Cleveland Cliffs Correlations

CLF Stock

USD 14.25 0.40 2.89%

The current 90-days correlation between Cleveland Cliffs and Gerdau SA ADR is 0.39 (i.e., 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

Poor diversification

The correlation between Cleveland Cliffs and DJI is 0.73 (i.e., Poor 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 metropolitan statistical area.

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

0.81	B	Barrick Mining Symbol Change	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.79	AP	Ampco Pittsburgh	Pair Corr
0.75	AU	AngloGold Ashanti plc	Pair Corr
0.79	HL	Hecla Mining Buyout Trend	Pair Corr
0.8	MT	ArcelorMittal SA ADR Earnings Call This Week	Pair Corr
0.77	OR	Osisko Gold Ro	Pair Corr
0.82	RS	Reliance Steel Aluminum	Pair Corr
0.83	SA	Seabridge Gold	Pair Corr
0.77	TX	Ternium SA ADR	Pair Corr
0.84	WS	Worthington Steel	Pair Corr
0.75	VALE	Vale SA ADR Aggressive Push	Pair Corr
0.68	LY1	Lion One Metals	Pair Corr
0.74	P4Q	Perseus Mining	Pair Corr
0.73	MKO	Mako Mining Corp	Pair Corr
0.66	CTM	Centaurus Metals	Pair Corr
0.75	RMS	Ramelius Resources	Pair Corr
0.77	QTWO	Q2 Metals Corp	Pair Corr
0.81	ROS	Roscan Gold Corp	Pair Corr
0.64	TXG	Torex Gold Resources	Pair Corr
0.76	RND	Rand Mining	Pair Corr
0.77	POL	Polymetals Resources	Pair Corr
0.78	RUP	Rupert Resources	Pair Corr
0.76	III	Imperial Metals	Pair Corr
0.78	AGI	Alamos Gold	Pair Corr
0.86	BTG	B2Gold Corp	Pair Corr
0.79	BVN	Compania de Minas	Pair Corr
0.85	CMC	Commercial Metals	Pair Corr
0.78	DRD	DRDGOLD Limited ADR	Pair Corr

Moving against Cleveland Stock

0.59	GML	Gateway Mining	Pair Corr
0.6	AUEN	Golden Sky Minerals	Pair Corr

Related Correlations Analysis

	GGB	TX	CMC	EMN	BTG	HBM	AG	LPX	OR	NEU
GGB		0.96	0.87	0.9	0.8	0.97	0.93	0.65	0.94	-0.86	GGB
TX	0.96		0.93	0.91	0.8	0.96	0.94	0.69	0.94	-0.86	TX
CMC	0.87	0.93		0.93	0.81	0.93	0.9	0.71	0.87	-0.82	CMC
EMN	0.9	0.91	0.93		0.72	0.93	0.86	0.72	0.84	-0.77	EMN
BTG	0.8	0.8	0.81	0.72		0.84	0.88	0.71	0.85	-0.75	BTG
HBM	0.97	0.96	0.93	0.93	0.84		0.96	0.7	0.95	-0.89	HBM
AG	0.93	0.94	0.9	0.86	0.88	0.96		0.69	0.95	-0.88	AG
LPX	0.65	0.69	0.71	0.72	0.71	0.7	0.69		0.7	-0.61	LPX
OR	0.94	0.94	0.87	0.84	0.85	0.95	0.95	0.7		-0.88	OR
NEU	-0.86	-0.86	-0.82	-0.77	-0.75	-0.89	-0.88	-0.61	-0.88		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

HBM	+ 0.97	GGB
TX	+ 0.96	GGB
HBM	+ 0.96	TX
AG	+ 0.96	HBM
OR	+ 0.95	HBM
OR	+ 0.95	AG

High negative correlations

NEU	- 0.89	HBM
NEU	- 0.88	OR
NEU	- 0.88	AG
NEU	- 0.86	TX
NEU	- 0.86	GGB
NEU	- 0.82	CMC

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	1.50	0.30	0.13	0.38	1.73	(1.71)	2.87	(2.95)	11.29
TX	1.29	0.34	0.22	0.76	1.14	(1.50)	2.72	(2.64)	7.28
CMC	1.63	0.40	0.29	0.31	1.15	(2.14)	3.88	(1.90)	8.69
EMN	1.64	0.30	0.17	0.25	1.56	(1.84)	5.51	(3.03)	9.74
BTG	2.42	0.08	0.02	0.10	3.69	(2.49)	5.48	(5.74)	21.21
HBM	2.46	0.73	0.21	0.63	3.02	(2.82)	5.78	(5.81)	21.74
AG	3.64	0.85	0.16	(1.48)	4.38	(4.14)	8.86	(6.93)	29.93
LPX	1.71	(0.03)	0.00	0.02	2.48	(1.81)	4.95	(3.12)	12.08
OR	1.93	0.37	0.11	0.99	2.84	(2.10)	4.10	(3.18)	19.93
NEU	1.22	(0.17)	0.00	(0.41)	0.00	0.00	2.25	(2.77)	11.14

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