Clean Harbors Correlations

CLH Stock

USD 243.44 8.96 3.82%

The current 90-days correlation between Clean Harbors and Acuity Brands is 0.27 (i.e., Modest diversification). The correlation of Clean Harbors 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.

Clean Harbors Correlation With Market

Modest diversification

The correlation between Clean Harbors and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Clean Harbors and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Clean Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Clean Harbors. 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 Clean Stock please use our How to Invest in Clean Harbors guide.

Moving together with Clean Stock

0.69	WM	Waste Management	Pair Corr
0.61	0IL1	Federal Realty Investment	Pair Corr
0.77	ESGL	ESGL Holdings Limited	Pair Corr
0.63	0P5L	Axway Software SA	Pair Corr
0.61	0QZ4	Delta Air Lines	Pair Corr
0.63	0FGH	Norwegian Air Shuttle	Pair Corr
0.73	0LVK	Westlake Chemical Corp	Pair Corr

Moving against Clean Stock

0.4	TMIP	Taylor Maritime Inve	Pair Corr
0.34	003027	Tongxing Environmental	Pair Corr
0.73	0QT5	Gaztransport et Technigaz	Pair Corr
0.49	688057	Jiangxi JDL Environmental	Pair Corr

Related Correlations Analysis

	AYI	CR	WMS	ERJ	PAC	BLD	ARMK	SWK	OC	BAH
AYI		0.64	0.47	0.19	0.35	0.61	0.04	0.57	0.06	-0.03	AYI
CR	0.64		0.24	0.02	0.1	0.33	0.04	0.39	-0.04	-0.18	CR
WMS	0.47	0.24		0.33	0.52	0.47	-0.46	0.47	-0.52	-0.42	WMS
ERJ	0.19	0.02	0.33		0.73	-0.09	-0.44	0.33	-0.34	-0.39	ERJ
PAC	0.35	0.1	0.52	0.73		0.02	-0.33	0.74	-0.12	-0.11	PAC
BLD	0.61	0.33	0.47	-0.09	0.02		0.2	0.11	-0.12	-0.19	BLD
ARMK	0.04	0.04	-0.46	-0.44	-0.33	0.2		-0.06	0.67	0.59	ARMK
SWK	0.57	0.39	0.47	0.33	0.74	0.11	-0.06		0.28	0.22	SWK
OC	0.06	-0.04	-0.52	-0.34	-0.12	-0.12	0.67	0.28		0.8	OC
BAH	-0.03	-0.18	-0.42	-0.39	-0.11	-0.19	0.59	0.22	0.8		BAH
	AYI	CR	WMS	ERJ	PAC	BLD	ARMK	SWK	OC	BAH

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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

BAH	+ 0.8	OC
SWK	+ 0.74	PAC
PAC	+ 0.73	ERJ
OC	+ 0.67	ARMK
CR	+ 0.64	AYI
BLD	+ 0.61	AYI

High negative correlations

OC	- 0.52	WMS
ARMK	- 0.46	WMS
ARMK	- 0.44	ERJ
BAH	- 0.42	WMS
BAH	- 0.39	ERJ
OC	- 0.34	ERJ

Risk-Adjusted Indicators

There is a big difference between Clean Stock performing well and Clean Harbors 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 Clean Harbors' 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
AYI	1.32	0.05	0.04	0.10	1.48	(1.35)	3.65	(2.20)	9.03
CR	1.09	(0.04)	(0.02)	0.02	1.35	(1.13)	2.13	(2.32)	6.88
WMS	1.38	0.06	0.05	0.11	1.38	(1.60)	3.31	(2.46)	11.59
ERJ	1.53	0.22	0.07	(0.29)	1.72	(1.77)	4.02	(2.78)	10.26
PAC	1.23	0.14	0.06	0.52	1.36	(1.35)	2.74	(2.00)	9.22
BLD	1.64	0.08	0.06	0.10	1.64	(1.80)	4.15	(3.15)	13.76
ARMK	0.94	(0.11)	0.00	(0.10)	0.00	0.00	1.78	(2.33)	8.44
SWK	1.64	(0.05)	0.01	0.03	1.99	(1.89)	4.48	(3.02)	9.45
OC	1.40	(0.38)	0.00	(0.24)	0.00	0.00	2.49	(2.84)	12.01
BAH	1.59	(0.26)	0.00	(0.31)	0.00	0.00	3.58	(3.19)	13.30

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