AutoZone Correlations

AZO Stock

USD 3,645 0.68 0.02%

The current 90-days correlation between AutoZone and Advance Auto Parts is 0.42 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AutoZone moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AutoZone moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AutoZone Correlation With Market

Very weak diversification

The correlation between AutoZone and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AutoZone and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with AutoZone Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in AutoZone. 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.

To learn how to invest in AutoZone Stock, please use our How to Invest in AutoZone guide.

Moving against AutoZone Stock

0.75	ABG	Asbury Automotive	Pair Corr
0.73	TLF	Tandy Leather Factory	Pair Corr
0.7	VSCO	Victorias Secret	Pair Corr
0.68	RH	RH	Pair Corr
0.68	FLWS	1 800 FLOWERSCOM	Pair Corr
0.67	DIT	AMCON Distributing Downward Rally	Pair Corr
0.66	FND	Floor Decor Holdings	Pair Corr
0.65	BQ	Boqii Holding Limited	Pair Corr
0.64	LAD	Lithia Motors	Pair Corr
0.63	FL	Foot Locker	Pair Corr
0.63	WEYS	Weyco Group	Pair Corr
0.6	BBY	Best Buy	Pair Corr
0.55	HD	Home Depot Earnings Call This Week	Pair Corr
0.55	LE	Lands End	Pair Corr
0.55	ETSY	Etsy Inc	Pair Corr
0.51	LOW	Lowes Companies Earnings Call This Week	Pair Corr
0.48	JL	J Long Group	Pair Corr
0.48	ASO	Academy Sports Outdoors	Pair Corr
0.43	HVT	Haverty Furniture	Pair Corr
0.81	LVLU	Lulus Fashion Lounge	Pair Corr
0.72	GNLN	Greenlane Holdings	Pair Corr
0.68	ARHS	Arhaus Inc	Pair Corr
0.65	TTSH	Tile Shop Holdings	Pair Corr
0.61	JFBR	Jeffs Brands	Pair Corr
0.59	GLBE	Global E Online	Pair Corr
0.58	HOUR	Hour Loop	Pair Corr
0.58	LOGC	Contextlogic	Pair Corr
0.58	AENT	Alliance Entertainment	Pair Corr
0.58	AMZN	Amazon Inc Aggressive Push	Pair Corr
0.58	BC	Brunswick	Pair Corr
0.55	H	Hyatt Hotels Sell-off Trend	Pair Corr

Related Correlations Analysis

	AAP	TSCO	GPC	FIVE	WSM	ULTA	BBY	RH	DKS	WOOF
AAP		0.7	0.5	0.39	0.75	-0.23	0.7	0.67	0.63	-0.22	AAP
TSCO	0.7		0.67	0.45	0.77	-0.17	0.71	0.64	0.68	-0.27	TSCO
GPC	0.5	0.67		0.58	0.73	0.0	0.68	0.57	0.6	-0.47	GPC
FIVE	0.39	0.45	0.58		0.74	0.47	0.76	0.74	0.69	-0.01	FIVE
WSM	0.75	0.77	0.73	0.74		-0.09	0.92	0.89	0.82	-0.29	WSM
ULTA	-0.23	-0.17	0.0	0.47	-0.09		0.1	0.07	0.1	0.6	ULTA
BBY	0.7	0.71	0.68	0.76	0.92	0.1		0.96	0.9	-0.2	BBY
RH	0.67	0.64	0.57	0.74	0.89	0.07	0.96		0.91	-0.16	RH
DKS	0.63	0.68	0.6	0.69	0.82	0.1	0.9	0.91		-0.09	DKS
WOOF	-0.22	-0.27	-0.47	-0.01	-0.29	0.6	-0.2	-0.16	-0.09		WOOF
	AAP	TSCO	GPC	FIVE	WSM	ULTA	BBY	RH	DKS	WOOF

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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

RH	+ 0.96	BBY
BBY	+ 0.92	WSM
DKS	+ 0.91	RH
DKS	+ 0.9	BBY
RH	+ 0.89	WSM
DKS	+ 0.82	WSM

High negative correlations

WOOF	- 0.47	GPC
WOOF	- 0.29	WSM
WOOF	- 0.27	TSCO
ULTA	- 0.23	AAP
WOOF	- 0.22	AAP
WOOF	- 0.2	BBY

Risk-Adjusted Indicators

There is a big difference between AutoZone Stock performing well and AutoZone 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 AutoZone'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
AAP	2.64	(0.45)	0.00	(0.48)	0.00	0.00	6.74	(6.84)	24.97
TSCO	1.61	(0.09)	0.00	(0.19)	0.00	0.00	2.77	(3.41)	10.41
GPC	1.55	0.16	0.08	0.12	2.05	(1.53)	2.80	(3.09)	10.00
FIVE	3.69	0.56	0.08	0.19	5.55	(4.19)	7.64	(5.11)	34.51
WSM	2.64	(0.09)	0.00	(0.14)	0.00	0.00	4.06	(5.62)	20.33
ULTA	2.08	0.34	0.13	0.21	2.34	(2.30)	4.45	(4.35)	18.25
BBY	2.37	(0.05)	0.00	(0.11)	0.00	0.00	3.99	(6.13)	21.90
RH	4.61	(0.34)	0.00	(0.18)	0.00	0.00	10.92	(10.12)	46.55
DKS	2.50	(0.10)	0.00	0.40	0.00	0.00	4.26	(4.73)	20.55
WOOF	3.23	0.34	0.08	0.22	3.81	(3.77)	6.44	(6.71)	43.53

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