Tecnoglass Correlations

TGLS Stock

USD 52.96 0.85 1.63%

The current 90-days correlation between Tecnoglass and Titan America SA is 0.48 (i.e., Very weak diversification). The correlation of Tecnoglass 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.

Tecnoglass Correlation With Market

Poor diversification

The correlation between Tecnoglass and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tecnoglass and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Tecnoglass Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tecnoglass. 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 information on how to buy Tecnoglass Stock please use our How to Invest in Tecnoglass guide.

Moving together with Tecnoglass Stock

0.63	CX	Cemex SAB de Aggressive Push	Pair Corr
0.86	CRH	CRH PLC ADR	Pair Corr
0.82	EXP	Eagle Materials	Pair Corr
0.66	JHX	James Hardie Industries	Pair Corr
0.62	MLM	Martin Marietta Materials Earnings Call This Week	Pair Corr
0.63	BC0	Boise Cascade	Pair Corr
0.66	WIB	Wienerberger AG Earnings Call This Week	Pair Corr
0.61	WGN	Wagners Holding	Pair Corr
0.82	CRH	CRH PLC Earnings Call This Week	Pair Corr

Moving against Tecnoglass Stock

0.8	INHD	Inno Holdings Common	Pair Corr
0.55	9BM	BBMG	Pair Corr
0.31	WK0	WIJAYA KARYA BETON	Pair Corr

Related Correlations Analysis

	TTAM	BCC	USLM	MEOH	FSM	KNF	HWKN	USAS	CENX	TMC
TTAM		0.89	-0.11	0.89	0.84	0.52	0.55	0.86	0.9	0.42	TTAM
BCC	0.89		-0.17	0.88	0.79	0.66	0.47	0.8	0.87	0.38	BCC
USLM	-0.11	-0.17		-0.03	0.13	0.01	0.52	-0.01	-0.06	0.51	USLM
MEOH	0.89	0.88	-0.03		0.8	0.44	0.55	0.88	0.96	0.47	MEOH
FSM	0.84	0.79	0.13	0.8		0.43	0.72	0.9	0.82	0.67	FSM
KNF	0.52	0.66	0.01	0.44	0.43		0.52	0.27	0.45	0.29	KNF
HWKN	0.55	0.47	0.52	0.55	0.72	0.52		0.55	0.59	0.71	HWKN
USAS	0.86	0.8	-0.01	0.88	0.9	0.27	0.55		0.86	0.55	USAS
CENX	0.9	0.87	-0.06	0.96	0.82	0.45	0.59	0.86		0.45	CENX
TMC	0.42	0.38	0.51	0.47	0.67	0.29	0.71	0.55	0.45		TMC
	TTAM	BCC	USLM	MEOH	FSM	KNF	HWKN	USAS	CENX	TMC

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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

CENX	+ 0.96	MEOH
CENX	+ 0.9	TTAM
USAS	+ 0.9	FSM
BCC	+ 0.89	TTAM
MEOH	+ 0.89	TTAM
MEOH	+ 0.88	BCC

High negative correlations

USLM	- 0.17	BCC
USLM	- 0.11	TTAM
CENX	- 0.06	USLM
MEOH	- 0.03	USLM
USAS	- 0.01	USLM

Risk-Adjusted Indicators

There is a big difference between Tecnoglass Stock performing well and Tecnoglass 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 Tecnoglass' 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
TTAM	1.72	0.14	0.08	0.14	1.96	(1.78)	3.81	(3.10)	9.24
BCC	1.77	0.26	0.16	0.24	1.55	(2.12)	6.21	(3.00)	11.47
USLM	1.69	(0.23)	0.00	(0.08)	0.00	0.00	3.08	(3.59)	10.78
MEOH	1.75	0.35	0.16	0.32	1.85	(1.87)	3.91	(2.58)	14.67
FSM	2.75	0.36	0.10	0.24	3.68	(2.97)	6.17	(5.17)	25.09
KNF	1.95	0.09	0.06	0.11	2.38	(2.15)	4.35	(3.57)	11.48
HWKN	1.80	0.16	0.06	0.19	2.65	(1.83)	3.86	(4.03)	14.80
USAS	4.73	0.89	0.16	0.43	5.27	(5.34)	9.55	(10.98)	33.15
CENX	3.22	0.51	0.12	0.34	4.30	(3.50)	6.74	(7.36)	18.80
TMC	5.77	0.16	0.04	0.13	6.69	(6.46)	13.46	(11.50)	37.07

Tecnoglass Corporate Executives

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

Santiago Giraldo

CFO Relations

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