American Axle Correlations

AXL Stock

USD 4.49 0.01 0.22%

The current 90-days correlation between American Axle Manufa and Adient PLC is 0.44 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as American Axle moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if American Axle Manufacturing moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

American Axle Correlation With Market

Modest diversification

The correlation between American Axle Manufacturing and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding American Axle Manufacturing 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 American Axle Manufacturing. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with American Stock

0.72	INVZ	Innoviz Technologies	Pair Corr
0.67	LCID	Lucid Group	Pair Corr
0.62	VFSWW	VinFast Auto	Pair Corr
0.64	RIVN	Rivian Automotive Aggressive Push	Pair Corr
0.69	ADNT	Adient PLC Buyout Trend	Pair Corr
0.62	TSLA	Tesla Inc Downward Rally	Pair Corr
0.64	W	Wayfair	Pair Corr
0.7	RH	RH	Pair Corr
0.68	DOOO	BRP Inc	Pair Corr
0.62	EEIQ	Elite Education Group	Pair Corr
0.62	WEYS	Weyco Group	Pair Corr

Moving against American Stock

0.64	IH	Ihuman Inc	Pair Corr
0.51	JD	JD Inc Adr	Pair Corr
0.47	LI	Li Auto	Pair Corr
0.47	GV	Visionary Education Buyout Trend	Pair Corr
0.68	AZO	AutoZone	Pair Corr
0.66	VIPS	Vipshop Holdings	Pair Corr
0.61	VSTA	Vasta Platform Trending	Pair Corr
0.39	ADT	ADT Inc	Pair Corr

Related Correlations Analysis

	LEA	CVGI	ADNT	GNTX	ALV	FOXF	DAN	VC	ALSN	CPS
LEA		-0.15	-0.1	-0.27	0.14	-0.26	0.47	0.17	-0.21	0.37	LEA
CVGI	-0.15		0.59	0.32	0.57	0.82	-0.02	0.42	0.63	-0.06	CVGI
ADNT	-0.1	0.59		0.64	0.48	0.6	-0.05	0.46	0.67	-0.02	ADNT
GNTX	-0.27	0.32	0.64		0.18	0.74	-0.64	0.46	0.51	-0.15	GNTX
ALV	0.14	0.57	0.48	0.18		0.39	0.34	0.51	0.45	0.34	ALV
FOXF	-0.26	0.82	0.6	0.74	0.39		-0.44	0.53	0.64	0.0	FOXF
DAN	0.47	-0.02	-0.05	-0.64	0.34	-0.44		-0.24	0.01	0.48	DAN
VC	0.17	0.42	0.46	0.46	0.51	0.53	-0.24		0.01	-0.08	VC
ALSN	-0.21	0.63	0.67	0.51	0.45	0.64	0.01	0.01		0.25	ALSN
CPS	0.37	-0.06	-0.02	-0.15	0.34	0.0	0.48	-0.08	0.25		CPS
	LEA	CVGI	ADNT	GNTX	ALV	FOXF	DAN	VC	ALSN	CPS

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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

FOXF	+ 0.82	CVGI
FOXF	+ 0.74	GNTX
ALSN	+ 0.67	ADNT
GNTX	+ 0.64	ADNT
ALSN	+ 0.64	FOXF
ALSN	+ 0.63	CVGI

High negative correlations

DAN	- 0.64	GNTX
DAN	- 0.44	FOXF
GNTX	- 0.27	LEA
FOXF	- 0.26	LEA
VC	- 0.24	DAN
ALSN	- 0.21	LEA

Risk-Adjusted Indicators

There is a big difference between American Stock performing well and American Axle 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 American Axle'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
LEA	1.33	0.09	0.05	0.11	1.70	(1.28)	2.31	(2.67)	8.61
CVGI	2.92	(0.80)	0.00	(0.45)	0.00	0.00	5.76	(6.85)	22.75
ADNT	2.08	(0.18)	0.00	(0.14)	0.00	0.00	4.09	(4.55)	10.62
GNTX	1.20	(0.24)	0.00	(0.35)	0.00	0.00	2.19	(2.29)	10.85
ALV	1.48	0.00	0.00	0.01	1.96	(1.40)	3.06	(3.00)	9.68
FOXF	1.98	(0.18)	0.00	(0.12)	0.00	0.00	3.00	(4.07)	15.53
DAN	2.10	0.40	0.16	0.26	2.15	(2.26)	5.46	(3.70)	19.62
VC	1.41	(0.03)	0.00	(0.03)	0.00	0.00	2.82	(2.99)	8.41
ALSN	1.47	(0.14)	0.00	(0.13)	0.00	0.00	2.90	(3.16)	15.85
CPS	2.78	0.45	0.14	0.23	2.84	(3.40)	5.09	(5.33)	24.09

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