Alcoa Corp Correlations

AA Stock

USD 59.95 0.56 0.93%

The current 90-days correlation between Alcoa Corp and Blue Gold Limited is 0.12 (i.e., Average 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

Almost no diversification

The correlation between Alcoa Corp and DJI is 0.9 (i.e., Almost no 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.

Build AI portfolio with Alcoa Stock

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

0.93	B	Barrick Mining Symbol Change	Pair Corr
0.66	BP60	ALMA METALS LTD	Pair Corr
0.87	AG	First Majestic Silver Earnings Call This Week	Pair Corr
0.9	AP	Ampco Pittsburgh	Pair Corr
0.83	AU	AngloGold Ashanti plc Earnings Call This Week	Pair Corr
0.83	SRM	Seabridge Gold	Pair Corr
0.62	WA1	WA1 Resources	Pair Corr
0.87	HL	Hecla Mining Earnings Call This Week	Pair Corr
0.76	MT	ArcelorMittal SA ADR Sell-off Trend	Pair Corr
0.84	OR	Osisko Gold Ro	Pair Corr
0.83	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.84	WIA	WIA Gold	Pair Corr
0.83	SA	Seabridge Gold	Pair Corr
0.86	TX	Ternium SA ADR	Pair Corr
0.71	WS	Worthington Steel	Pair Corr
0.92	CUU	Copper Fox Metals	Pair Corr
0.83	VALE	Vale SA ADR Aggressive Push	Pair Corr
0.68	ARI	Arika Resources	Pair Corr
0.76	AML	Abcourt Mines Earnings Call This Week	Pair Corr
0.61	SRK	Strike Resources	Pair Corr
0.7	GCN	Goldcliff Resource Corp	Pair Corr
0.71	LY1	Lion One Metals	Pair Corr
0.91	H6F	ARIZONA SONORAN PER	Pair Corr
0.85	DHR	Discovery Harbour	Pair Corr
0.68	DV	Dolly Varden Silver	Pair Corr
0.8	P4Q	Perseus Mining Earnings Call This Week	Pair Corr
0.85	ELY	Ely Gold Royalties	Pair Corr
0.89	WPM	Wheaton Precious Metals	Pair Corr
0.74	KTN	Kootenay Silver	Pair Corr
0.78	CVA	Cleveland Cliffs	Pair Corr

Moving against Alcoa Stock

0.68	GML	Gateway Mining	Pair Corr
0.58	R8R	REGENER8 Resources	Pair Corr
0.36	FHS	Freehill Mining	Pair Corr
0.35	36G	GBM RESOURCES LTD	Pair Corr

Related Correlations Analysis

	VGZ	FF	BHST	USAU	LVRO	CMT	USGO	BGL
VGZ		0.49	-0.65	0.42	0.09	0.2	0.78	-0.3	VGZ
FF	0.49		-0.21	-0.15	0.25	0.19	0.34	0.13	FF
BHST	-0.65	-0.21		-0.52	0.16	-0.46	-0.42	0.82	BHST
USAU	0.42	-0.15	-0.52		-0.22	0.23	0.35	-0.47	USAU
LVRO	0.09	0.25	0.16	-0.22		-0.56	0.35	0.35	LVRO
CMT	0.2	0.19	-0.46	0.23	-0.56		-0.11	-0.45	CMT
USGO	0.78	0.34	-0.42	0.35	0.35	-0.11		-0.02	USGO
BGL	-0.3	0.13	0.82	-0.47	0.35	-0.45	-0.02		BGL
	VGZ	FF	BHST	USAU	LVRO	CMT	USGO	BGL

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

BGL	+ 0.82	BHST
USGO	+ 0.78	VGZ
FF	+ 0.49	VGZ
USAU	+ 0.42	VGZ
USGO	+ 0.35	USAU
USGO	+ 0.35	LVRO

High negative correlations

BHST	- 0.65	VGZ
CMT	- 0.56	LVRO
USAU	- 0.52	BHST
BGL	- 0.47	USAU
CMT	- 0.46	BHST
BGL	- 0.45	CMT

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
VGZ	5.08	0.77	0.13	0.49	5.68	(6.28)	14.65	(8.12)	33.87
FF	1.63	0.01	(0.01)	0.09	2.85	(1.58)	3.34	(3.56)	14.08
BHST	3.24	(0.54)	0.00	(1.05)	0.00	0.00	9.49	(7.59)	22.97
USAU	3.49	0.06	0.02	0.10	4.30	(3.99)	7.02	(7.25)	24.87
LVRO	7.67	0.48	0.08	0.24	6.48	(13.30)	14.81	(13.33)	160.48
CMT	2.00	(0.08)	0.00	(0.02)	0.00	0.00	3.78	(4.79)	13.25
USGO	3.66	0.22	0.05	0.22	4.52	(3.97)	9.48	(8.59)	22.95
BGL	8.64	(0.59)	0.00	(0.20)	0.00	0.00	16.96	(16.33)	124.55

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