Celanese Correlations

CE Stock

USD 45.31 2.96 6.99%

The current 90-days correlation between Celanese and Huntsman is 0.07 (i.e., Significant diversification). The correlation of Celanese 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.

Celanese Correlation With Market

Weak diversification

The correlation between Celanese and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Celanese and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Celanese Stock

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

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

Moving together with Celanese Stock

0.88	RS	Reliance Steel Aluminum	Pair Corr
0.81	DOW	Dow Inc Aggressive Push	Pair Corr

Moving against Celanese Stock

0.8	AU	AngloGold Ashanti plc	Pair Corr
0.8	AEM	Agnico Eagle Mines	Pair Corr
0.79	OR	Osisko Gold Ro	Pair Corr
0.78	EGO	Eldorado Gold Corp	Pair Corr
0.76	CDE	Coeur Mining	Pair Corr
0.75	B	Barrick Mining Symbol Change	Pair Corr
0.75	NG	NovaGold Resources	Pair Corr
0.75	CMC	Commercial Metals	Pair Corr
0.74	EQX	Equinox Gold Corp	Pair Corr
0.72	BTG	B2Gold Corp	Pair Corr
0.7	DRD	DRDGOLD Limited ADR	Pair Corr
0.66	TX	Ternium SA ADR	Pair Corr
0.63	SA	Seabridge Gold	Pair Corr
0.59	AGI	Alamos Gold	Pair Corr
0.59	CLF	Cleveland Cliffs Aggressive Push	Pair Corr
0.57	AG	First Majestic Silver	Pair Corr
0.56	CNL	Collective Mining	Pair Corr
0.47	DC	Dakota Gold Corp	Pair Corr
0.43	MT	ArcelorMittal SA ADR	Pair Corr
0.43	DVS	Dolly Varden Silver Downward Rally	Pair Corr
0.4	AA	Alcoa Corp	Pair Corr
0.86	PRS	Prudential Financial	Pair Corr
0.85	IDR	Idaho Strategic Resources	Pair Corr
0.84	KGC	Kinross Gold Aggressive Push	Pair Corr
0.84	NEM	Newmont Goldcorp Corp	Pair Corr
0.83	GFI	Gold Fields	Pair Corr
0.8	MSB	Mesabi Trust	Pair Corr
0.79	FNV	Franco Nevada	Pair Corr
0.75	PFH	Prudential Financial 4125	Pair Corr
0.74	GAU	Galiano Gold	Pair Corr
0.71	FSM	Fortuna Silver Mines	Pair Corr
0.7	IAG	IAMGold Aggressive Push	Pair Corr

Related Correlations Analysis

	HUN	BAK	DOW	ASIX	EMN	LYB	IFF	FMC	AVY
HUN		0.75	0.77	0.74	0.8	0.86	0.65	0.76	0.55	HUN
BAK	0.75		0.52	0.61	0.54	0.61	0.51	0.63	0.41	BAK
DOW	0.77	0.52		0.9	0.86	0.82	0.74	0.76	0.72	DOW
ASIX	0.74	0.61	0.9		0.82	0.76	0.68	0.76	0.69	ASIX
EMN	0.8	0.54	0.86	0.82		0.96	0.89	0.9	0.71	EMN
LYB	0.86	0.61	0.82	0.76	0.96		0.9	0.93	0.66	LYB
IFF	0.65	0.51	0.74	0.68	0.89	0.9		0.95	0.76	IFF
FMC	0.76	0.63	0.76	0.76	0.9	0.93	0.95		0.79	FMC
AVY	0.55	0.41	0.72	0.69	0.71	0.66	0.76	0.79		AVY
	HUN	BAK	DOW	ASIX	EMN	LYB	IFF	FMC	AVY

Risk-Adjusted Indicators

There is a big difference between Celanese Stock performing well and Celanese 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 Celanese'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
HUN	2.55	(0.09)	0.24	5.86	(5.41)	16.03
BAK	2.77	(0.44)	(0.24)	5.26	(5.36)	22.97
DOW	2.29	(0.33)	(0.06)	4.99	(4.81)	23.23
ASIX	1.85	(0.47)	(0.16)	4.47	(3.41)	9.11
EMN	1.82	(0.14)	0.16	4.42	(3.13)	23.77
LYB	2.08	(0.20)	2.98	5.30	(4.78)	15.46
IFF	1.25	(0.28)	(1.69)	2.09	(2.91)	8.41
FMC	1.65	(0.41)	(0.76)	3.44	(3.65)	10.45
AVY	0.95	(0.22)	(0.15)	1.66	(1.81)	4.89

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