AdvanSix Correlations

ASIX Stock

USD 20.82 0.24 1.17%

The current 90-days correlation between AdvanSix and Donnelley Financial Solutions is 0.44 (i.e., Very weak diversification). The correlation of AdvanSix 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.

AdvanSix Correlation With Market

Poor diversification

The correlation between AdvanSix and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AdvanSix and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with AdvanSix Stock

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

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

Moving together with AdvanSix Stock

0.72	BAK	Braskem SA Class	Pair Corr
0.9	DOW	Dow Inc	Pair Corr
0.63	SID	Companhia Siderurgica	Pair Corr
0.71	ASTL	Algoma Steel Group	Pair Corr
0.75	CE	Celanese	Pair Corr
0.66	CF	CF Industries Holdings	Pair Corr

Moving against AdvanSix Stock

0.69	PFH	Prudential Financial 4125	Pair Corr
0.66	EGO	Eldorado Gold Corp Sell-off Trend	Pair Corr
0.64	B	Barrick Mining Symbol Change	Pair Corr
0.53	TX	Ternium SA ADR	Pair Corr
0.51	HMY	Harmony Gold Mining Earnings Call Today	Pair Corr
0.45	PKX	POSCO Holdings	Pair Corr
0.43	WS	Worthington Steel	Pair Corr
0.41	MT	ArcelorMittal SA ADR	Pair Corr
0.37	SIM	Grupo Simec SAB	Pair Corr
0.33	AA	Alcoa Corp	Pair Corr
0.87	CX	Cemex SAB de	Pair Corr
0.82	AU	AngloGold Ashanti plc Sell-off Trend	Pair Corr
0.73	CENX	Century Aluminum	Pair Corr
0.42	CC	Chemours	Pair Corr
0.34	DD	Dupont De Nemours	Pair Corr
0.32	AG	First Majestic Silver Aggressive Push	Pair Corr
0.88	MP	MP Materials Corp	Pair Corr
0.85	OR	Osisko Gold Ro	Pair Corr
0.8	NB	NioCorp Developments	Pair Corr
0.77	NG	NovaGold Resources	Pair Corr
0.66	SA	Seabridge Gold	Pair Corr
0.61	HL	Hecla Mining Aggressive Push	Pair Corr

Related Correlations Analysis

	ARCB	DFIN	GPRE	GTX	LXU	MEOH	REZI
ARCB		0.72	0.63	0.33	0.62	0.19	0.22	ARCB
DFIN	0.72		0.14	-0.23	0.7	0.28	-0.27	DFIN
GPRE	0.63	0.14		0.85	0.3	0.18	0.81	GPRE
GTX	0.33	-0.23	0.85		-0.04	-0.05	0.86	GTX
LXU	0.62	0.7	0.3	-0.04		0.57	-0.1	LXU
MEOH	0.19	0.28	0.18	-0.05	0.57		0.12	MEOH
REZI	0.22	-0.27	0.81	0.86	-0.1	0.12		REZI
	ARCB	DFIN	GPRE	GTX	LXU	MEOH	REZI

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

REZI	+ 0.86	GTX
GTX	+ 0.85	GPRE
REZI	+ 0.81	GPRE
DFIN	+ 0.72	ARCB
LXU	+ 0.7	DFIN
GPRE	+ 0.63	ARCB

High negative correlations

REZI	- 0.27	DFIN
GTX	- 0.23	DFIN
REZI	- 0.1	LXU
MEOH	- 0.05	GTX
LXU	- 0.04	GTX

Risk-Adjusted Indicators

There is a big difference between AdvanSix Stock performing well and AdvanSix 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 AdvanSix'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
ARCB	2.44	(0.03)	0.06	0.12	3.08	(2.71)	5.61	(4.06)	18.96
DFIN	1.58	(0.15)	0.00	0.06	3.72	(1.39)	3.12	(3.36)	21.00
GPRE	3.24	1.42	0.38	(14.88)	2.39	(3.97)	8.00	(4.72)	28.63
GTX	1.39	0.14	0.11	0.25	1.28	(1.64)	3.60	(2.80)	8.21
LXU	1.95	0.15	0.02	0.46	3.12	(1.91)	4.16	(3.27)	18.62
MEOH	1.67	0.07	0.00	0.27	1.83	(1.86)	4.07	(3.04)	11.65
REZI	2.19	0.58	0.30	0.37	1.75	(2.53)	5.89	(2.80)	23.06

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