Celanese Correlations

CE Stock

USD 57.97 0.92 1.61%

The correlation of Celanese 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.

Celanese Correlation With Market

Modest diversification

The correlation between Celanese and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Celanese 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 Celanese. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

For information on how to trade Celanese Stock refer to our How to Trade Celanese Stock guide.

Moving together with Celanese Stock

0.73	AA	Alcoa Corp	Pair Corr
0.67	HYMCW	Hycroft Mining Holding	Pair Corr
0.67	CDE	Coeur Mining Aggressive Push	Pair Corr
0.67	DOW	Dow Inc	Pair Corr
0.78	ERO	Ero Copper Corp	Pair Corr
0.8	HBM	Hudbay Minerals	Pair Corr

Moving against Celanese Stock

0.76	BTG	B2Gold Corp Buyout Trend	Pair Corr
0.72	DC	Dakota Gold Corp	Pair Corr
0.71	MT	ArcelorMittal SA ADR Sell-off Trend	Pair Corr
0.71	AGI	Alamos Gold	Pair Corr
0.69	DRD	DRDGOLD Limited ADR	Pair Corr
0.56	AEM	Agnico Eagle Mines	Pair Corr
0.49	EQX	Equinox Gold Corp	Pair Corr
0.45	AU	AngloGold Ashanti plc	Pair Corr
0.35	HYMCL	Hycroft Mining Holding	Pair Corr
0.34	X	United States Steel	Pair Corr
0.62	GFI	Gold Fields	Pair Corr
0.61	FNV	Franco Nevada	Pair Corr
0.57	PKX	POSCO Holdings	Pair Corr
0.53	MSB	Mesabi Trust	Pair Corr
0.38	NUE	Nucor Corp	Pair Corr
0.37	NEM	Newmont Goldcorp Corp	Pair Corr
0.32	HMY	Harmony Gold Mining	Pair Corr

Related Correlations Analysis

	TROX	GPRE	LXU	UNVR	VHI	HUN	BASFY	WLKP	ASIX	MEOH
TROX		0.87	0.72	0.0	0.89	0.5	-0.73	-0.28	0.72	0.75	TROX
GPRE	0.87		0.65	0.0	0.95	0.49	-0.82	-0.48	0.59	0.67	GPRE
LXU	0.72	0.65		0.0	0.73	0.33	-0.47	0.09	0.87	0.66	LXU
UNVR	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	UNVR
VHI	0.89	0.95	0.73	0.0		0.53	-0.76	-0.43	0.65	0.67	VHI
HUN	0.5	0.49	0.33	0.0	0.53		-0.16	-0.14	0.36	-0.01	HUN
BASFY	-0.73	-0.82	-0.47	0.0	-0.76	-0.16		0.63	-0.41	-0.72	BASFY
WLKP	-0.28	-0.48	0.09	0.0	-0.43	-0.14	0.63		0.26	-0.11	WLKP
ASIX	0.72	0.59	0.87	0.0	0.65	0.36	-0.41	0.26		0.74	ASIX
MEOH	0.75	0.67	0.66	0.0	0.67	-0.01	-0.72	-0.11	0.74		MEOH
	TROX	GPRE	LXU	UNVR	VHI	HUN	BASFY	WLKP	ASIX	MEOH

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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

VHI	+ 0.95	GPRE
VHI	+ 0.89	TROX
GPRE	+ 0.87	TROX
ASIX	+ 0.87	LXU
MEOH	+ 0.75	TROX
MEOH	+ 0.74	ASIX

High negative correlations

BASFY	- 0.82	GPRE
BASFY	- 0.76	VHI
BASFY	- 0.73	TROX
MEOH	- 0.72	BASFY
WLKP	- 0.48	GPRE
BASFY	- 0.47	LXU

Risk-Adjusted Indicators

There is a big difference between Celanese Stock performing well and Celanese 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 Celanese'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
TROX	2.51	(0.52)	0.00	(0.47)	0.00	0.00	4.34	(5.62)	16.13
GPRE	3.43	(0.87)	0.00	(0.93)	0.00	0.00	5.63	(7.58)	26.78
LXU	2.13	(0.12)	0.00	(0.21)	0.00	0.00	3.41	(4.59)	27.77
UNVR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VHI	2.06	(0.37)	0.00	(0.82)	0.00	0.00	3.61	(6.07)	12.93
HUN	1.72	(0.06)	0.00	(0.18)	0.00	0.00	3.63	(3.27)	13.93
BASFY	1.58	0.44	0.25	0.39	1.50	(1.92)	4.58	(2.87)	13.85
WLKP	0.61	0.01	0.00	(0.06)	0.00	0.00	1.37	(1.25)	3.08
ASIX	1.69	(0.25)	0.00	(0.31)	0.00	0.00	2.44	(3.75)	14.24
MEOH	1.69	(0.19)	0.00	(0.28)	0.00	0.00	2.96	(3.33)	16.73

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