AutoZone Correlations

AZO Stock

USD 3,614 6.55 0.18%

The current 90-days correlation between AutoZone and Advance Auto Parts is 0.26 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AutoZone moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AutoZone moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AutoZone Correlation With Market

Weak diversification

The correlation between AutoZone and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AutoZone 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 AutoZone. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

To learn how to invest in AutoZone Stock, please use our How to Invest in AutoZone guide.

Moving together with AutoZone Stock

0.8	JD	JD Inc Adr Aggressive Push	Pair Corr
0.91	VIPS	Vipshop Holdings	Pair Corr

Moving against AutoZone Stock

0.81	FL	Foot Locker	Pair Corr
0.81	VSCO	Victorias Secret	Pair Corr
0.79	RH	RH Earnings Call This Week	Pair Corr
0.78	WOOF	Pet Acquisition LLC	Pair Corr
0.77	WINA	Winmark	Pair Corr
0.72	EDUC	Educational Development	Pair Corr
0.69	LE	Lands End Earnings Call This Week	Pair Corr
0.69	DXLG	Destination XL Group Earnings Call Today	Pair Corr
0.69	WEYS	Weyco Group	Pair Corr
0.62	M	Macys Inc	Pair Corr
0.6	DLTH	Duluth Holdings	Pair Corr
0.58	W	Wayfair	Pair Corr
0.57	ETSY	Etsy Inc	Pair Corr
0.56	EVGO	Evgo Inc	Pair Corr
0.5	BQ	Boqii Holding Limited	Pair Corr
0.36	HD	Home Depot	Pair Corr
0.88	ANF	Abercrombie Fitch	Pair Corr
0.84	BKE	Buckle Inc	Pair Corr
0.8	ELA	Envela Corp	Pair Corr
0.79	DBI	Designer Brands Earnings Call Today	Pair Corr
0.78	FIVE	Five Below	Pair Corr
0.78	AEO	American Eagle Outfitters	Pair Corr
0.78	ASO	Academy Sports Outdoors Earnings Call Today	Pair Corr
0.75	AKA	AKA Brands Holding	Pair Corr
0.7	BGI	Birks Group	Pair Corr
0.7	CAL	Continental	Pair Corr
0.67	AZI	Autozi Internet Tech	Pair Corr
0.67	BBW	Build A Bear	Pair Corr
0.61	FNKO	Funko Inc	Pair Corr
0.57	CWH	Camping World Holdings Sell-off Trend	Pair Corr
0.55	AAP	Advance Auto Parts	Pair Corr
0.52	WRBY	Warby Parker	Pair Corr
0.48	FLWS	1 800 FLOWERSCOM	Pair Corr

Related Correlations Analysis

	AAP	TSCO	GPC	FIVE	WSM	ULTA	BBY	RH	DKS	WOOF
AAP		0.12	-0.55	0.52	0.67	0.63	0.52	0.81	0.75	0.59	AAP
TSCO	0.12		0.45	0.05	0.49	-0.08	0.43	0.13	0.34	0.05	TSCO
GPC	-0.55	0.45		-0.54	-0.2	-0.7	-0.18	-0.66	-0.43	-0.53	GPC
FIVE	0.52	0.05	-0.54		0.13	0.88	0.55	0.75	0.38	0.91	FIVE
WSM	0.67	0.49	-0.2	0.13		0.2	0.6	0.64	0.88	0.13	WSM
ULTA	0.63	-0.08	-0.7	0.88	0.2		0.39	0.8	0.47	0.91	ULTA
BBY	0.52	0.43	-0.18	0.55	0.6	0.39		0.64	0.66	0.38	BBY
RH	0.81	0.13	-0.66	0.75	0.64	0.8	0.64		0.76	0.75	RH
DKS	0.75	0.34	-0.43	0.38	0.88	0.47	0.66	0.76		0.31	DKS
WOOF	0.59	0.05	-0.53	0.91	0.13	0.91	0.38	0.75	0.31		WOOF
	AAP	TSCO	GPC	FIVE	WSM	ULTA	BBY	RH	DKS	WOOF

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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

WOOF	+ 0.91	FIVE
WOOF	+ 0.91	ULTA
ULTA	+ 0.88	FIVE
DKS	+ 0.88	WSM
RH	+ 0.81	AAP
RH	+ 0.8	ULTA

High negative correlations

ULTA	- 0.7	GPC
RH	- 0.66	GPC
GPC	- 0.55	AAP
FIVE	- 0.54	GPC
WOOF	- 0.53	GPC
DKS	- 0.43	GPC

Risk-Adjusted Indicators

There is a big difference between AutoZone Stock performing well and AutoZone 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 AutoZone'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
AAP	2.23	(0.26)	(1.12)	3.89	(4.04)	25.00
TSCO	1.33	(0.03)	(0.13)	2.79	(3.61)	11.76
GPC	1.08	0.03	(0.03)	1.98	(2.36)	6.97
FIVE	2.23	(0.50)	(0.59)	4.63	(5.11)	11.81
WSM	1.92	0.01	(0.08)	3.45	(5.56)	10.71
ULTA	1.58	(0.12)	(0.20)	2.50	(3.94)	11.09
BBY	1.64	(0.10)	(0.17)	3.19	(3.22)	17.05
RH	2.98	(0.61)	(0.41)	3.33	(7.06)	28.01
DKS	1.74	0.02	(0.07)	3.40	(4.42)	10.08
WOOF	2.78	(0.82)	(1.00)	6.03	(6.76)	15.48

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