AdvanSix Correlations

ASIX Stock

USD 21.93 0.74 3.26%

The current 90-days correlation between AdvanSix and Donnelley Financial Solutions is 0.54 (i.e., Very weak diversification). The correlation of AdvanSix 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.

AdvanSix Correlation With Market

Poor diversification

The correlation between AdvanSix and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AdvanSix and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with AdvanSix Stock

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

For more information on how to buy AdvanSix Stock please use our How to Invest in AdvanSix guide.

Moving together with AdvanSix Stock

0.72	CE	Celanese	Pair Corr
0.68	CF	CF Industries Holdings	Pair Corr
0.65	NX	Quanex Building Products	Pair Corr
0.66	TT	Trane Technologies plc Earnings Call This Week	Pair Corr
0.63	WDFC	WD 40 Company	Pair Corr

Moving against AdvanSix Stock

0.35	NB	NioCorp Developments	Pair Corr
0.54	AMR	Alpha Metallurgical	Pair Corr
0.48	WLKP	Westlake Chemical	Pair Corr
0.43	FEAM	5E Advanced Materials	Pair Corr
0.4	AGI	Alamos Gold Earnings Call This Week	Pair Corr
0.38	HYMCL	Hycroft Mining Holding	Pair Corr

Related Correlations Analysis

	ARCB	DFIN	GPRE	GTX	LXU	MEOH	REZI
ARCB		0.86	0.93	0.5	0.74	0.53	0.88	ARCB
DFIN	0.86		0.84	0.56	0.93	0.77	0.95	DFIN
GPRE	0.93	0.84		0.55	0.78	0.54	0.86	GPRE
GTX	0.5	0.56	0.55		0.51	0.41	0.65	GTX
LXU	0.74	0.93	0.78	0.51		0.83	0.92	LXU
MEOH	0.53	0.77	0.54	0.41	0.83		0.68	MEOH
REZI	0.88	0.95	0.86	0.65	0.92	0.68		REZI
	ARCB	DFIN	GPRE	GTX	LXU	MEOH	REZI

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Risk-Adjusted Indicators

There is a big difference between AdvanSix Stock performing well and AdvanSix 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 AdvanSix'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
ARCB	2.51	(0.03)	0.12	0.22	2.45	(2.99)	6.05	(4.02)	18.84
DFIN	1.19	0.37	0.29	0.56	0.64	(1.38)	3.78	(1.52)	8.51
GPRE	3.04	1.16	0.35	1.20	2.37	(3.72)	8.00	(4.02)	22.66
GTX	1.98	0.15	0.09	0.32	2.45	(2.18)	6.51	(2.90)	23.60
LXU	1.95	0.70	0.28	1.50	1.64	(2.39)	5.35	(2.91)	12.27
MEOH	1.78	0.14	0.04	0.41	1.92	(1.81)	4.58	(3.21)	12.75
REZI	1.69	0.31	0.27	0.43	1.10	(2.06)	4.99	(2.41)	12.63

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