Goodyear Tire Correlations

GT Stock

USD 9.29 0.22 2.43%

The current 90-days correlation between Goodyear Tire Rubber and Aptiv PLC is 0.27 (i.e., Modest diversification). The correlation of Goodyear Tire 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.

Goodyear Tire Correlation With Market

Very weak diversification

The correlation between Goodyear Tire Rubber and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goodyear Tire Rubber and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Goodyear Tire Rubber. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Goodyear Stock

0.69	GM	General Motors	Pair Corr
0.71	DORM	Dorman Products	Pair Corr
0.65	WKHS	Workhorse Group	Pair Corr
0.71	AXL	American Axle Manufa	Pair Corr
0.69	CPS	Cooper Stnd	Pair Corr
0.79	MGA	Magna International	Pair Corr

Moving against Goodyear Stock

0.48	QS	Quantumscape Corp	Pair Corr
0.44	ECDA	ECD Automotive Design Symbol Change	Pair Corr
0.39	VLCN	Volcon Inc	Pair Corr
0.31	FFIE	Faraday Future Intel	Pair Corr
0.65	HMC	Honda Motor	Pair Corr
0.57	SES	SES AI Corp	Pair Corr
0.43	FOXF	Fox Factory Holding	Pair Corr
0.36	HOG	Harley Davidson	Pair Corr
0.36	LEA	Lear	Pair Corr
0.34	FRSX	Foresight Autonomous	Pair Corr
0.32	DAN	Dana Inc	Pair Corr
0.31	GGR	Gogoro Inc	Pair Corr

Related Correlations Analysis

	ALSN	APTV	LKQ	LEA	MGA	DAN	ALV	CVGI	ADNT	BWA
ALSN		-0.82	-0.65	-0.81	0.7	-0.7	0.11	-0.87	-0.54	0.42	ALSN
APTV	-0.82		0.52	0.81	-0.46	0.91	-0.18	0.83	0.81	0.07	APTV
LKQ	-0.65	0.52		0.85	-0.13	0.61	0.42	0.74	0.57	-0.21	LKQ
LEA	-0.81	0.81	0.85		-0.34	0.84	0.2	0.89	0.81	-0.05	LEA
MGA	0.7	-0.46	-0.13	-0.34		-0.29	0.46	-0.46	-0.07	0.45	MGA
DAN	-0.7	0.91	0.61	0.84	-0.29		-0.01	0.76	0.85	0.2	DAN
ALV	0.11	-0.18	0.42	0.2	0.46	-0.01		0.02	0.01	-0.2	ALV
CVGI	-0.87	0.83	0.74	0.89	-0.46	0.76	0.02		0.68	-0.19	CVGI
ADNT	-0.54	0.81	0.57	0.81	-0.07	0.85	0.01	0.68		0.4	ADNT
BWA	0.42	0.07	-0.21	-0.05	0.45	0.2	-0.2	-0.19	0.4		BWA
	ALSN	APTV	LKQ	LEA	MGA	DAN	ALV	CVGI	ADNT	BWA

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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

DAN	+ 0.91	APTV
CVGI	+ 0.89	LEA
LEA	+ 0.85	LKQ
ADNT	+ 0.85	DAN
DAN	+ 0.84	LEA
CVGI	+ 0.83	APTV

High negative correlations

CVGI	- 0.87	ALSN
APTV	- 0.82	ALSN
LEA	- 0.81	ALSN
DAN	- 0.7	ALSN
LKQ	- 0.65	ALSN
ADNT	- 0.54	ALSN

Risk-Adjusted Indicators

There is a big difference between Goodyear Stock performing well and Goodyear Tire 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 Goodyear Tire'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
ALSN	1.20	0.32	0.30	0.30	0.78	(1.46)	2.73	(1.39)	9.25
APTV	1.71	(0.50)	0.00	(0.33)	0.00	0.00	2.67	(3.49)	20.85
LKQ	1.00	(0.21)	0.00	(0.16)	0.00	0.00	2.21	(2.48)	7.01
LEA	1.37	(0.38)	0.00	(0.23)	0.00	0.00	2.62	(3.17)	9.76
MGA	1.52	(0.01)	0.01	0.08	2.06	(1.46)	2.91	(3.77)	9.36
DAN	2.52	(0.60)	0.00	(0.14)	0.00	0.00	3.88	(5.70)	22.77
ALV	1.52	(0.13)	0.00	(0.05)	0.00	0.00	2.80	(3.14)	8.85
CVGI	3.11	(0.72)	0.00	(0.18)	0.00	0.00	7.11	(6.06)	30.58
ADNT	1.89	(0.29)	0.00	(0.11)	0.00	0.00	4.08	(4.22)	10.66
BWA	1.30	(0.06)	(0.02)	0.04	1.56	(1.44)	2.84	(2.56)	7.85

Goodyear Tire Corporate Executives

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

Christina Zamarro

Executive CFO

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