Alcoa Corp Correlations

Stocks . USA . 
Stock . Alcoa Corp
AA Stock  USD 30.33  0.94  3.20%   
The current 90-days correlation between Alcoa Corp and Galiano Gold is 0.02 (i.e., Significant 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

Very weak diversification

The correlation between Alcoa Corp and DJI is 0.48 (i.e., Very weak 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.
  
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Moving against Alcoa Stock

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Related Correlations Analysis

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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   
PZG
+ 0.9
MUX
THM
+ 0.86
PZG
THM
+ 0.8
MUX
PZG
+ 0.73
GORO
THM
+ 0.64
GORO
MUX
+ 0.52
GORO
  
High negative correlations   
MUX
- 0.14
GAU
PZG
- 0.09
GAU
VGZ
- 0.07
MUX

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.

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