Clearwater Paper Correlations

CLW Stock

USD 27.62 0.83 3.10%

The current 90-days correlation between Clearwater Paper and Mercer International is 0.23 (i.e., Modest diversification). The correlation of Clearwater Paper 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Clearwater Paper Correlation With Market

Very weak diversification

The correlation between Clearwater Paper and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Clearwater Paper and DJI in the same portfolio, assuming nothing else is changed.

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

For more information on how to buy Clearwater Stock please use our How to Invest in Clearwater Paper guide.

Moving together with Clearwater Stock

0.65	AU	AngloGold Ashanti plc	Pair Corr
0.69	NG	NovaGold Resources	Pair Corr
0.78	NORNQ	Noranda Aluminum Holding	Pair Corr

Moving against Clearwater Stock

0.79	MP	MP Materials Corp	Pair Corr
0.7	IE	Ivanhoe Electric	Pair Corr
0.69	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.61	OR	Osisko Gold Ro	Pair Corr
0.58	CF	CF Industries Holdings	Pair Corr
0.57	MT	ArcelorMittal SA ADR	Pair Corr
0.55	AG	First Majestic Silver	Pair Corr
0.51	SLVM	Sylvamo Corp	Pair Corr
0.5	SUZ	Suzano Papel e	Pair Corr
0.5	MERC	Mercer International	Pair Corr
0.47	RS	Reliance Steel Aluminum	Pair Corr
0.46	WS	Worthington Steel	Pair Corr
0.32	ITP	IT Tech Packaging	Pair Corr
0.69	ALB-PA	Albemarle	Pair Corr
0.69	APD	Air Products	Pair Corr
0.68	ALB	Albemarle Corp	Pair Corr
0.48	ANSLY	Ansell Ltd ADR	Pair Corr
0.48	BCC	Boise Cascad Llc	Pair Corr
0.46	ASM	Avino Silver Gold	Pair Corr

Related Correlations Analysis

	MERC	KLBAY	UPMMY	MONDY	HLMNY	CFPUF	NDGPY
MERC		-0.26	-0.04	-0.01	0.45	0.72	0.71	MERC
KLBAY	-0.26		0.54	0.56	-0.45	-0.33	-0.24	KLBAY
UPMMY	-0.04	0.54		0.96	-0.43	-0.11	-0.1	UPMMY
MONDY	-0.01	0.56	0.96		-0.38	-0.14	-0.14	MONDY
HLMNY	0.45	-0.45	-0.43	-0.38		0.44	0.45	HLMNY
CFPUF	0.72	-0.33	-0.11	-0.14	0.44		0.68	CFPUF
NDGPY	0.71	-0.24	-0.1	-0.14	0.45	0.68		NDGPY
	MERC	KLBAY	UPMMY	MONDY	HLMNY	CFPUF	NDGPY

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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

MONDY	+ 0.96	UPMMY
CFPUF	+ 0.72	MERC
NDGPY	+ 0.71	MERC
NDGPY	+ 0.68	CFPUF
MONDY	+ 0.56	KLBAY
UPMMY	+ 0.54	KLBAY

High negative correlations

HLMNY	- 0.45	KLBAY
HLMNY	- 0.43	UPMMY
HLMNY	- 0.38	MONDY
CFPUF	- 0.33	KLBAY
KLBAY	- 0.26	MERC
NDGPY	- 0.24	KLBAY

Risk-Adjusted Indicators

There is a big difference between Clearwater Stock performing well and Clearwater Paper 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 Clearwater Paper'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
MERC	2.15	(0.11)	(0.01)	0.05	2.59	(2.25)	4.62	(4.42)	19.28
KLBAY	1.91	(0.04)	0.00	0.32	0.00	0.00	3.85	(4.84)	13.66
UPMMY	1.25	(0.32)	0.00	(2.22)	0.00	0.00	2.37	(3.05)	6.61
MONDY	1.53	(0.38)	0.00	(0.85)	0.00	0.00	2.76	(3.33)	11.30
HLMNY	0.32	0.20	0.00	(0.43)	0.00	0.00	0.00	0.00	8.12
CFPUF	1.35	0.13	0.00	(7.92)	2.25	(9.05)	7.69	(5.48)	27.68
NDGPY	2.44	0.40	0.02	(0.48)	3.43	(8.39)	9.94	(5.38)	52.82

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