Aerojet Rocketdyne Correlations

Summary

AJRDDelisted Stock

USD 56.22 0.02 0.04%

The current 90-days correlation between Aerojet Rocketdyne and AAR Corp is -0.02 (i.e., Good diversification). The correlation of Aerojet Rocketdyne 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.

Aerojet Rocketdyne Correlation With Market

Significant diversification

The correlation between Aerojet Rocketdyne Holdings and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aerojet Rocketdyne Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving against Aerojet Stock

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0.55	MSFT	Microsoft	Pair Corr
0.54	AMZN	Amazon Inc Earnings Call This Week	Pair Corr
0.49	IBM	International Business Tech Boost	Pair Corr
0.43	BMYMP	Bristol Myers Squibb Earnings Call This Week	Pair Corr
0.37	GOOG	Alphabet Class C Earnings Call This Week	Pair Corr
0.37	AXP	American Express	Pair Corr
0.35	CSCO	Cisco Systems	Pair Corr

Related Correlations Analysis

	AIR	CW	HXL	KAMN	MOG-A	MRCY	DCO	PKE	ISSC	NPK
AIR		0.46	0.52	0.28	0.48	0.55	0.86	0.64	0.46	0.17	AIR
CW	0.46		0.12	-0.22	0.77	0.36	0.44	0.54	-0.11	-0.15	CW
HXL	0.52	0.12		0.72	-0.22	0.49	0.5	0.32	0.78	0.77	HXL
KAMN	0.28	-0.22	0.72		-0.39	0.58	0.37	0.1	0.75	0.74	KAMN
MOG-A	0.48	0.77	-0.22	-0.39		0.3	0.39	0.48	-0.4	-0.45	MOG-A
MRCY	0.55	0.36	0.49	0.58	0.3		0.65	0.45	0.48	0.53	MRCY
DCO	0.86	0.44	0.5	0.37	0.39	0.65		0.6	0.55	0.16	DCO
PKE	0.64	0.54	0.32	0.1	0.48	0.45	0.6		0.21	0.15	PKE
ISSC	0.46	-0.11	0.78	0.75	-0.4	0.48	0.55	0.21		0.7	ISSC
NPK	0.17	-0.15	0.77	0.74	-0.45	0.53	0.16	0.15	0.7		NPK
	AIR	CW	HXL	KAMN	MOG-A	MRCY	DCO	PKE	ISSC	NPK

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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

DCO	+ 0.86	AIR
ISSC	+ 0.78	HXL
MOG-A	+ 0.77	CW
NPK	+ 0.77	HXL
ISSC	+ 0.75	KAMN
NPK	+ 0.74	KAMN

High negative correlations

NPK	- 0.45	MOG-A
ISSC	- 0.4	MOG-A
MOG-A	- 0.39	KAMN
MOG-A	- 0.22	HXL
KAMN	- 0.22	CW
NPK	- 0.15	CW

Risk-Adjusted Indicators

There is a big difference between Aerojet Stock performing well and Aerojet Rocketdyne 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 Aerojet Rocketdyne'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
AIR	1.58	0.15	0.05	0.52	1.84	(1.66)	2.85	(3.07)	15.31
CW	1.47	(0.02)	(0.01)	0.03	3.02	(1.28)	2.96	(5.33)	16.04
HXL	1.31	0.02	0.00	0.10	1.64	(1.35)	2.81	(3.13)	8.49
KAMN	1.85	0.09	0.02	0.25	2.21	(1.87)	5.37	(3.75)	14.48
MOG-A	1.57	(0.10)	0.00	(0.11)	0.00	0.00	2.37	(3.15)	22.04
MRCY	1.95	0.34	0.14	0.58	1.92	(2.26)	3.16	(3.76)	29.10
DCO	1.49	0.13	0.04	0.35	1.97	(1.61)	3.18	(4.41)	12.14
PKE	1.54	0.02	0.00	0.10	1.72	(1.84)	3.03	(3.01)	12.76
ISSC	1.81	0.73	0.38	1.85	1.04	(2.23)	5.14	(2.29)	15.24
NPK	1.21	0.37	0.23	1.84	1.04	(1.38)	2.81	(1.83)	8.03

Aerojet Rocketdyne Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Aerojet Rocketdyne stock to make a market-neutral strategy. Peer analysis of Aerojet Rocketdyne could also be used in its relative valuation, which is a method of valuing Aerojet Rocketdyne by comparing valuation metrics with similar companies.

AAR Corp Curtiss Wright Hexcel Kaman Moog Inc Mercury Systems Ducommun Incorporated Park Electrochemical Innovative Solutions and National Presto Industries L3Harris Technologies AeroVironment Textron American Airlines Group Alcoa Corp

Risk & Return

Correlation

Still Interested in Aerojet Rocketdyne Holdings?

Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

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