Avery Dennison Correlations

AVY Stock

USD 174.58 2.47 1.40%

The current 90-days correlation between Avery Dennison Corp and Packaging Corp of is 0.27 (i.e., Modest diversification). The correlation of Avery Dennison 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.

Avery Dennison Correlation With Market

Weak diversification

The correlation between Avery Dennison Corp and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avery Dennison Corp 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 Avery Dennison Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Avery Stock

0.61	IP	International Paper	Pair Corr
0.61	GEF	Greif Bros	Pair Corr
0.76	GPK	Graphic Packaging Holding	Pair Corr
0.87	PKG	Packaging Corp	Pair Corr
0.73	SEE	Sealed Air	Pair Corr
0.74	BALL	Ball	Pair Corr
0.66	F-PC	Ford Motor	Pair Corr
0.72	F-PD	F PD	Pair Corr
0.72	FIGS	Figs Inc	Pair Corr
0.64	FTEL	Fitell Ordinary	Pair Corr

Moving against Avery Stock

0.51	PTVE	Pactiv Evergreen	Pair Corr
0.49	OI	O I Glass	Pair Corr
0.42	EFOI	Energy Focu	Pair Corr
0.4	BERY	Berry Global Group	Pair Corr
0.51	CYD	China Yuchai Interna	Pair Corr

Related Correlations Analysis

	PKG	WRK	OI	SLGN	SEE	IP	SON	PTVE	MYE	CCK
PKG		0.0	-0.66	0.2	0.8	0.61	0.52	-0.66	-0.28	-0.53	PKG
WRK	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	WRK
OI	-0.66	0.0		0.17	-0.35	-0.07	-0.21	0.76	0.54	0.79	OI
SLGN	0.2	0.0	0.17		0.65	0.65	0.25	-0.03	-0.07	0.18	SLGN
SEE	0.8	0.0	-0.35	0.65		0.76	0.5	-0.51	-0.21	-0.33	SEE
IP	0.61	0.0	-0.07	0.65	0.76		0.27	-0.04	-0.13	0.08	IP
SON	0.52	0.0	-0.21	0.25	0.5	0.27		-0.59	0.12	-0.09	SON
PTVE	-0.66	0.0	0.76	-0.03	-0.51	-0.04	-0.59		0.28	0.75	PTVE
MYE	-0.28	0.0	0.54	-0.07	-0.21	-0.13	0.12	0.28		0.57	MYE
CCK	-0.53	0.0	0.79	0.18	-0.33	0.08	-0.09	0.75	0.57		CCK
	PKG	WRK	OI	SLGN	SEE	IP	SON	PTVE	MYE	CCK

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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

SEE	+ 0.8	PKG
CCK	+ 0.79	OI
PTVE	+ 0.76	OI
IP	+ 0.76	SEE
CCK	+ 0.75	PTVE
SEE	+ 0.65	SLGN

High negative correlations

PTVE	- 0.66	PKG
OI	- 0.66	PKG
PTVE	- 0.59	SON
CCK	- 0.53	PKG
PTVE	- 0.51	SEE
SEE	- 0.35	OI

Risk-Adjusted Indicators

There is a big difference between Avery Stock performing well and Avery Dennison 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 Avery Dennison'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
PKG	1.05	(0.21)	0.00	(0.27)	0.00	0.00	1.53	(2.67)	11.56
WRK	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OI	2.08	0.21	0.06	0.06	2.77	(1.92)	4.38	(4.13)	14.32
SLGN	1.10	(0.08)	0.00	(0.16)	0.00	0.00	1.65	(2.55)	8.24
SEE	1.28	(0.22)	0.00	(0.23)	0.00	0.00	2.56	(3.43)	10.62
IP	1.37	(0.03)	0.00	(0.10)	0.00	0.00	2.55	(2.88)	10.71
SON	1.19	(0.08)	0.00	(0.16)	0.00	0.00	2.79	(2.77)	6.75
PTVE	0.16	0.05	0.50	0.68	0.00	(0.22)	0.52	(0.34)	1.65
MYE	2.24	0.11	0.04	0.08	2.83	(2.62)	3.70	(4.70)	30.65
CCK	1.17	0.06	0.05	0.00	1.38	(1.22)	2.61	(2.53)	7.56

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