Air Products Correlations

APD Stock

USD 291.65 1.27 0.43%

The current 90-days correlation between Air Products and PPG Industries is 0.31 (i.e., Weak diversification). The correlation of Air Products 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 Products Correlation With Market

Very weak diversification

The correlation between Air Products and and DJI is 0.45 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Air Products and 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 Air Products and. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Air Stock

0.66	EMN	Eastman Chemical	Pair Corr
0.75	FSI	Flexible Solutions Earnings Call This Week	Pair Corr
0.78	LYB	LyondellBasell Industries	Pair Corr
0.78	SHW	Sherwin Williams	Pair Corr

Moving against Air Stock

0.37	WDFC	WD 40 Company	Pair Corr
0.36	CMT	Core Molding Technologies	Pair Corr
0.33	ODC	Oil Dri	Pair Corr
0.49	SDST	Stardust Power Symbol Change	Pair Corr
0.46	SDSTW	Stardust Power Symbol Change	Pair Corr
0.36	NTIC	Northern Technologies	Pair Corr

Related Correlations Analysis

	PPG	SHW	ECL	ALB	LIN	RPM	EMN	LYB	IFF
PPG		0.32	-0.33	0.74	-0.42	0.8	-0.13	0.23	0.7	PPG
SHW	0.32		0.48	-0.05	0.47	0.6	0.66	0.63	0.46	SHW
ECL	-0.33	0.48		-0.66	0.91	-0.14	0.71	0.45	-0.36	ECL
ALB	0.74	-0.05	-0.66		-0.72	0.69	-0.31	-0.04	0.6	ALB
LIN	-0.42	0.47	0.91	-0.72		-0.28	0.72	0.56	-0.34	LIN
RPM	0.8	0.6	-0.14	0.69	-0.28		0.18	0.29	0.75	RPM
EMN	-0.13	0.66	0.71	-0.31	0.72	0.18		0.64	0.17	EMN
LYB	0.23	0.63	0.45	-0.04	0.56	0.29	0.64		0.24	LYB
IFF	0.7	0.46	-0.36	0.6	-0.34	0.75	0.17	0.24		IFF
	PPG	SHW	ECL	ALB	LIN	RPM	EMN	LYB	IFF

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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

LIN	+ 0.91	ECL
RPM	+ 0.8	PPG
IFF	+ 0.75	RPM
ALB	+ 0.74	PPG
EMN	+ 0.72	LIN
EMN	+ 0.71	ECL

High negative correlations

LIN	- 0.72	ALB
ALB	- 0.66	ECL
LIN	- 0.42	PPG
IFF	- 0.36	ECL
IFF	- 0.34	LIN
ECL	- 0.33	PPG

Risk-Adjusted Indicators

There is a big difference between Air Stock performing well and Air Products 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 Products' 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
PPG	1.15	(0.10)	0.00	(0.20)	0.00	0.00	2.60	(2.18)	8.61
SHW	1.05	(0.07)	0.00	(0.15)	0.00	0.00	1.98	(2.02)	4.87
ECL	0.91	0.07	0.08	0.04	1.15	(0.89)	1.63	(1.60)	8.71
ALB	2.11	(0.34)	0.00	(0.47)	0.00	0.00	3.47	(4.44)	14.94
LIN	0.81	0.10	0.16	0.14	0.80	(0.93)	1.81	(1.43)	3.68
RPM	1.02	(0.17)	0.00	(0.28)	0.00	0.00	1.73	(2.25)	5.54
EMN	1.29	(0.06)	0.00	(0.15)	0.00	0.00	2.44	(2.60)	11.00
LYB	1.12	0.00	0.00	(0.08)	0.00	0.00	2.12	(2.39)	8.13
IFF	0.93	(0.10)	0.00	(0.22)	0.00	0.00	2.00	(1.73)	7.54

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