Goodyear Tire Correlations

GT Stock

USD 10.36 0.32 3.00%

The current 90-days correlation between Goodyear Tire Rubber and Aptiv PLC is 0.36 (i.e., Weak diversification). The correlation of Goodyear Tire 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.

Goodyear Tire Correlation With Market

Very weak diversification

The correlation between Goodyear Tire Rubber and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goodyear Tire Rubber and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Goodyear Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Goodyear Tire Rubber. 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 Goodyear Stock

0.68	F	Ford Motor	Pair Corr
0.61	VC	Visteon Corp	Pair Corr
0.74	ALV	Autoliv	Pair Corr
0.71	BWA	BorgWarner	Pair Corr
0.67	CPS	Cooper Stnd	Pair Corr
0.61	DAN	Dana Inc Sell-off Trend	Pair Corr
0.75	GTX	Garrett Motion	Pair Corr
0.66	HMC	Honda Motor	Pair Corr
0.61	LOT	Lotus Technology American	Pair Corr
0.88	SES	SES AI Corp	Pair Corr
0.72	SMP	Standard Motor Products	Pair Corr

Moving against Goodyear Stock

0.89	ECDA	ECD Automotive Design	Pair Corr
0.76	WKHS	Workhorse Group	Pair Corr
0.7	VLCN	Volcon Inc	Pair Corr
0.49	EVTV	Envirotech Vehicles	Pair Corr
0.42	WKSP	Worksport	Pair Corr
0.44	FRSX	Foresight Autonomous	Pair Corr
0.41	GGR	Gogoro Inc	Pair Corr

Related Correlations Analysis

	ALSN	APTV	LKQ	LEA	MGA	DAN	ALV	CVGI	ADNT	BWA
ALSN		0.9	0.11	0.74	0.78	0.91	0.79	0.73	0.76	0.88	ALSN
APTV	0.9		-0.01	0.89	0.94	0.95	0.89	0.8	0.92	0.94	APTV
LKQ	0.11	-0.01		0.09	-0.06	-0.14	-0.26	0.16	-0.19	-0.1	LKQ
LEA	0.74	0.89	0.09		0.9	0.75	0.66	0.82	0.77	0.73	LEA
MGA	0.78	0.94	-0.06	0.9		0.87	0.85	0.82	0.93	0.86	MGA
DAN	0.91	0.95	-0.14	0.75	0.87		0.94	0.72	0.93	0.95	DAN
ALV	0.79	0.89	-0.26	0.66	0.85	0.94		0.55	0.94	0.96	ALV
CVGI	0.73	0.8	0.16	0.82	0.82	0.72	0.55		0.72	0.62	CVGI
ADNT	0.76	0.92	-0.19	0.77	0.93	0.93	0.94	0.72		0.91	ADNT
BWA	0.88	0.94	-0.1	0.73	0.86	0.95	0.96	0.62	0.91		BWA
	ALSN	APTV	LKQ	LEA	MGA	DAN	ALV	CVGI	ADNT	BWA

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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

BWA	+ 0.96	ALV
DAN	+ 0.95	APTV
BWA	+ 0.95	DAN
MGA	+ 0.94	APTV
BWA	+ 0.94	APTV
ALV	+ 0.94	DAN

High negative correlations

ALV	- 0.26	LKQ
ADNT	- 0.19	LKQ
DAN	- 0.14	LKQ
BWA	- 0.1	LKQ
MGA	- 0.06	LKQ
LKQ	- 0.01	APTV

Risk-Adjusted Indicators

There is a big difference between Goodyear Stock performing well and Goodyear Tire 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 Goodyear Tire'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
ALSN	1.59	0.05	0.01	15.28	2.41	(1.60)	3.79	(3.45)	12.91
APTV	2.21	0.10	0.04	0.10	2.96	(2.42)	4.55	(5.04)	19.44
LKQ	1.48	(0.17)	0.00	(0.19)	0.00	0.00	2.54	(2.76)	19.54
LEA	2.05	(0.06)	0.00	(0.02)	0.00	0.00	4.13	(4.18)	18.14
MGA	1.62	0.04	0.02	0.08	2.28	(1.66)	3.30	(4.16)	14.73
DAN	2.68	0.48	0.10	(1.61)	3.64	(2.59)	5.62	(6.18)	26.34
ALV	1.67	0.30	0.13	0.32	1.97	(1.76)	3.41	(3.70)	12.77
CVGI	5.19	0.05	0.00	(0.06)	6.11	(5.57)	12.61	(8.91)	26.22
ADNT	3.00	0.46	0.13	0.32	3.43	(3.50)	6.70	(5.83)	25.92
BWA	1.73	0.19	0.08	0.21	2.19	(1.81)	3.92	(4.55)	12.79

Goodyear Tire Corporate Management

Margaret Snyder	VP Controller	Profile
Mamatha Chamarthi	Senior Officer	Profile
David Esq	Senior Counsel	Profile
Will Roland	Senior Officer	Profile

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