Cleveland Cliffs Correlations

CVA Stock

EUR 8.68 0.19 2.14%

The current 90-days correlation between Cleveland Cliffs and Abbott Laboratories is -0.06 (i.e., Good 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 0.45 (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.

The ability to find closely correlated positions to Cleveland Cliffs could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cleveland Cliffs when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Cleveland Cliffs - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Cleveland Cliffs to buy it.

Moving together with Cleveland Stock

0.61

ALV

Allianz SE

Pair Corr

Moving against Cleveland Stock

0.53	8CW	Crown Castle Interna	Pair Corr
0.5	HK2C	Hong Kong Exchanges	Pair Corr
0.41	ABL	Abbott Laboratories	Pair Corr
0.38	CWW	Commonwealth Bank	Pair Corr
0.32	6YG	IMMUNOCORE HLDGS ADS1 Earnings Call This Week	Pair Corr
0.56	TCO2	TESCO PLC ADR1	Pair Corr
0.52	BAOA	Bastogi SpA	Pair Corr
0.46	3HB	Hybrigenics Societe	Pair Corr
0.35	777	EUROSPORTS GLOBAL LTD	Pair Corr

Related Correlations Analysis

	ABL	DAP	6MK	AMD	4I1	W8V	TOTB	AMG	HBC1	HK2C
ABL		0.46	-0.64	-0.12	-0.79	-0.18	-0.84	-0.47	-0.81	0.27	ABL
DAP	0.46		-0.23	0.2	-0.38	-0.24	-0.64	-0.54	-0.23	-0.07	DAP
6MK	-0.64	-0.23		-0.34	0.83	0.15	0.79	0.65	0.81	-0.29	6MK
AMD	-0.12	0.2	-0.34		0.0	0.13	-0.1	-0.2	0.02	0.46	AMD
4I1	-0.79	-0.38	0.83	0.0		0.28	0.87	0.63	0.88	-0.05	4I1
W8V	-0.18	-0.24	0.15	0.13	0.28		0.31	0.38	0.13	0.44	W8V
TOTB	-0.84	-0.64	0.79	-0.1	0.87	0.31		0.75	0.77	-0.1	TOTB
AMG	-0.47	-0.54	0.65	-0.2	0.63	0.38	0.75		0.4	0.19	AMG
HBC1	-0.81	-0.23	0.81	0.02	0.88	0.13	0.77	0.4		-0.26	HBC1
HK2C	0.27	-0.07	-0.29	0.46	-0.05	0.44	-0.1	0.19	-0.26		HK2C
	ABL	DAP	6MK	AMD	4I1	W8V	TOTB	AMG	HBC1	HK2C

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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

HBC1	+ 0.88	4I1
TOTB	+ 0.87	4I1
4I1	+ 0.83	6MK
HBC1	+ 0.81	6MK
TOTB	+ 0.79	6MK
HBC1	+ 0.77	TOTB

High negative correlations

TOTB	- 0.84	ABL
HBC1	- 0.81	ABL
4I1	- 0.79	ABL
TOTB	- 0.64	DAP
6MK	- 0.64	ABL
AMG	- 0.54	DAP

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
ABL	1.08	(0.18)	0.00	0.32	0.00	0.00	1.91	(2.11)	14.56
DAP	1.22	(0.12)	0.00	0.44	0.00	0.00	2.14	(2.98)	7.27
6MK	1.32	0.45	0.24	(1.11)	1.22	(1.57)	3.38	(2.23)	8.41
AMD	2.74	(0.21)	0.00	3.58	0.00	0.00	6.33	(5.57)	24.55
4I1	1.14	0.23	0.12	(5.56)	1.24	(1.27)	2.89	(2.55)	7.67
W8V	1.51	0.01	0.00	0.06	2.76	(3.37)	2.08	(2.04)	24.03
TOTB	0.93	0.26	0.19	68.11	0.89	(1.04)	2.23	(1.62)	5.97
AMG	1.46	0.23	0.09	(0.66)	1.57	(1.51)	3.98	(2.86)	10.70
HBC1	1.09	0.23	0.11	1.15	1.32	(1.24)	2.99	(2.05)	8.75
HK2C	0.46	(0.13)	0.00	(3.48)	0.00	0.00	1.40	(1.47)	3.91

Be your own money manager

Our tools can tell you how much better you can do entering a position in Cleveland Cliffs without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Cleveland Cliffs Corporate Management

Elected by the shareholders, the Cleveland Cliffs' board of directors comprises two types of representatives: Cleveland Cliffs inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Cleveland. The board's role is to monitor Cleveland Cliffs' management team and ensure that shareholders' interests are well served. Cleveland Cliffs' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Cleveland Cliffs' outside directors are responsible for providing unbiased perspectives on the board's policies.

James JD	Chief VP	Profile
Kimberly Floriani	Corporate VP	Profile
Patrick Bloom	Executive Relations	Profile
Michael Hrosik	Senior Commercial	Profile
Terry Fedor	Executive Technology	Profile
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