AIR LIQUIDE Correlations

AILA Stock

EUR 30.80 0.20 0.65%

The current 90-days correlation between AIR LIQUIDE ADR and Air Liquide SA is 0.07 (i.e., Significant diversification). The correlation of AIR LIQUIDE 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.

AIR LIQUIDE Correlation With Market

Good diversification

The correlation between AIR LIQUIDE ADR and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AIR LIQUIDE ADR and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to AIR LIQUIDE could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace AIR LIQUIDE when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back AIR LIQUIDE - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling AIR LIQUIDE ADR to buy it.

Moving together with AIR Stock

0.91	AIL	Air Liquide SA	Pair Corr
0.67	BAS	BASF SE	Pair Corr
0.67	BAS	BASF SE	Pair Corr
0.78	2OY	Dow Inc	Pair Corr
0.67	HYU	Hyundai Motor	Pair Corr
0.77	PKX	POSCO Holdings	Pair Corr

Moving against AIR Stock

0.7	BRYN	Berkshire Hathaway	Pair Corr
0.69	BRYN	Berkshire Hathaway	Pair Corr
0.48	39EA	Ganfeng Lithium	Pair Corr
0.43	KBIA	KB Financial Group	Pair Corr
0.35	AP3	Air Products	Pair Corr

Related Correlations Analysis

	AIL	AP3	SEH	BAS	BAS	BASA	2OY	QYM	39EA
AIL		-0.37	0.51	0.71	0.72	0.58	0.83	0.07	-0.49	AIL
AP3	-0.37		-0.58	-0.12	-0.12	-0.03	-0.35	0.62	0.73	AP3
SEH	0.51	-0.58		0.48	0.49	0.39	0.68	-0.12	-0.41	SEH
BAS	0.71	-0.12	0.48		1.0	0.85	0.87	0.38	-0.03	BAS
BAS	0.72	-0.12	0.49	1.0		0.85	0.87	0.39	-0.02	BAS
BASA	0.58	-0.03	0.39	0.85	0.85		0.75	0.47	0.15	BASA
2OY	0.83	-0.35	0.68	0.87	0.87	0.75		0.16	-0.3	2OY
QYM	0.07	0.62	-0.12	0.38	0.39	0.47	0.16		0.7	QYM
39EA	-0.49	0.73	-0.41	-0.03	-0.02	0.15	-0.3	0.7		39EA
	AIL	AP3	SEH	BAS	BAS	BASA	2OY	QYM	39EA

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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

BAS	+ 1.0	BAS
2OY	+ 0.87	BAS
2OY	+ 0.87	BAS
BASA	+ 0.85	BAS
BASA	+ 0.85	BAS
2OY	+ 0.83	AIL

High negative correlations

SEH	- 0.58	AP3
39EA	- 0.49	AIL
39EA	- 0.41	SEH
AP3	- 0.37	AIL
2OY	- 0.35	AP3
39EA	- 0.3	2OY

Risk-Adjusted Indicators

There is a big difference between AIR Stock performing well and AIR LIQUIDE 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 AIR LIQUIDE'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
AIL	0.91	(0.15)	0.00	(0.22)	0.00	0.00	1.83	(2.01)	4.91
AP3	1.31	0.38	0.21	(15.90)	0.97	(1.77)	3.28	(2.22)	11.71
SEH	1.37	(0.21)	0.00	(0.30)	0.00	0.00	2.38	(3.35)	8.63
BAS	1.32	(0.15)	0.00	(0.20)	0.00	0.00	2.04	(3.18)	10.61
BAS	1.30	(0.16)	0.00	(0.18)	0.00	0.00	2.37	(2.89)	11.76
BASA	1.68	0.01	0.00	0.08	0.00	0.00	3.67	(2.83)	10.36
2OY	1.19	(0.30)	0.00	(0.17)	0.00	0.00	1.74	(2.47)	7.92
QYM	2.35	0.10	0.01	0.39	2.28	(3.25)	4.99	(4.13)	15.75
39EA	4.45	0.70	0.11	(1.07)	4.00	(5.68)	10.77	(6.92)	25.80

Be your own money manager

Our tools can tell you how much better you can do entering a position in AIR LIQUIDE without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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