Cleveland Cliffs Correlations

CLF Stock

USD 7.02 0.31 4.23%

The current 90-days correlation between Cleveland Cliffs and Nucor Corp is 0.78 (i.e., Poor 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

Very weak diversification

The correlation between Cleveland Cliffs and DJI is 0.53 (i.e., Very 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 bureau of economic analysis.

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

0.62	HYMCL	Hycroft Mining Holding	Pair Corr
0.8	DOW	Dow Inc	Pair Corr

Moving against Cleveland Stock

0.55	AU	AngloGold Ashanti plc	Pair Corr
0.54	OR	Osisko Gold Ro	Pair Corr
0.49	CNL	Collective Mining	Pair Corr
0.45	AEM	Agnico Eagle Mines	Pair Corr
0.4	X	United States Steel	Pair Corr
0.38	CDE	Coeur Mining	Pair Corr
0.33	DRD	DRDGOLD Limited ADR	Pair Corr
0.58	EGO	Eldorado Gold Corp	Pair Corr
0.53	KGC	Kinross Gold Aggressive Push	Pair Corr
0.46	HMY	Harmony Gold Mining	Pair Corr
0.46	ODV	Osisko Development Corp	Pair Corr
0.43	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.42	NGD	New Gold	Pair Corr
0.39	IAG	IAMGold	Pair Corr
0.37	FNV	Franco Nevada	Pair Corr
0.35	GFI	Gold Fields	Pair Corr
0.33	MAG	MAG Silver Corp	Pair Corr

Related Correlations Analysis

	NUE	STLD	MT	GGB	X	RS	CMC	PKX	TX	SID
NUE		0.57	0.67	0.74	0.13	0.43	0.66	0.8	0.81	0.57	NUE
STLD	0.57		0.81	0.51	0.39	0.89	0.84	0.15	0.63	0.27	STLD
MT	0.67	0.81		0.7	0.31	0.69	0.84	0.51	0.83	0.56	MT
GGB	0.74	0.51	0.7		0.45	0.59	0.82	0.68	0.82	0.33	GGB
X	0.13	0.39	0.31	0.45		0.66	0.58	-0.01	0.25	-0.45	X
RS	0.43	0.89	0.69	0.59	0.66		0.89	0.07	0.58	-0.02	RS
CMC	0.66	0.84	0.84	0.82	0.58	0.89		0.4	0.78	0.23	CMC
PKX	0.8	0.15	0.51	0.68	-0.01	0.07	0.4		0.7	0.59	PKX
TX	0.81	0.63	0.83	0.82	0.25	0.58	0.78	0.7		0.58	TX
SID	0.57	0.27	0.56	0.33	-0.45	-0.02	0.23	0.59	0.58		SID
	NUE	STLD	MT	GGB	X	RS	CMC	PKX	TX	SID

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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

RS	+ 0.89	STLD
CMC	+ 0.89	RS
CMC	+ 0.84	STLD
CMC	+ 0.84	MT
TX	+ 0.83	MT
CMC	+ 0.82	GGB

High negative correlations

SID	- 0.45	X
SID	- 0.02	RS
PKX	- 0.01	X

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
NUE	2.10	(0.01)	0.00	0.01	3.25	(2.06)	4.25	(5.79)	17.46
STLD	2.04	0.08	0.03	0.07	2.57	(2.15)	4.34	(4.01)	15.47
MT	1.94	(0.04)	0.00	(0.01)	0.00	0.00	4.03	(3.49)	20.46
GGB	2.16	(0.01)	0.00	0.01	2.70	(2.39)	4.96	(4.31)	14.01
X	2.26	0.54	0.19	1.04	2.47	(2.84)	4.50	(4.10)	25.71
RS	1.19	0.15	0.08	0.19	1.51	(1.23)	3.03	(2.08)	9.87
CMC	1.73	0.11	0.04	0.10	2.50	(1.70)	5.10	(4.14)	16.19
PKX	1.74	(0.17)	0.00	(0.16)	0.00	0.00	3.75	(3.94)	14.43
TX	1.70	(0.04)	0.00	(0.03)	0.00	0.00	3.43	(5.03)	9.62
SID	2.45	(0.27)	0.00	(0.20)	0.00	0.00	4.38	(6.45)	19.59

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