Avery Dennison Correlations

AVY Stock

USD 191.32 0.08 0.04%

The current 90-days correlation between Avery Dennison Corp and Packaging Corp of is 0.05 (i.e., Significant diversification). The correlation of Avery Dennison 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.

Avery Dennison Correlation With Market

Weak diversification

The correlation between Avery Dennison Corp and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avery Dennison 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 Avery Dennison 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 real.

Moving together with Avery Stock

0.81	OI	O I Glass	Pair Corr
0.91	CCK	Crown Holdings	Pair Corr
0.79	GPK	Graphic Packaging Holding	Pair Corr
0.73	MYE	Myers Industries	Pair Corr
0.72	SEE	Sealed Air	Pair Corr
0.86	SON	Sonoco Products	Pair Corr
0.85	TRS	TriMas	Pair Corr
0.91	AMBP	Ardagh Metal Packaging	Pair Corr
0.94	AMCR	Amcor PLC Aggressive Push	Pair Corr
0.91	BALL	Ball	Pair Corr
0.76	VIRC	Virco Manufacturing	Pair Corr
0.91	EBET	Ebet Inc	Pair Corr
0.83	F-PB	Ford Motor	Pair Corr
0.79	F-PC	Ford Motor	Pair Corr
0.84	F-PD	F PD	Pair Corr
0.8	EXTO	Almacenes xito SA	Pair Corr
0.74	WPRT	Westport Fuel Systems	Pair Corr
0.72	DSS	DSS Inc	Pair Corr

Moving against Avery Stock

0.81	PTVE	Pactiv Evergreen	Pair Corr
0.58	SW	Smurfit WestRock plc	Pair Corr
0.46	KRT	Karat Packaging	Pair Corr
0.39	DRVN	Driven Brands Holdings	Pair Corr
0.38	IP	International Paper	Pair Corr
0.31	WBUY	WEBUY GLOBAL LTD	Pair Corr
0.72	WNW	Meiwu Technology	Pair Corr
0.71	KAR	KAR Auction Services	Pair Corr
0.67	NCL	Northann Corp	Pair Corr
0.62	FATBP	FAT Brands	Pair Corr
0.47	FLUT	Flutter Entertainment plc	Pair Corr
0.46	AIN	Albany International	Pair Corr
0.34	ECG	Everus Construction Buyout Trend	Pair Corr

Related Correlations Analysis

	PKG	WRK	OI	SLGN	SEE	IP	SON	PTVE	MYE	CCK
PKG		0.57	0.23	0.89	0.33	0.87	-0.04	0.04	-0.31	0.08	PKG
WRK	0.57		-0.08	0.69	0.1	0.5	-0.03	0.51	-0.15	-0.32	WRK
OI	0.23	-0.08		0.36	0.65	-0.05	0.7	-0.8	0.5	0.84	OI
SLGN	0.89	0.69	0.36		0.5	0.74	0.23	-0.02	-0.07	0.21	SLGN
SEE	0.33	0.1	0.65	0.5		0.01	0.73	-0.54	0.59	0.78	SEE
IP	0.87	0.5	-0.05	0.74	0.01		-0.35	0.21	-0.57	-0.22	IP
SON	-0.04	-0.03	0.7	0.23	0.73	-0.35		-0.61	0.79	0.79	SON
PTVE	0.04	0.51	-0.8	-0.02	-0.54	0.21	-0.61		-0.43	-0.9	PTVE
MYE	-0.31	-0.15	0.5	-0.07	0.59	-0.57	0.79	-0.43		0.62	MYE
CCK	0.08	-0.32	0.84	0.21	0.78	-0.22	0.79	-0.9	0.62		CCK
	PKG	WRK	OI	SLGN	SEE	IP	SON	PTVE	MYE	CCK

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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

SLGN	+ 0.89	PKG
IP	+ 0.87	PKG
CCK	+ 0.84	OI
MYE	+ 0.79	SON
CCK	+ 0.79	SON
CCK	+ 0.78	SEE

High negative correlations

CCK	- 0.9	PTVE
PTVE	- 0.8	OI
PTVE	- 0.61	SON
MYE	- 0.57	IP
PTVE	- 0.54	SEE
MYE	- 0.43	PTVE

Risk-Adjusted Indicators

There is a big difference between Avery Stock performing well and Avery Dennison 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 Avery Dennison'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
PKG	0.75	0.12	0.14	0.35	0.67	(0.78)	1.21	(1.33)	7.45
WRK	1.18	0.08	0.06	0.77	1.26	(1.27)	2.75	(2.33)	9.53
OI	2.01	(0.35)	0.00	(0.41)	0.00	0.00	4.45	(4.14)	12.01
SLGN	0.84	0.04	0.04	0.15	1.06	(0.86)	1.66	(1.92)	5.76
SEE	1.21	(0.01)	0.00	(0.05)	1.67	(1.11)	1.99	(2.44)	8.02
IP	1.22	0.26	0.18	0.52	1.16	(1.28)	2.84	(1.83)	16.18
SON	0.89	(0.18)	0.00	(0.48)	0.00	0.00	1.59	(2.04)	5.06
PTVE	1.53	0.65	0.51	(14.35)	0.57	(1.90)	5.59	(1.64)	18.83
MYE	2.08	(0.12)	0.00	2.55	0.00	0.00	3.75	(4.06)	12.86
CCK	0.93	(0.12)	0.00	(0.35)	0.00	0.00	1.66	(2.11)	7.10

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