Axalta Coating Correlations

AXTA Stock

USD 30.52 0.42 1.36%

The current 90-days correlation between Axalta Coating Systems and Avient Corp is 0.83 (i.e., Very poor diversification). The correlation of Axalta Coating 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.

Axalta Coating Correlation With Market

Poor diversification

The correlation between Axalta Coating Systems and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axalta Coating Systems 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 Axalta Coating Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Axalta Stock

0.65	FEAM	5E Advanced Materials	Pair Corr
0.84	KRO	Kronos Worldwide	Pair Corr

Moving against Axalta Stock

0.37	CMT	Core Molding Technologies	Pair Corr
0.33	ECVT	Ecovyst	Pair Corr
0.32	KOP	Koppers Holdings	Pair Corr
0.31	FSI	Flexible Solutions	Pair Corr
0.55	ODC	Oil Dri	Pair Corr
0.5	SSL	Sasol	Pair Corr
0.38	PRM	Perimeter Solutions	Pair Corr
0.36	GEVO	Gevo Inc	Pair Corr
0.33	KWR	Quaker Chemical	Pair Corr

Related Correlations Analysis

	AVNT	FUL	KWR	CBT	IOSP	MTX	ODC	SXT	OEC	ECVT
AVNT		0.3	0.21	-0.38	0.37	0.44	0.25	0.57	-0.25	0.52	AVNT
FUL	0.3		0.84	0.3	0.14	0.49	0.73	0.78	-0.18	0.76	FUL
KWR	0.21	0.84		0.27	-0.03	0.41	0.86	0.73	-0.25	0.8	KWR
CBT	-0.38	0.3	0.27		0.32	0.19	-0.1	-0.16	0.7	-0.24	CBT
IOSP	0.37	0.14	-0.03	0.32		0.07	-0.32	0.17	0.49	-0.16	IOSP
MTX	0.44	0.49	0.41	0.19	0.07		0.29	0.19	-0.02	0.38	MTX
ODC	0.25	0.73	0.86	-0.1	-0.32	0.29		0.74	-0.55	0.92	ODC
SXT	0.57	0.78	0.73	-0.16	0.17	0.19	0.74		-0.41	0.86	SXT
OEC	-0.25	-0.18	-0.25	0.7	0.49	-0.02	-0.55	-0.41		-0.59	OEC
ECVT	0.52	0.76	0.8	-0.24	-0.16	0.38	0.92	0.86	-0.59		ECVT
	AVNT	FUL	KWR	CBT	IOSP	MTX	ODC	SXT	OEC	ECVT

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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

ECVT	+ 0.92	ODC
ODC	+ 0.86	KWR
ECVT	+ 0.86	SXT
KWR	+ 0.84	FUL
ECVT	+ 0.8	KWR
SXT	+ 0.78	FUL

High negative correlations

ECVT	- 0.59	OEC
OEC	- 0.55	ODC
OEC	- 0.41	SXT
CBT	- 0.38	AVNT
ODC	- 0.32	IOSP
OEC	- 0.25	KWR

Risk-Adjusted Indicators

There is a big difference between Axalta Stock performing well and Axalta Coating 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 Axalta Coating'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
AVNT	1.99	(0.15)	0.01	0.15	2.18	(2.30)	4.30	(3.72)	20.83
FUL	1.82	0.04	0.06	0.26	1.67	(2.29)	3.58	(3.42)	14.60
KWR	2.14	0.04	0.08	0.26	1.87	(2.64)	6.01	(3.74)	20.89
CBT	1.40	(0.20)	(0.09)	0.05	1.76	(1.61)	2.88	(2.55)	14.64
IOSP	1.20	(0.15)	(0.10)	0.08	1.50	(1.24)	2.65	(2.76)	11.52
MTX	1.81	(0.14)	(0.04)	0.11	2.58	(1.90)	4.15	(3.45)	18.95
ODC	1.45	0.34	0.14	0.80	1.31	(1.66)	3.66	(2.74)	12.23
SXT	1.41	0.48	0.33	0.92	0.58	(1.79)	4.91	(1.37)	15.95
OEC	2.42	(0.31)	(0.07)	0.00	3.44	(2.43)	4.20	(5.36)	23.00
ECVT	2.06	0.44	0.18	0.62	2.09	(2.35)	4.93	(4.08)	20.23

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