Alcoa Corp Correlations

AA Stock

USD 28.65 0.53 1.88%

The current 90-days correlation between Alcoa Corp and Eldorado Gold Corp is 0.28 (i.e., Modest diversification). The correlation of Alcoa Corp 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.

Alcoa Corp Correlation With Market

Poor diversification

The correlation between Alcoa Corp 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 Alcoa Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Alcoa Stock

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

For information on how to trade Alcoa Stock refer to our How to Trade Alcoa Stock guide.

Moving together with Alcoa Stock

0.95	OLN	Olin	Pair Corr
0.93	CC	Chemours	Pair Corr
0.88	CE	Celanese	Pair Corr
0.68	CX	Cemex SAB de Aggressive Push	Pair Corr
0.66	DC	Dakota Gold Corp	Pair Corr
0.91	DD	Dupont De Nemours	Pair Corr
0.7	EU	enCore Energy Corp	Pair Corr
0.83	FF	FutureFuel Corp	Pair Corr
0.92	NX	Quanex Building Products	Pair Corr
0.74	OC	Owens Corning	Pair Corr
0.65	TX	Ternium SA ADR	Pair Corr
0.8	WS	Worthington Steel	Pair Corr
0.85	HYMCW	Hycroft Mining Holding	Pair Corr

Moving against Alcoa Stock

0.85	RGLD	Royal Gold	Pair Corr
0.81	SAND	Sandstorm Gold	Pair Corr
0.78	AEM	Agnico Eagle Mines	Pair Corr
0.78	WPM	Wheaton Precious Metals	Pair Corr
0.78	AU	AngloGold Ashanti plc	Pair Corr
0.76	FNV	Franco Nevada	Pair Corr
0.75	DRD	DRDGOLD Limited ADR	Pair Corr
0.74	GFI	Gold Fields Sell-off Trend	Pair Corr
0.73	OR	Osisko Gold Ro	Pair Corr
0.56	FSM	Fortuna Silver Mines Sell-off Trend	Pair Corr
0.56	X	United States Steel	Pair Corr
0.64	NC	NACCO Industries	Pair Corr
0.35	NB	NioCorp Developments	Pair Corr
0.77	VOXR	Vox Royalty Corp	Pair Corr

Related Correlations Analysis

	EGO	KGC	HMY	CDE	FSM	PAAS	IAG	FTCO	GAU	GLDG
EGO		0.97	0.96	0.06	0.82	0.44	0.85	-0.77	0.57	-0.1	EGO
KGC	0.97		0.95	0.16	0.79	0.43	0.9	-0.79	0.63	-0.11	KGC
HMY	0.96	0.95		0.07	0.85	0.47	0.89	-0.67	0.49	-0.05	HMY
CDE	0.06	0.16	0.07		0.22	0.43	0.29	0.02	0.49	0.46	CDE
FSM	0.82	0.79	0.85	0.22		0.58	0.74	-0.44	0.38	0.18	FSM
PAAS	0.44	0.43	0.47	0.43	0.58		0.56	-0.13	0.47	0.68	PAAS
IAG	0.85	0.9	0.89	0.29	0.74	0.56		-0.58	0.57	0.06	IAG
FTCO	-0.77	-0.79	-0.67	0.02	-0.44	-0.13	-0.58		-0.62	0.27	FTCO
GAU	0.57	0.63	0.49	0.49	0.38	0.47	0.57	-0.62		0.23	GAU
GLDG	-0.1	-0.11	-0.05	0.46	0.18	0.68	0.06	0.27	0.23		GLDG
	EGO	KGC	HMY	CDE	FSM	PAAS	IAG	FTCO	GAU	GLDG

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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

KGC	+ 0.97	EGO
HMY	+ 0.96	EGO
HMY	+ 0.95	KGC
IAG	+ 0.9	KGC
IAG	+ 0.89	HMY
IAG	+ 0.85	EGO

High negative correlations

FTCO	- 0.79	KGC
FTCO	- 0.77	EGO
FTCO	- 0.67	HMY
GAU	- 0.62	FTCO
FTCO	- 0.58	IAG
FTCO	- 0.44	FSM

Risk-Adjusted Indicators

There is a big difference between Alcoa Stock performing well and Alcoa Corp 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 Alcoa Corp'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
EGO	2.40	0.46	0.13	0.77	3.29	(2.43)	5.60	(5.86)	14.25
KGC	2.23	0.29	0.09	0.58	3.20	(2.19)	5.04	(5.38)	14.24
HMY	3.22	0.37	0.09	0.61	4.03	(3.35)	9.10	(7.65)	20.77
CDE	3.84	0.39	0.08	0.19	4.26	(4.38)	8.51	(7.90)	19.99
FSM	3.13	0.21	0.05	0.18	4.48	(3.19)	6.16	(8.16)	23.78
PAAS	2.68	0.01	0.00	(0.06)	0.00	0.00	5.02	(4.73)	17.23
IAG	3.04	0.09	0.02	0.06	4.78	(2.77)	5.75	(7.09)	22.39
FTCO	2.48	(0.72)	0.00	(1.33)	0.00	0.00	4.26	(6.65)	25.92
GAU	3.87	0.59	0.13	0.98	4.41	(4.31)	7.38	(7.14)	28.87
GLDG	2.06	(0.04)	0.00	(0.27)	0.00	0.00	4.17	(3.70)	11.41

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