Ambev SA Correlations

ABEV Stock

USD 2.23 0.04 1.83%

The current 90-days correlation between Ambev SA ADR and Banco Bradesco SA is 0.41 (i.e., Very weak diversification). The correlation of Ambev SA 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.

Ambev SA Correlation With Market

Modest diversification

The correlation between Ambev SA ADR and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ambev SA ADR and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Ambev Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ambev SA ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

Moving together with Ambev Stock

0.9	BUD	Anheuser Busch Inbev	Pair Corr
0.75	CCU	Compania Cervecerias	Pair Corr
0.94	FMX	Fomento Economico	Pair Corr
0.66	PAVS	Paranovus Entertainment	Pair Corr
0.88	CL	Colgate Palmolive Sell-off Trend	Pair Corr
0.74	JZ	Jianzhi Education	Pair Corr
0.75	PG	Procter Gamble Sell-off Trend	Pair Corr
0.79	YI	111 Inc Earnings Call This Week	Pair Corr

Moving against Ambev Stock

0.86	OTLY	Oatly Group AB	Pair Corr
0.81	SFD	Smithfield Foods, Common	Pair Corr
0.81	LWAY	Lifeway Foods	Pair Corr
0.74	VITL	Vital Farms	Pair Corr
0.72	KLG	WK Kellogg	Pair Corr
0.38	RMCF	Rocky Mountain Chocolate	Pair Corr
0.37	BG	Bunge Limited	Pair Corr
0.82	DLTR	Dollar Tree	Pair Corr
0.79	MO	Altria Group Sell-off Trend	Pair Corr
0.77	EL	Estee Lauder Companies	Pair Corr
0.7	TR	Tootsie Roll Industries	Pair Corr
0.63	GO	Grocery Outlet Holding	Pair Corr
0.51	KR	Kroger Company	Pair Corr
0.43	DNUT	Krispy Kreme	Pair Corr
0.4	DTCK	Davis Commodities	Pair Corr
0.39	DG	Dollar General Earnings Call This Week	Pair Corr
0.38	DOLE	Dole PLC	Pair Corr
0.34	VSTA	Vasta Platform	Pair Corr

Related Correlations Analysis

	BBD	BRFS	CABGY	CCU	CIG	FMX	GGB	ITUB	TAP	TSGTY
BBD		0.05	-0.06	0.0	0.79	-0.07	0.43	0.63	-0.52	-0.64	BBD
BRFS	0.05		0.35	0.01	0.05	0.29	0.41	-0.28	-0.04	0.1	BRFS
CABGY	-0.06	0.35		0.66	-0.32	0.94	-0.13	-0.32	0.13	0.42	CABGY
CCU	0.0	0.01	0.66		-0.16	0.75	-0.36	0.2	0.5	0.5	CCU
CIG	0.79	0.05	-0.32	-0.16		-0.33	0.42	0.69	-0.27	-0.69	CIG
FMX	-0.07	0.29	0.94	0.75	-0.33		-0.2	-0.25	0.22	0.47	FMX
GGB	0.43	0.41	-0.13	-0.36	0.42	-0.2		0.13	-0.29	-0.47	GGB
ITUB	0.63	-0.28	-0.32	0.2	0.69	-0.25	0.13		0.06	-0.42	ITUB
TAP	-0.52	-0.04	0.13	0.5	-0.27	0.22	-0.29	0.06		0.61	TAP
TSGTY	-0.64	0.1	0.42	0.5	-0.69	0.47	-0.47	-0.42	0.61		TSGTY
	BBD	BRFS	CABGY	CCU	CIG	FMX	GGB	ITUB	TAP	TSGTY

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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

FMX	+ 0.94	CABGY
CIG	+ 0.79	BBD
FMX	+ 0.75	CCU
ITUB	+ 0.69	CIG
CCU	+ 0.66	CABGY
ITUB	+ 0.63	BBD

High negative correlations

TSGTY	- 0.69	CIG
TSGTY	- 0.64	BBD
TAP	- 0.52	BBD
TSGTY	- 0.47	GGB
TSGTY	- 0.42	ITUB
GGB	- 0.36	CCU

Risk-Adjusted Indicators

There is a big difference between Ambev Stock performing well and Ambev SA 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 Ambev SA'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
BBD	1.17	0.07	0.03	0.20	1.39	(1.44)	3.08	(1.98)	9.44
BRFS	2.09	0.05	(0.02)	(0.13)	2.48	(2.42)	4.72	(3.74)	14.90
CABGY	1.19	(0.27)	0.00	(0.51)	0.00	0.00	1.99	(2.97)	9.89
CCU	1.21	(0.27)	0.00	(0.26)	0.00	0.00	2.33	(2.21)	6.36
CIG	1.35	0.06	0.02	0.17	1.38	(1.79)	3.11	(2.56)	8.33
FMX	1.01	(0.30)	0.00	(0.71)	0.00	0.00	2.00	(2.12)	9.68
GGB	1.82	0.04	0.03	0.13	1.78	(2.31)	4.83	(3.19)	10.86
ITUB	1.18	(0.02)	(0.02)	0.07	1.58	(1.29)	2.74	(2.86)	8.13
TAP	1.09	(0.20)	0.00	(0.10)	0.00	0.00	2.04	(2.32)	5.93
TSGTY	1.59	(0.20)	0.00	(0.65)	0.00	0.00	3.83	(5.24)	14.87

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