Advance Auto Correlations

AAP Stock

USD 58.86 0.01 0.02%

The current 90-days correlation between Advance Auto Parts and Academy Sports Outdoors is 0.25 (i.e., Modest diversification). The correlation of Advance Auto 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.

Advance Auto Correlation With Market

Good diversification

The correlation between Advance Auto Parts and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Advance Auto Parts and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Advance Stock

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

Moving together with Advance Stock

0.77

AZO

AutoZone

Pair Corr

Moving against Advance Stock

0.78	CK3	Cars Inc	Pair Corr
0.59	GPI	Group 1 Automotive	Pair Corr
0.5	SA8A	Sonic Automotive Earnings Call This Week	Pair Corr
0.5	LMO	Lithia Motors	Pair Corr
0.49	ABG	Asbury Automotive	Pair Corr
0.43	LAD	Lithia Motors Earnings Call This Week	Pair Corr
0.43	SAH	Sonic Automotive Earnings Call This Week	Pair Corr
0.42	PWR	Peter Warren Automotive Earnings Call This Week	Pair Corr
0.39	MRE	Martinrea International	Pair Corr
0.32	IXD1	Industria de Diseno	Pair Corr
0.78	0C6	CarGurus Earnings Call This Week	Pair Corr
0.67	AG1	AUTO1 Group SE	Pair Corr
0.59	AWG	Asbury Automotive	Pair Corr
0.53	XKR	KAR Auction Services Earnings Call This Week	Pair Corr
0.48	MUSA	Murphy USA	Pair Corr
0.41	HA5	China Harmony Auto	Pair Corr
0.31	NAAS	Naas Technology ADR	Pair Corr

Related Correlations Analysis

	ASO	RH	VSCO	BKE	AEO	VC	PTON	DRVN	FUN	COLM
ASO		0.81	0.92	-0.15	0.75	-0.35	-0.63	0.87	0.65	0.66	ASO
RH	0.81		0.86	-0.28	0.6	-0.54	-0.48	0.71	0.69	0.35	RH
VSCO	0.92	0.86		-0.22	0.85	-0.49	-0.56	0.79	0.55	0.53	VSCO
BKE	-0.15	-0.28	-0.22		-0.09	0.59	0.26	-0.14	-0.36	-0.04	BKE
AEO	0.75	0.6	0.85	-0.09		-0.35	-0.35	0.54	0.16	0.43	AEO
VC	-0.35	-0.54	-0.49	0.59	-0.35		0.38	-0.31	-0.4	0.12	VC
PTON	-0.63	-0.48	-0.56	0.26	-0.35	0.38		-0.79	-0.58	-0.72	PTON
DRVN	0.87	0.71	0.79	-0.14	0.54	-0.31	-0.79		0.74	0.77	DRVN
FUN	0.65	0.69	0.55	-0.36	0.16	-0.4	-0.58	0.74		0.46	FUN
COLM	0.66	0.35	0.53	-0.04	0.43	0.12	-0.72	0.77	0.46		COLM
	ASO	RH	VSCO	BKE	AEO	VC	PTON	DRVN	FUN	COLM

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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

VSCO	+ 0.92	ASO
DRVN	+ 0.87	ASO
VSCO	+ 0.86	RH
AEO	+ 0.85	VSCO
RH	+ 0.81	ASO
DRVN	+ 0.79	VSCO

High negative correlations

DRVN	- 0.79	PTON
COLM	- 0.72	PTON
PTON	- 0.63	ASO
FUN	- 0.58	PTON
PTON	- 0.56	VSCO
VC	- 0.54	RH

Risk-Adjusted Indicators

There is a big difference between Advance Stock performing well and Advance Auto 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 Advance Auto'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
ASO	2.32	0.34	0.16	0.26	2.04	(2.67)	5.20	(3.51)	12.70
RH	2.84	0.31	0.13	0.19	2.77	(3.38)	6.78	(4.97)	15.48
VSCO	2.99	0.77	0.31	0.69	2.27	(3.92)	5.93	(4.23)	22.84
BKE	1.27	(0.05)	0.00	(0.08)	0.00	0.00	2.73	(3.04)	9.51
AEO	2.33	0.52	0.21	0.49	2.04	(2.63)	5.78	(3.78)	19.55
VC	1.71	(0.10)	0.00	(0.01)	0.00	0.00	4.40	(3.27)	8.70
PTON	2.49	(0.90)	0.00	(0.31)	0.00	0.00	5.47	(6.14)	31.83
DRVN	1.69	0.25	0.16	0.27	1.40	(2.10)	3.92	(2.80)	9.77
FUN	2.95	(0.13)	(0.01)	0.01	3.58	(3.16)	5.52	(6.52)	16.17
COLM	2.00	0.28	0.15	0.26	1.85	(2.47)	3.74	(3.25)	21.48

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