Goodyear Tire Correlations

GT Stock

USD 9.14 0.17 1.83%

The current 90-days correlation between Goodyear Tire Rubber and Aptiv PLC is 0.3 (i.e., Weak diversification). The correlation of Goodyear Tire 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.

Goodyear Tire Correlation With Market

Modest diversification

The correlation between Goodyear Tire Rubber and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goodyear Tire Rubber 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 Goodyear Tire Rubber. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Related Correlations Analysis

	ALSN	APTV	LKQ	LEA	MGA	DAN	ALV	CVGI	ADNT	BWA
ALSN		-0.41	-0.74	-0.19	0.65	-0.12	0.42	0.65	0.74	0.81	ALSN
APTV	-0.41		0.63	0.52	-0.61	0.75	0.39	-0.39	-0.23	-0.59	APTV
LKQ	-0.74	0.63		0.43	-0.73	0.39	0.02	-0.65	-0.74	-0.7	LKQ
LEA	-0.19	0.52	0.43		0.01	0.44	0.29	-0.17	0.01	-0.11	LEA
MGA	0.65	-0.61	-0.73	0.01		-0.53	0.22	0.8	0.77	0.89	MGA
DAN	-0.12	0.75	0.39	0.44	-0.53		0.33	-0.39	-0.07	-0.42	DAN
ALV	0.42	0.39	0.02	0.29	0.22	0.33		0.49	0.54	0.44	ALV
CVGI	0.65	-0.39	-0.65	-0.17	0.8	-0.39	0.49		0.83	0.83	CVGI
ADNT	0.74	-0.23	-0.74	0.01	0.77	-0.07	0.54	0.83		0.79	ADNT
BWA	0.81	-0.59	-0.7	-0.11	0.89	-0.42	0.44	0.83	0.79		BWA
	ALSN	APTV	LKQ	LEA	MGA	DAN	ALV	CVGI	ADNT	BWA

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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

BWA	+ 0.89	MGA
ADNT	+ 0.83	CVGI
BWA	+ 0.83	CVGI
BWA	+ 0.81	ALSN
CVGI	+ 0.8	MGA
BWA	+ 0.79	ADNT

High negative correlations

ADNT	- 0.74	LKQ
LKQ	- 0.74	ALSN
MGA	- 0.73	LKQ
BWA	- 0.7	LKQ
CVGI	- 0.65	LKQ
MGA	- 0.61	APTV

Risk-Adjusted Indicators

There is a big difference between Goodyear Stock performing well and Goodyear Tire 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 Goodyear Tire'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
ALSN	1.52	(0.19)	0.00	(0.25)	0.00	0.00	2.74	(3.56)	15.85
APTV	1.12	0.16	0.12	0.15	1.33	(1.21)	2.59	(2.38)	7.37
LKQ	1.17	0.13	0.12	0.31	1.33	(1.25)	1.94	(2.25)	9.02
LEA	1.36	0.00	0.00	(0.06)	0.00	0.00	2.27	(2.86)	8.61
MGA	1.53	(0.20)	0.00	(0.27)	0.00	0.00	2.42	(3.66)	11.48
DAN	2.17	0.30	0.11	0.15	2.38	(2.27)	5.46	(3.75)	19.62
ALV	1.46	(0.06)	0.00	(0.12)	0.00	0.00	2.82	(3.00)	9.68
CVGI	3.01	(0.70)	0.00	(0.51)	0.00	0.00	6.39	(6.85)	22.75
ADNT	2.10	(0.36)	0.00	(0.35)	0.00	0.00	3.74	(4.95)	10.62
BWA	1.45	(0.19)	0.00	(0.31)	0.00	0.00	1.96	(2.90)	6.54

Goodyear Tire Corporate Management

Margaret Snyder	VP Controller	Profile
Mamatha Chamarthi	Senior Officer	Profile
David Esq	Senior Counsel	Profile
Will Roland	Senior Officer	Profile

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