)	9.56	(6.92)	23.63
CGC	4.84	0.45	0.10	0.35	4.61	(6.51)	8.55	(7.01)	34.13
LFCR	2.11	(0.06)	0.01	0.05	2.68	(2.36)	5.19	(3.80)	13.62
BIOA	3.67	1.51	0.39	1.49	2.65	(4.25)	10.57	(4.93)	37.31
IRWD	5.70	1.65	0.36	0.82	4.01	(7.94)	14.23	(7.74)	41.10
OGI	3.13	0.01	0.01	0.08	3.04	(4.06)	7.01	(5.45)	22.48
HITI	2.69	(0.37)	0.00	(0.27)	0.00	0.00	7.29	(5.09)	17.81
LFMD	2.68	(0.98)	0.00	(0.36)	0.00	0.00	4.00	(6.79)	19.29
ACRS	4.07	0.73	0.18	0.52	3.83	(4.92)	8.84	(7.32)	26.60
EDIT	4.09	(0.15)	0.00	(0.01)	0.00	0.00	10.29	(8.82)	25.73

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