Alcoa Corp Correlations

AA Stock

USD 46.22 0.48 1.05%

The current 90-days correlation between Alcoa Corp and Knife River is 0.4 (i.e., Very weak 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 0.49 (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.

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

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

Moving together with Alcoa Stock

0.62	X	United States Steel	Pair Corr
0.85	OR	Osisko Gold Ro	Pair Corr
0.75	DRD	DRDGOLD Limited ADR	Pair Corr
0.62	ZKIN	ZK International	Pair Corr
0.67	KALU	Kaiser Aluminum	Pair Corr
0.69	RGLD	Royal Gold	Pair Corr
0.77	AUST	Austin Gold Corp	Pair Corr
0.91	CENX	Century Aluminum	Pair Corr
0.77	AG	First Majestic Silver	Pair Corr
0.73	CF	CF Industries Holdings	Pair Corr
0.89	IE	Ivanhoe Electric	Pair Corr

Moving against Alcoa Stock

0.84	GURE	Gulf Resources	Pair Corr
0.42	DOW	Dow Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.41	BAK	Braskem SA Class	Pair Corr
0.38	GOLD	Barrick Gold Corp Aggressive Push	Pair Corr
0.77	CSTM	Constellium Nv	Pair Corr
0.62	NG	NovaGold Resources	Pair Corr
0.42	AU	AngloGold Ashanti plc	Pair Corr
0.42	CE	Celanese	Pair Corr
0.39	NB	NioCorp Developments	Pair Corr
0.38	CX	Cemex SAB de	Pair Corr

Related Correlations Analysis

	SCRYX	MSTSX	MURIX	EPASX	SVII	VLSMX	KNF	AMYZF	FPCG	SLDBX
SCRYX		0.58	0.27	0.25	0.61	0.73	0.73	-0.63	0.0	-0.02	SCRYX
MSTSX	0.58		0.16	0.8	0.56	0.87	0.74	-0.66	0.0	0.33	MSTSX
MURIX	0.27	0.16		0.02	-0.21	0.44	-0.03	0.3	0.0	0.4	MURIX
EPASX	0.25	0.8	0.02		0.39	0.53	0.43	-0.47	0.0	0.34	EPASX
SVII	0.61	0.56	-0.21	0.39		0.5	0.73	-0.76	0.0	0.0	SVII
VLSMX	0.73	0.87	0.44	0.53	0.5		0.72	-0.53	0.0	0.36	VLSMX
KNF	0.73	0.74	-0.03	0.43	0.73	0.72		-0.86	0.0	0.21	KNF
AMYZF	-0.63	-0.66	0.3	-0.47	-0.76	-0.53	-0.86		0.0	-0.04	AMYZF
FPCG	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	FPCG
SLDBX	-0.02	0.33	0.4	0.34	0.0	0.36	0.21	-0.04	0.0		SLDBX
	SCRYX	MSTSX	MURIX	EPASX	SVII	VLSMX	KNF	AMYZF	FPCG	SLDBX

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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

VLSMX	+ 0.87	MSTSX
EPASX	+ 0.8	MSTSX
KNF	+ 0.74	MSTSX
VLSMX	+ 0.73	SCRYX
KNF	+ 0.73	SCRYX
KNF	+ 0.73	SVII

High negative correlations

AMYZF	- 0.86	KNF
AMYZF	- 0.76	SVII
AMYZF	- 0.66	MSTSX
AMYZF	- 0.63	SCRYX
AMYZF	- 0.53	VLSMX
AMYZF	- 0.47	EPASX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SCRYX	0.97	0.09	0.01	0.99	0.96	(1.10)	2.39	(1.69)	7.88
MSTSX	0.49	(0.03)	(0.09)	0.05	0.52	(0.59)	1.21	(1.02)	2.80
MURIX	0.39	(0.01)	0.00	0.21	0.00	0.00	0.80	(0.93)	3.44
EPASX	0.77	0.01	(0.08)	0.04	1.02	(0.83)	1.54	(1.67)	6.54
SVII	0.20	(0.02)	(0.11)	0.00	0.39	(0.32)	0.44	(0.53)	4.77
VLSMX	0.36	(0.03)	(0.14)	0.03	0.44	(0.38)	0.77	(0.76)	2.22
KNF	1.58	0.26	0.15	0.22	1.88	(1.66)	4.01	(2.46)	12.96
AMYZF	3.86	(0.16)	0.00	1.86	0.00	0.00	7.41	(8.75)	21.04
FPCG	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SLDBX	0.11	0.00	(0.58)	(0.19)	0.00	(0.16)	0.21	(0.21)	0.73

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