Goodyear Tire Correlations
| GT Stock | USD 11.93 0.03 0.25% |
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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Goodyear Tire moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Goodyear Tire Rubber moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Poor diversification
The correlation between Goodyear Tire Rubber and NYA is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goodyear Tire Rubber and NYA in the same portfolio, assuming nothing else is changed.
Goodyear |
The ability to find closely correlated positions to Goodyear Tire could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Goodyear Tire when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Goodyear Tire - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Goodyear Tire Rubber to buy it.
Moving together with Goodyear Stock
| 0.68 | VLCN | Volcon Inc Financial Report 3rd of May 2024 | PairCorr |
| 0.61 | BWA | BorgWarner Earnings Call Tomorrow | PairCorr |
Moving against Goodyear Stock
| 0.41 | TM | Toyota Motor Earnings Call This Week | PairCorr |
| 0.41 | EVTV | Envirotech Vehicles Report 23rd of September 2024 | PairCorr |
Related Correlations Analysis
| 0.12 | 0.34 | -0.07 | 0.21 | HSAI | ||
| 0.12 | 0.37 | 0.01 | -0.05 | ALLG | ||
| 0.34 | 0.37 | -0.49 | 0.21 | MBLY | ||
| -0.07 | 0.01 | -0.49 | -0.36 | QS | ||
| 0.21 | -0.05 | 0.21 | -0.36 | HYLN | ||
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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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| HSAI | 4.97 | (0.34) | 0.00 | (0.07) | 0.00 | 10.36 | 37.56 | |||
| ALLG | 5.22 | 0.46 | 0.10 | 0.17 | 5.71 | 10.39 | 65.76 | |||
| MBLY | 2.34 | (0.08) | (0.02) | (0.01) | 2.62 | 4.80 | 16.92 | |||
| QS | 2.68 | (0.39) | 0.00 | (0.09) | 0.00 | 5.69 | 16.25 | |||
| HYLN | 4.82 | 0.23 | 0.08 | 0.10 | 4.61 | 8.33 | 36.06 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Goodyear Tire without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Goodyear Tire Corporate Directors
Goodyear Tire corporate directors refer to members of a Goodyear Tire board of directors. The board of directors generally takes responsibility for the Goodyear Tire's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Goodyear Tire's board members must vote for the resolution. The Goodyear Tire board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Laurette Koellner | Director | Profile | |
| Thomas Williams | Director | Profile | |
| Stephanie Streeter | Independent Director | Profile | |
| Warren McCollough | Lead Independent Director | Profile |
Already Invested in Goodyear Tire Rubber?
The danger of trading Goodyear Tire Rubber is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Goodyear Tire is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Goodyear Tire. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Goodyear Tire Rubber is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Goodyear Tire Rubber is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Goodyear Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Goodyear Tire Rubber Stock. Highlighted below are key reports to facilitate an investment decision about Goodyear Tire Rubber 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 tightly coupled with the direction of predictive economic indicators such as signals in estimate. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Complementary Tools for Goodyear Stock analysis
When running Goodyear Tire's price analysis, check to measure Goodyear Tire's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Goodyear Tire is operating at the current time. Most of Goodyear Tire's value examination focuses on studying past and present price action to predict the probability of Goodyear Tire's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Goodyear Tire's price. Additionally, you may evaluate how the addition of Goodyear Tire to your portfolios can decrease your overall portfolio volatility.
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Is Goodyear Tire's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Goodyear Tire. If investors know Goodyear will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Goodyear Tire listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.66) | Earnings Share (2.42) | Revenue Per Share 70.407 | Quarterly Revenue Growth (0.05) | Return On Assets 0.0152 |
The market value of Goodyear Tire Rubber is measured differently than its book value, which is the value of Goodyear that is recorded on the company's balance sheet. Investors also form their own opinion of Goodyear Tire's value that differs from its market value or its book value, called intrinsic value, which is Goodyear Tire's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Goodyear Tire's market value can be influenced by many factors that don't directly affect Goodyear Tire's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Goodyear Tire's value and its price as these two are different measures arrived at by different means. Investors typically determine if Goodyear Tire is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Goodyear Tire's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.