AutoZone Correlations

AZO Stock

USD 3,720 48.89 1.33%

The current 90-days correlation between AutoZone and OReilly Automotive is 0.8 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AutoZone moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AutoZone moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AutoZone Correlation With Market

Excellent diversification

The correlation between AutoZone and DJI is -0.51 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AutoZone and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with AutoZone Stock

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

To learn how to invest in AutoZone Stock, please use our How to Invest in AutoZone guide.

Moving together with AutoZone Stock

0.69

ASG

Autosports Group

Pair Corr

Moving against AutoZone Stock

0.58	FCAP	First Capital Trending	Pair Corr
0.56	SLF	Sun Life Financial Earnings Call This Week	Pair Corr
0.76	BAC	Bank of America Aggressive Push	Pair Corr
0.72	DIS	Walt Disney	Pair Corr
0.71	JPM	JPMorgan Chase	Pair Corr
0.66	AXP	American Express	Pair Corr
0.57	GE	GE Aerospace	Pair Corr
0.53	AA	Alcoa Corp Downward Rally	Pair Corr
0.32	WMT	Walmart Common Stock Aggressive Push	Pair Corr

Related Correlations Analysis

	ORLY	GM	HLT	ROST	F	RACE	CPNG	CPRT	MAR	TCOM
ORLY		-0.38	-0.14	-0.22	-0.17	0.04	0.12	0.24	-0.15	-0.39	ORLY
GM	-0.38		0.87	0.9	0.82	-0.77	-0.87	-0.49	0.84	-0.24	GM
HLT	-0.14	0.87		0.9	0.8	-0.78	-0.92	-0.36	0.97	-0.35	HLT
ROST	-0.22	0.9	0.9		0.78	-0.84	-0.88	-0.48	0.9	-0.33	ROST
F	-0.17	0.82	0.8	0.78		-0.62	-0.74	-0.25	0.77	-0.18	F
RACE	0.04	-0.77	-0.78	-0.84	-0.62		0.88	0.18	-0.7	0.65	RACE
CPNG	0.12	-0.87	-0.92	-0.88	-0.74	0.88		0.29	-0.89	0.46	CPNG
CPRT	0.24	-0.49	-0.36	-0.48	-0.25	0.18	0.29		-0.44	-0.23	CPRT
MAR	-0.15	0.84	0.97	0.9	0.77	-0.7	-0.89	-0.44		-0.26	MAR
TCOM	-0.39	-0.24	-0.35	-0.33	-0.18	0.65	0.46	-0.23	-0.26		TCOM
	ORLY	GM	HLT	ROST	F	RACE	CPNG	CPRT	MAR	TCOM

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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

MAR	+ 0.97	HLT
ROST	+ 0.9	GM
ROST	+ 0.9	HLT
MAR	+ 0.9	ROST
CPNG	+ 0.88	RACE
HLT	+ 0.87	GM

High negative correlations

CPNG	- 0.92	HLT
MAR	- 0.89	CPNG
CPNG	- 0.88	ROST
CPNG	- 0.87	GM
RACE	- 0.84	ROST
RACE	- 0.78	HLT

Risk-Adjusted Indicators

There is a big difference between AutoZone Stock performing well and AutoZone 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 AutoZone'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
ORLY	0.95	0.00	(0.02)	0.07	1.35	(0.91)	2.32	(2.35)	6.34
GM	1.37	0.30	0.18	0.35	1.24	(1.42)	3.93	(2.62)	11.37
HLT	1.04	0.21	0.18	0.28	0.91	(1.24)	2.63	(1.82)	7.52
ROST	0.79	0.24	0.24	0.37	0.54	(0.90)	1.44	(1.02)	11.17
F	1.22	0.04	0.04	0.10	1.20	(1.45)	3.38	(2.35)	7.16
RACE	1.32	(0.29)	0.00	(0.21)	0.00	0.00	2.01	(2.82)	7.22
CPNG	1.67	(0.77)	0.00	(1.20)	0.00	0.00	2.66	(5.07)	11.82
CPRT	1.01	(0.11)	0.00	(0.21)	0.00	0.00	2.22	(2.82)	6.69
MAR	1.26	0.27	0.21	0.28	0.98	(1.48)	3.48	(1.47)	8.46
TCOM	1.53	(0.23)	0.00	1.17	0.00	0.00	2.70	(3.34)	21.80

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