Cleveland Cliffs Correlations

CLF Stock

USD 13.41 0.08 0.59%

The current 90-days correlation between Cleveland Cliffs and Gerdau SA ADR is 0.45 (i.e., Very weak diversification). The correlation of Cleveland Cliffs 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.

Cleveland Cliffs Correlation With Market

Very weak diversification

The correlation between Cleveland Cliffs and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cleveland Cliffs and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Cleveland Stock

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

For more detail on how to invest in Cleveland Stock please use our How to Invest in Cleveland Cliffs guide.

Moving together with Cleveland Stock

0.74	WA1	WA1 Resources	Pair Corr
0.71	ELY	Ely Gold Royalties	Pair Corr
0.64	GUG	Gungnir Resources	Pair Corr

Moving against Cleveland Stock

0.36	VG	Volcanic Gold Mines	Pair Corr
0.5	000409	Yunding Technology	Pair Corr
0.43	600282	Nanjing Iron Steel	Pair Corr

Related Correlations Analysis

	GGB	TX	CMC	EMN	BTG	HBM	AG	LPX	OR	NEU
GGB		0.83	0.74	0.24	-0.51	0.67	0.53	-0.5	-0.48	-0.73	GGB
TX	0.83		0.89	0.45	-0.21	0.8	0.77	-0.21	-0.14	-0.58	TX
CMC	0.74	0.89		0.62	-0.07	0.86	0.85	-0.05	0.01	-0.6	CMC
EMN	0.24	0.45	0.62		0.33	0.54	0.57	0.38	0.38	-0.02	EMN
BTG	-0.51	-0.21	-0.07	0.33		0.11	0.3	0.87	0.74	0.32	BTG
HBM	0.67	0.8	0.86	0.54	0.11		0.91	0.03	0.21	-0.52	HBM
AG	0.53	0.77	0.85	0.57	0.3	0.91		0.19	0.32	-0.48	AG
LPX	-0.5	-0.21	-0.05	0.38	0.87	0.03	0.19		0.52	0.29	LPX
OR	-0.48	-0.14	0.01	0.38	0.74	0.21	0.32	0.52		0.51	OR
NEU	-0.73	-0.58	-0.6	-0.02	0.32	-0.52	-0.48	0.29	0.51		NEU
	GGB	TX	CMC	EMN	BTG	HBM	AG	LPX	OR	NEU

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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

AG	+ 0.91	HBM
CMC	+ 0.89	TX
LPX	+ 0.87	BTG
HBM	+ 0.86	CMC
AG	+ 0.85	CMC
TX	+ 0.83	GGB

High negative correlations

NEU	- 0.73	GGB
NEU	- 0.6	CMC
NEU	- 0.58	TX
NEU	- 0.52	HBM
BTG	- 0.51	GGB
LPX	- 0.5	GGB

Risk-Adjusted Indicators

There is a big difference between Cleveland Stock performing well and Cleveland Cliffs 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 Cleveland Cliffs' 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
GGB	1.45	0.20	0.11	0.21	1.62	(1.71)	2.89	(2.65)	11.29
TX	1.30	0.10	0.07	0.15	1.44	(1.49)	3.19	(2.64)	8.99
CMC	1.71	0.17	0.13	0.16	1.75	(2.20)	3.75	(3.24)	10.99
EMN	1.60	(0.02)	0.01	0.06	1.86	(1.75)	3.89	(3.60)	9.51
BTG	2.52	(0.15)	0.00	(0.03)	0.00	0.00	4.94	(5.91)	16.10
HBM	2.35	0.39	0.15	0.26	2.77	(2.56)	5.78	(5.81)	15.79
AG	3.47	0.49	0.13	0.32	3.84	(3.90)	8.45	(7.59)	22.58
LPX	1.39	(0.10)	0.00	(0.01)	0.00	0.00	3.89	(2.57)	12.65
OR	1.91	(0.09)	0.00	(0.13)	0.00	0.00	3.46	(5.32)	12.73
NEU	1.24	(0.29)	0.00	(0.27)	0.00	0.00	1.78	(2.91)	12.62

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