AutoZone Correlations

AZO Stock

USD 3,784 44.85 1.17%

The current 90-days correlation between AutoZone and OReilly Automotive is 0.83 (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

Very good diversification

The correlation between AutoZone and DJI is -0.27 (i.e., Very good 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

0.78	AAP	Advance Auto Parts	Pair Corr
0.65	APE	Eagers Automotive	Pair Corr

Moving against AutoZone Stock

0.65	LAD	Lithia Motors	Pair Corr
0.57	IXD1	Industria de Diseno	Pair Corr
0.54	ABG	Asbury Automotive	Pair Corr
0.41	SA8A	Sonic Automotive	Pair Corr
0.34	GPI	Group 1 Automotive	Pair Corr
0.65	LMO	Lithia Motors	Pair Corr
0.63	CK3	Cars Inc Earnings Call Tomorrow	Pair Corr
0.45	SAH	Sonic Automotive	Pair Corr
0.36	VTU	Vertu Motors Plc	Pair Corr
0.32	BHJC	Bilia AB	Pair Corr
0.68	XKR	KAR Auction Services	Pair Corr
0.58	AWG	Asbury Automotive	Pair Corr
0.54	AG1	AUTO1 Group SE	Pair Corr
0.51	0C6	CarGurus	Pair Corr
0.44	MUSA	Murphy USA	Pair Corr
0.44	HA5	China Harmony Auto	Pair Corr

Related Correlations Analysis

	ORLY	GM	HLT	ROST	F	RACE	CPNG	CPRT	MAR	TCOM
ORLY		-0.52	-0.31	-0.34	-0.29	-0.01	0.28	0.31	-0.33	-0.13	ORLY
GM	-0.52		0.61	0.7	0.73	-0.61	-0.67	-0.1	0.52	-0.22	GM
HLT	-0.31	0.61		0.87	0.77	-0.44	-0.91	-0.23	0.96	-0.7	HLT
ROST	-0.34	0.7	0.87		0.85	-0.5	-0.84	-0.36	0.86	-0.63	ROST
F	-0.29	0.73	0.77	0.85		-0.42	-0.75	-0.28	0.75	-0.46	F
RACE	-0.01	-0.61	-0.44	-0.5	-0.42		0.63	-0.38	-0.27	0.48	RACE
CPNG	0.28	-0.67	-0.91	-0.84	-0.75	0.63		0.09	-0.86	0.76	CPNG
CPRT	0.31	-0.1	-0.23	-0.36	-0.28	-0.38	0.09		-0.33	0.17	CPRT
MAR	-0.33	0.52	0.96	0.86	0.75	-0.27	-0.86	-0.33		-0.68	MAR
TCOM	-0.13	-0.22	-0.7	-0.63	-0.46	0.48	0.76	0.17	-0.68		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	+ 0.96	HLT
ROST	+ 0.87	HLT
MAR	+ 0.86	ROST
F	+ 0.85	ROST
F	+ 0.77	HLT
TCOM	+ 0.76	CPNG

High negative correlations

CPNG	- 0.91	HLT
MAR	- 0.86	CPNG
CPNG	- 0.84	ROST
CPNG	- 0.75	F
TCOM	- 0.7	HLT
TCOM	- 0.68	MAR

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	1.04	(0.09)	0.00	(0.20)	0.00	0.00	1.98	(2.49)	7.92
GM	1.44	0.19	0.10	0.27	1.46	(1.50)	3.93	(2.65)	12.98
HLT	1.06	0.15	0.12	0.25	0.94	(1.27)	2.63	(2.34)	7.52
ROST	0.81	0.29	0.28	0.61	0.41	(0.96)	1.97	(1.02)	11.17
F	1.28	0.06	0.05	0.15	1.17	(1.56)	3.61	(2.30)	7.50
RACE	1.50	(0.16)	0.00	(0.10)	0.00	0.00	2.73	(2.63)	11.16
CPNG	2.10	(0.69)	0.00	(0.40)	0.00	0.00	3.56	(5.07)	20.12
CPRT	1.11	(0.30)	0.00	(0.31)	0.00	0.00	2.10	(3.11)	10.21
MAR	1.31	0.19	0.16	0.25	1.03	(1.54)	3.31	(1.63)	10.21
TCOM	1.71	(0.53)	0.00	(0.33)	0.00	0.00	3.10	(4.15)	21.41

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