Aurora Cannabis Correlations

ACB Stock

USD 4.57 0.23 5.30%

The current 90-days correlation between Aurora Cannabis and Canopy Growth Corp is 0.72 (i.e., Poor diversification). The correlation of Aurora Cannabis 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.

Aurora Cannabis Correlation With Market

Modest diversification

The correlation between Aurora Cannabis and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aurora Cannabis and DJI in the same portfolio, assuming nothing else is changed.

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

For information on how to trade Aurora Stock refer to our How to Trade Aurora Stock guide.

Moving together with Aurora Stock

0.62	CPIX	Cumberland Pharmaceuticals	Pair Corr
0.63	CYTH	Cyclo Therapeutics	Pair Corr
0.65	INMD	InMode	Pair Corr

Moving against Aurora Stock

0.85	MRK	Merck Company	Pair Corr
0.46	ARQT	Arcutis Biotherapeutics	Pair Corr
0.45	ANNX	Annexon Earnings Call This Week	Pair Corr
0.43	EYEN	Eyenovia	Pair Corr
0.42	DSGN	Design Therapeutics	Pair Corr
0.4	LFCR	Lifecore Biomedical	Pair Corr
0.34	INBX	Inhibrx Symbol Change	Pair Corr
0.34	CLDX	Celldex Therapeutics	Pair Corr
0.31	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.31	BLUE	Bluebird bio Earnings Call This Week	Pair Corr
0.35	AMN	AMN Healthcare Services	Pair Corr
0.32	CRNX	Crinetics Pharmaceuticals	Pair Corr

Related Correlations Analysis

	CGC	SNDL	HEXO	CRON	CURLF	OGI	TLRY
CGC		0.77	0.0	0.28	0.85	0.87	0.93	CGC
SNDL	0.77		0.0	0.39	0.89	0.88	0.81	SNDL
HEXO	0.0	0.0		0.0	0.0	0.0	0.0	HEXO
CRON	0.28	0.39	0.0		0.35	0.24	0.33	CRON
CURLF	0.85	0.89	0.0	0.35		0.85	0.81	CURLF
OGI	0.87	0.88	0.0	0.24	0.85		0.91	OGI
TLRY	0.93	0.81	0.0	0.33	0.81	0.91		TLRY
	CGC	SNDL	HEXO	CRON	CURLF	OGI	TLRY

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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

TLRY	+ 0.93	CGC
TLRY	+ 0.91	OGI
CURLF	+ 0.89	SNDL
OGI	+ 0.88	SNDL
OGI	+ 0.87	CGC
CURLF	+ 0.85	CGC

High negative correlations

TLRY	- 0.0	HEXO
OGI	- 0.0	HEXO
CURLF	- 0.0	HEXO
CRON	- 0.0	HEXO
HEXO	- 0.0	SNDL
HEXO	- 0.0	CGC

Risk-Adjusted Indicators

There is a big difference between Aurora Stock performing well and Aurora Cannabis 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 Aurora Cannabis' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CGC	3.83	(1.27)	(0.72)	5.59	(8.12)	49.56
SNDL	2.21	(0.15)	(0.30)	4.62	(3.90)	11.94
HEXO	0.00	0.00	0.00	0.00	0.00	0.00
CRON	1.72	(0.09)	(0.44)	3.59	(3.02)	13.50
CURLF	3.68	(0.56)	(0.58)	10.22	(7.04)	27.42
OGI	2.94	(0.40)	(0.65)	5.23	(6.87)	24.05
TLRY	3.83	(0.82)	(0.78)	8.65	(7.81)	25.07

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