Joby Aviation Correlations

JOBY Stock

USD 17.51 0.08 0.45%

The current 90-days correlation between Joby Aviation and Grupo Aeroportuario del is 0.04 (i.e., Significant diversification). The correlation of Joby Aviation 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.

Joby Aviation Correlation With Market

Average diversification

The correlation between Joby Aviation and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Joby Aviation and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Joby Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Joby Aviation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

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

Moving together with Joby Stock

0.67	OMAB	Grupo Aeroportuario del	Pair Corr
0.8	BLDE	Blade Air Mobility Potential Growth	Pair Corr
0.9	J	Jacobs Solutions	Pair Corr
0.82	R	Ryder System Earnings Call This Week	Pair Corr
0.84	DIST	Distoken Acquisition	Pair Corr
0.8	AZ	A2Z Smart Technologies	Pair Corr
0.81	BA	Boeing Earnings Call This Week	Pair Corr
0.85	BE	Bloom Energy Corp Earnings Call This Week	Pair Corr
0.68	BZ	Kanzhun Ltd ADR	Pair Corr
0.65	CR	Crane Company Earnings Call This Week	Pair Corr
0.68	CW	Curtiss Wright	Pair Corr
0.73	DY	Dycom Industries	Pair Corr
0.89	GD	General Dynamics	Pair Corr
0.74	GE	GE Aerospace	Pair Corr
0.68	IR	Ingersoll Rand Earnings Call This Week	Pair Corr

Moving against Joby Stock

0.61	SOAR	Volato Group	Pair Corr
0.41	ASLE	AerSale Corp	Pair Corr
0.79	PC	Premium Catering	Pair Corr
0.65	NL	NL Industries	Pair Corr
0.49	VATE	Innovate Corp	Pair Corr
0.46	GP	GreenPower Motor	Pair Corr
0.4	FC	Franklin Covey	Pair Corr
0.36	WM	Waste Management	Pair Corr

Related Correlations Analysis

	BLDE	UP	CHR	PAC	CAAP	ACHR	RKLB	EVTL
BLDE		0.52	0.71	0.68	0.16	0.54	0.46	0.86	BLDE
UP	0.52		0.12	0.34	0.64	0.43	-0.14	0.48	UP
CHR	0.71	0.12		0.68	-0.2	0.5	0.8	0.52	CHR
PAC	0.68	0.34	0.68		0.15	0.51	0.43	0.61	PAC
CAAP	0.16	0.64	-0.2	0.15		0.2	-0.43	0.38	CAAP
ACHR	0.54	0.43	0.5	0.51	0.2		0.55	0.51	ACHR
RKLB	0.46	-0.14	0.8	0.43	-0.43	0.55		0.28	RKLB
EVTL	0.86	0.48	0.52	0.61	0.38	0.51	0.28		EVTL
	BLDE	UP	CHR	PAC	CAAP	ACHR	RKLB	EVTL

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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

EVTL	+ 0.86	BLDE
RKLB	+ 0.8	CHR
CHR	+ 0.71	BLDE
PAC	+ 0.68	BLDE
PAC	+ 0.68	CHR
CAAP	+ 0.64	UP

High negative correlations

RKLB	- 0.43	CAAP
CAAP	- 0.2	CHR
RKLB	- 0.14	UP

Risk-Adjusted Indicators

There is a big difference between Joby Stock performing well and Joby Aviation 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 Joby Aviation'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
BLDE	3.02	0.30	0.25	0.36	1.95	(3.90)	7.77	(3.49)	23.00
UP	5.94	0.89	0.14	0.79	6.19	(6.84)	16.16	(12.14)	41.91
CHR	1.23	0.32	0.06	(3.78)	0.91	(1.67)	3.66	(1.86)	8.67
PAC	1.28	0.10	(0.04)	0.61	1.33	(1.45)	2.66	(1.95)	10.35
CAAP	1.31	0.05	(0.04)	0.33	1.27	(1.57)	2.64	(2.20)	7.14
ACHR	4.51	0.20	0.06	0.36	5.44	(4.94)	9.55	(8.94)	37.74
RKLB	3.54	0.96	0.27	0.82	3.08	(4.32)	10.54	(5.46)	21.47
EVTL	5.43	0.56	0.13	0.41	7.16	(5.82)	14.49	(7.35)	49.91

Joby Aviation Corporate Management

Justin Lang	Head of Partnerships & Corporate Strategy	Profile
Sergei Novikov	Principal Controller	Profile
Eric Allison	Chief Officer	Profile
Paul Sciarra	Executive Chairman of the Board	Profile

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