Ashland Global Correlations

ASH Stock

USD 56.99 0.26 0.45%

The current 90-days correlation between Ashland Global Holdings and H B Fuller is 0.34 (i.e., Weak diversification). The correlation of Ashland Global 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.

Ashland Global Correlation With Market

Very weak diversification

The correlation between Ashland Global Holdings and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ashland Global Holdings 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 Ashland Global Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Ashland Stock

0.77	CC	Chemours	Pair Corr
0.87	FF	FutureFuel Corp	Pair Corr
0.85	WTTR	Select Energy Services	Pair Corr
0.81	FEAM	5E Advanced Materials	Pair Corr
0.83	ALB-PA	Albemarle	Pair Corr
0.87	ALB	Albemarle Corp Sell-off Trend	Pair Corr
0.83	CBT	Cabot	Pair Corr
0.71	CMT	Core Molding Technologies	Pair Corr
0.88	FUL	H B Fuller Earnings Call Today	Pair Corr
0.65	IFF	International Flavors	Pair Corr
0.74	KOP	Koppers Holdings	Pair Corr
0.87	KRO	Kronos Worldwide	Pair Corr
0.86	MTX	Minerals Technologies	Pair Corr
0.87	OEC	Orion Engineered Carbons	Pair Corr
0.93	OLN	Olin	Pair Corr
0.73	PPG	PPG Industries	Pair Corr
0.9	PRM	Perimeter Solutions	Pair Corr
0.64	RPM	RPM International	Pair Corr
0.84	SCL	Stepan Company	Pair Corr
0.68	SSL	Sasol	Pair Corr
0.79	WLK	Westlake Chemical	Pair Corr
0.67	GEVO	Gevo Inc	Pair Corr

Moving against Ashland Stock

0.79	LIN	Linde plc Ordinary	Pair Corr
0.67	ECL	Ecolab Inc	Pair Corr
0.53	BSLKW	Bolt Projects Holdings, Symbol Change	Pair Corr
0.48	NEU	NewMarket	Pair Corr
0.45	FSI	Flexible Solutions Earnings Call This Week	Pair Corr
0.83	AU	AngloGold Ashanti plc	Pair Corr
0.74	X	United States Steel	Pair Corr
0.71	SQM	Sociedad Quimica y	Pair Corr
0.57	AG	First Majestic Silver	Pair Corr
0.39	BCPC	Balchem	Pair Corr
0.37	HDSN	Hudson Technologies	Pair Corr
0.32	NGVT	Ingevity Corp	Pair Corr

Related Correlations Analysis

	FUL	ESI	BCPC	AVTR	MTX	AXTA	IOSP	ODC	KWR	SXT
FUL		0.04	-0.24	0.81	0.89	0.13	0.77	-0.53	0.54	0.17	FUL
ESI	0.04		0.13	-0.12	0.01	0.29	-0.01	0.03	0.38	0.01	ESI
BCPC	-0.24	0.13		-0.56	-0.42	0.0	-0.43	0.59	0.26	-0.04	BCPC
AVTR	0.81	-0.12	-0.56		0.92	0.16	0.86	-0.67	0.24	0.25	AVTR
MTX	0.89	0.01	-0.42	0.92		0.36	0.95	-0.64	0.5	0.35	MTX
AXTA	0.13	0.29	0.0	0.16	0.36		0.55	-0.38	0.6	0.5	AXTA
IOSP	0.77	-0.01	-0.43	0.86	0.95	0.55		-0.69	0.5	0.45	IOSP
ODC	-0.53	0.03	0.59	-0.67	-0.64	-0.38	-0.69		-0.32	0.1	ODC
KWR	0.54	0.38	0.26	0.24	0.5	0.6	0.5	-0.32		0.26	KWR
SXT	0.17	0.01	-0.04	0.25	0.35	0.5	0.45	0.1	0.26		SXT
	FUL	ESI	BCPC	AVTR	MTX	AXTA	IOSP	ODC	KWR	SXT

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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

IOSP	+ 0.95	MTX
MTX	+ 0.92	AVTR
MTX	+ 0.89	FUL
IOSP	+ 0.86	AVTR
AVTR	+ 0.81	FUL
IOSP	+ 0.77	FUL

High negative correlations

ODC	- 0.69	IOSP
ODC	- 0.67	AVTR
ODC	- 0.64	MTX
AVTR	- 0.56	BCPC
ODC	- 0.53	FUL
IOSP	- 0.43	BCPC

Risk-Adjusted Indicators

There is a big difference between Ashland Stock performing well and Ashland Global 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 Ashland Global'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
FUL	1.29	(0.40)	0.00	(0.55)	0.00	0.00	1.85	(3.00)	8.25
ESI	1.19	(0.12)	0.00	0.35	0.00	0.00	2.54	(3.07)	7.56
BCPC	1.09	(0.07)	0.00	(0.12)	0.00	0.00	2.08	(2.48)	7.75
AVTR	1.89	(0.39)	0.00	(0.43)	0.00	0.00	3.03	(4.24)	15.43
MTX	1.11	(0.25)	0.00	(0.35)	0.00	0.00	1.80	(2.93)	5.89
AXTA	1.42	(0.07)	0.00	(0.09)	0.00	0.00	2.72	(3.07)	12.04
IOSP	1.32	(0.21)	0.00	(0.29)	0.00	0.00	2.36	(3.23)	10.25
ODC	1.59	0.12	0.06	0.13	2.07	(1.64)	2.59	(3.33)	13.42
KWR	1.59	(0.16)	0.00	(0.21)	0.00	0.00	2.99	(4.00)	8.76
SXT	1.21	(0.03)	0.00	(0.08)	0.00	0.00	2.33	(2.24)	11.22

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