Cleveland Cliffs Correlations

CLF Stock

USD 13.95 0.01 0.07%

The current 90-days correlation between Cleveland Cliffs and Freeport McMoran Copper Gold is 0.26 (i.e., Modest diversification). The correlation of Cleveland Cliffs 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.

Cleveland Cliffs Correlation With Market

Weak diversification

The correlation between Cleveland Cliffs and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cleveland Cliffs and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Cleveland Stock

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

For more detail on how to invest in Cleveland Stock please use our How to Invest in Cleveland Cliffs guide.

Moving together with Cleveland Stock

0.82	B	Barrick Mining Symbol Change	Pair Corr
0.93	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.91	AG	First Majestic Silver Aggressive Push	Pair Corr
0.84	AU	AngloGold Ashanti plc	Pair Corr
0.86	HL	Hecla Mining Aggressive Push	Pair Corr
0.91	MT	ArcelorMittal SA ADR Sell-off Trend	Pair Corr
0.9	NG	NovaGold Resources	Pair Corr
0.83	OR	Osisko Gold Ro	Pair Corr
0.79	WIA	WIA Gold	Pair Corr
0.9	SA	Seabridge Gold	Pair Corr
0.87	TX	Ternium SA ADR	Pair Corr
0.64	R8R	REGENER8 Resources	Pair Corr
0.84	VALE	Vale SA ADR	Pair Corr
0.84	GML	Gateway Mining	Pair Corr
0.67	SRK	Strike Resources	Pair Corr
0.87	002237	Shandong Humon Smelting	Pair Corr
0.85	DV	Dolly Varden Silver	Pair Corr
0.77	WPM	Wheaton Precious Metals	Pair Corr
0.76	KTN	Kootenay Silver	Pair Corr
0.85	FEX	FENIX Resources	Pair Corr
0.81	DBO	Diablo Resources	Pair Corr

Moving against Cleveland Stock

0.76	AP	Ampco Pittsburgh	Pair Corr
0.43	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.58	ARI	Arika Resources	Pair Corr
0.47	300337	Yinbang Clad Material	Pair Corr
0.32	VG	Volcanic Gold Mines	Pair Corr
0.63	JAIBALAJI	Jai Balaji Industries	Pair Corr
0.46	000409	Yunding Technology	Pair Corr

Related Correlations Analysis

	FCX	GGB	MT	NUE	STLD	VALE
FCX		0.04	-0.23	0.44	-0.08	-0.07	FCX
GGB	0.04		0.84	-0.22	0.86	0.9	GGB
MT	-0.23	0.84		-0.43	0.9	0.85	MT
NUE	0.44	-0.22	-0.43		-0.36	-0.37	NUE
STLD	-0.08	0.86	0.9	-0.36		0.86	STLD
VALE	-0.07	0.9	0.85	-0.37	0.86		VALE
	FCX	GGB	MT	NUE	STLD	VALE

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

VALE	+ 0.9	GGB
STLD	+ 0.9	MT
STLD	+ 0.86	GGB
VALE	+ 0.86	STLD
VALE	+ 0.85	MT
MT	+ 0.84	GGB

High negative correlations

NUE	- 0.43	MT
VALE	- 0.37	NUE
STLD	- 0.36	NUE
MT	- 0.23	FCX
NUE	- 0.22	GGB
STLD	- 0.08	FCX

Risk-Adjusted Indicators

There is a big difference between Cleveland Stock performing well and Cleveland Cliffs 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 Cleveland Cliffs' 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
FCX	1.98	(0.14)	0.00	(0.02)	0.00	0.00	3.85	(5.94)	20.70
GGB	1.45	0.09	0.06	0.14	1.55	(1.68)	2.86	(2.75)	7.64
MT	1.63	0.14	0.09	0.16	1.74	(1.92)	3.60	(2.76)	12.04
NUE	1.32	(0.09)	(0.04)	(0.01)	1.74	(1.41)	2.70	(2.69)	9.21
STLD	1.54	0.11	0.08	0.15	1.64	(1.79)	3.05	(2.98)	10.58
VALE	0.98	0.22	0.14	0.37	1.08	(1.05)	2.42	(2.21)	6.32

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