American Axle Correlations

AXL Stock

USD 7.97 0.11 1.36%

The current 90-days correlation between American Axle Manufa and Standard Motor Products is 0.65 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as American Axle moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if American Axle Manufacturing moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

American Axle Correlation With Market

Poor diversification

The correlation between American Axle Manufacturing and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding American Axle Manufacturing and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with American Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in American Axle Manufacturing. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with American Stock

0.78	ABV	Advanced Braking Tec	Pair Corr
0.63	VFC	VF Corporation	Pair Corr
0.65	ZTO	ZTO Express	Pair Corr
0.88	GOLD	Gold Inc Earnings Call This Week	Pair Corr
0.89	KGC	Kinross Gold	Pair Corr
0.87	AOS	Smith AO	Pair Corr
0.94	FTAI	FTAI Aviation	Pair Corr
0.81	IFSPF	Interfor	Pair Corr
0.85	NOSUF	Nerds on Site	Pair Corr
0.63	CLWT	Euro Tech Holdings	Pair Corr
0.79	ZLDAF	Zelira Therapeutics	Pair Corr
0.86	ITNF	Internet Infinity	Pair Corr
0.72	WBTNF	Weebit Nano Limited Downward Rally	Pair Corr
0.69	ACN	Accenture plc	Pair Corr
0.76	EVGRF	China Evergrande New	Pair Corr
0.81	GPHOF	Graphite One	Pair Corr
0.74	NKTX	Nkarta Inc	Pair Corr
0.66	LSBK	Lake Shore Bancorp	Pair Corr

Moving against American Stock

0.64	VC	Visteon Corp	Pair Corr
0.47	WKSP	Worksport	Pair Corr
0.45	DDT	Datadot Technology	Pair Corr
0.41	INVZ	Innoviz Technologies	Pair Corr
0.48	ATMV	ATMV Old Symbol Change	Pair Corr

Related Correlations Analysis

	SMP	PLOW	SES	ECX	BJRI	CARS	AEVA	CPS	XPEL	CBRL
SMP		0.72	0.47	0.13	0.4	0.12	0.5	0.43	0.32	0.54	SMP
PLOW	0.72		0.26	-0.31	0.86	0.47	0.59	0.29	0.82	0.14	PLOW
SES	0.47	0.26		0.62	0.03	-0.23	0.58	0.0	-0.13	0.66	SES
ECX	0.13	-0.31	0.62		-0.52	-0.67	0.14	-0.15	-0.7	0.69	ECX
BJRI	0.4	0.86	0.03	-0.52		0.66	0.46	0.1	0.9	-0.1	BJRI
CARS	0.12	0.47	-0.23	-0.67	0.66		0.23	0.33	0.77	-0.5	CARS
AEVA	0.5	0.59	0.58	0.14	0.46	0.23		0.41	0.37	0.57	AEVA
CPS	0.43	0.29	0.0	-0.15	0.1	0.33	0.41		0.21	0.14	CPS
XPEL	0.32	0.82	-0.13	-0.7	0.9	0.77	0.37	0.21		-0.3	XPEL
CBRL	0.54	0.14	0.66	0.69	-0.1	-0.5	0.57	0.14	-0.3		CBRL
	SMP	PLOW	SES	ECX	BJRI	CARS	AEVA	CPS	XPEL	CBRL

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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

XPEL	+ 0.9	BJRI
BJRI	+ 0.86	PLOW
XPEL	+ 0.82	PLOW
XPEL	+ 0.77	CARS
PLOW	+ 0.72	SMP
CBRL	+ 0.69	ECX

High negative correlations

XPEL	- 0.7	ECX
CARS	- 0.67	ECX
BJRI	- 0.52	ECX
CBRL	- 0.5	CARS
ECX	- 0.31	PLOW
CBRL	- 0.3	XPEL

Risk-Adjusted Indicators

There is a big difference between American Stock performing well and American Axle 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 American Axle'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
SMP	1.30	(0.03)	(0.01)	0.01	1.55	(1.36)	3.07	(2.18)	7.22
PLOW	1.23	0.24	0.22	0.22	0.92	(1.60)	3.22	(1.80)	8.83
SES	4.65	(0.22)	0.00	(0.04)	0.00	0.00	10.80	(8.37)	28.94
ECX	4.33	(0.30)	0.00	(0.25)	0.00	0.00	8.25	(10.48)	26.42
BJRI	1.93	0.42	0.21	0.33	1.57	(2.24)	4.29	(2.95)	21.89
CARS	1.81	(0.01)	0.00	0.03	2.03	(2.11)	3.99	(3.44)	10.98
AEVA	5.74	(0.25)	0.00	(0.05)	0.00	0.00	16.00	(10.24)	48.05
CPS	2.40	(0.27)	0.00	(0.14)	0.00	0.00	5.82	(5.11)	17.42
XPEL	1.67	0.52	0.29	0.46	1.43	(1.96)	4.45	(2.59)	11.45
CBRL	2.99	(0.25)	0.00	(0.10)	0.00	0.00	7.62	(5.32)	13.71

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