Gerdau SA Correlations

GGB Stock

USD 3.03 0.02 0.66%

The current 90-days correlation between Gerdau SA ADR and Usinas Siderurgicas de is -0.05 (i.e., Good diversification). The correlation of Gerdau SA 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.

Gerdau SA Correlation With Market

Weak diversification

The correlation between Gerdau SA ADR and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gerdau SA ADR and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Gerdau SA ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with Gerdau Stock

0.63	NX	Quanex Building Products	Pair Corr
0.74	WS	Worthington Steel	Pair Corr
0.69	METC	Ramaco Resources	Pair Corr

Moving against Gerdau Stock

0.4	NFGC	New Found Gold	Pair Corr
0.39	NITO	N2OFF Inc	Pair Corr

Related Correlations Analysis

	USNZY	SCHN	TX	MT	PKX	STLD	NUE	RS	ZEUS
USNZY		0.0	0.56	0.6	0.24	0.5	0.65	0.49	0.41	USNZY
SCHN	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SCHN
TX	0.56	0.0		0.68	0.64	0.26	0.44	0.26	0.1	TX
MT	0.6	0.0	0.68		0.62	0.52	0.69	0.41	-0.12	MT
PKX	0.24	0.0	0.64	0.62		0.01	0.16	0.13	-0.16	PKX
STLD	0.5	0.0	0.26	0.52	0.01		0.94	0.86	0.36	STLD
NUE	0.65	0.0	0.44	0.69	0.16	0.94		0.82	0.3	NUE
RS	0.49	0.0	0.26	0.41	0.13	0.86	0.82		0.61	RS
ZEUS	0.41	0.0	0.1	-0.12	-0.16	0.36	0.3	0.61		ZEUS
	USNZY	SCHN	TX	MT	PKX	STLD	NUE	RS	ZEUS

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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

NUE	+ 0.94	STLD
RS	+ 0.86	STLD
RS	+ 0.82	NUE
NUE	+ 0.69	MT
MT	+ 0.68	TX
NUE	+ 0.65	USNZY

High negative correlations

ZEUS	- 0.16	PKX
ZEUS	- 0.12	MT
ZEUS	- 0.0	SCHN
RS	- 0.0	SCHN
NUE	- 0.0	SCHN
STLD	- 0.0	SCHN

Risk-Adjusted Indicators

There is a big difference between Gerdau Stock performing well and Gerdau SA 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 Gerdau SA'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
USNZY	2.88	(0.02)	0.02	(0.03)	3.30	(3.99)	8.51	(5.75)	23.26
SCHN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TX	1.37	0.06	0.07	0.37	1.61	(1.47)	2.58	(3.15)	7.48
MT	2.07	0.45	0.24	0.74	1.75	(2.59)	6.03	(2.93)	16.40
PKX	1.75	0.25	0.12	0.24	2.01	(1.84)	4.76	(3.58)	11.46
STLD	1.60	0.05	0.00	(0.03)	0.00	0.00	4.13	(3.38)	10.47
NUE	1.62	0.02	0.00	(0.06)	0.00	0.00	3.76	(3.40)	10.83
RS	1.23	(0.06)	0.00	(0.15)	0.00	0.00	2.41	(2.70)	5.82
ZEUS	2.02	(0.24)	0.00	(0.31)	0.00	0.00	3.32	(4.65)	13.58

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