Goodyear Tire Correlations

GTR Stock

EUR 8.19 0.30 3.53%

The current 90-days correlation between Goodyear Tire and Advanced Drainage Systems is 0.22 (i.e., Modest 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.

Goodyear Tire Correlation With Market

Weak diversification

The correlation between The Goodyear Tire and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Goodyear Tire and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Goodyear Tire could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Goodyear Tire when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Goodyear Tire - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling The Goodyear Tire to buy it.

Moving together with Goodyear Stock

0.74	108	Sumitomo Rubber Indu	Pair Corr
0.71	NZE	Zeon	Pair Corr
0.8	PKW	Polyplex (Thailand)	Pair Corr
0.93	5EE	MEBUKI FINANCIAL	Pair Corr
0.89	4FK	Fukuoka Financial	Pair Corr
0.9	NSE	Nomura Holdings	Pair Corr
0.86	BRYN	Berkshire Hathaway	Pair Corr
0.89	KEY	KeyCorp	Pair Corr
0.78	VAI	Vail Resorts	Pair Corr
0.88	HI91	Hilton Worldwide Holdings	Pair Corr
0.84	TM5	T Mobile	Pair Corr
0.75	H0O	REVO INSURANCE SPA	Pair Corr
0.83	BZZ	Bank of Montreal	Pair Corr
0.76	PCG6	PG E P6	Pair Corr
0.89	GKD	Grand Canyon Education	Pair Corr
0.83	DC4	DexCom Inc	Pair Corr
0.7	APC	Apple Inc	Pair Corr
0.86	SK3	Smurfit Kappa Group	Pair Corr

Moving against Goodyear Stock

0.82	PKX	POSCO Holdings	Pair Corr
0.8	NRE	Nokian Renkaat Oyj	Pair Corr
0.73	SSU	Samsung Electronics	Pair Corr
0.68	6DA	Advanced Drainage Systems	Pair Corr
0.67	LGLG	LG Electronics	Pair Corr
0.48	BGT	Bridgestone	Pair Corr
0.42	GH8	PT Gajah Tunggal	Pair Corr
0.54	DFXN	SIERRA METALS	Pair Corr
0.41	CN6	BII Railway Transpor	Pair Corr

Related Correlations Analysis

	BGT	6DA	GTR	108	NZE	NRE	HOF	SEW	PKW	GH8
BGT		0.65	-0.48	-0.49	-0.46	0.77	0.09	-0.21	-0.35	0.25	BGT
6DA	0.65		-0.68	-0.89	-0.6	0.78	0.41	-0.33	-0.7	0.45	6DA
GTR	-0.48	-0.68		0.74	0.71	-0.8	-0.11	0.06	0.8	-0.42	GTR
108	-0.49	-0.89	0.74		0.7	-0.71	-0.34	0.31	0.73	-0.36	108
NZE	-0.46	-0.6	0.71	0.7		-0.68	-0.22	0.21	0.65	-0.25	NZE
NRE	0.77	0.78	-0.8	-0.71	-0.68		0.25	-0.12	-0.69	0.46	NRE
HOF	0.09	0.41	-0.11	-0.34	-0.22	0.25		-0.58	-0.54	0.4	HOF
SEW	-0.21	-0.33	0.06	0.31	0.21	-0.12	-0.58		0.36	-0.14	SEW
PKW	-0.35	-0.7	0.8	0.73	0.65	-0.69	-0.54	0.36		-0.45	PKW
GH8	0.25	0.45	-0.42	-0.36	-0.25	0.46	0.4	-0.14	-0.45		GH8
	BGT	6DA	GTR	108	NZE	NRE	HOF	SEW	PKW	GH8

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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

PKW	+ 0.8	GTR
NRE	+ 0.78	6DA
NRE	+ 0.77	BGT
108	+ 0.74	GTR
PKW	+ 0.73	108
NZE	+ 0.71	GTR

High negative correlations

108	- 0.89	6DA
NRE	- 0.8	GTR
NRE	- 0.71	108
PKW	- 0.7	6DA
PKW	- 0.69	NRE
NRE	- 0.68	NZE

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
BGT	1.19	(0.10)	0.00	(0.13)	0.00	0.00	2.39	(2.36)	6.78
6DA	1.55	(0.30)	0.00	(2.76)	0.00	0.00	2.49	(3.15)	20.79
GTR	2.39	0.16	0.06	0.14	2.49	(2.82)	4.60	(3.65)	25.88
108	1.52	0.17	0.05	1.85	2.19	(1.76)	3.96	(3.67)	14.18
NZE	1.11	0.06	0.03	0.12	1.24	(1.50)	2.38	(2.34)	12.14
NRE	1.20	(0.24)	0.00	(1.41)	0.00	0.00	2.27	(3.10)	7.83
HOF	1.29	(0.16)	0.00	(0.44)	0.00	0.00	2.34	(3.74)	7.17
SEW	1.17	0.03	0.00	(0.07)	1.53	(1.28)	2.99	(2.90)	7.90
PKW	4.49	1.85	0.33	0.58	1.22	(23.08)	7.14	(3.12)	136.90
GH8	3.68	(0.02)	0.00	(0.04)	0.00	0.00	11.11	(6.50)	68.86

Be your own money manager

Our tools can tell you how much better you can do entering a position in Goodyear Tire without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Goodyear Tire Corporate Management

Elected by the shareholders, the Goodyear Tire's board of directors comprises two types of representatives: Goodyear Tire inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Goodyear. The board's role is to monitor Goodyear Tire's management team and ensure that shareholders' interests are well served. Goodyear Tire's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Goodyear Tire's outside directors are responsible for providing unbiased perspectives on the board's policies.

Richard Kramer	CEO Chairman	Profile
Darren Wells	Ex CFO	Profile
Mike Dwyer	Chief Officer	Profile
Gary VanderLind	VP Officer	Profile
Stephen McClellan	Pres Americas	Profile
Laura Duda	VP Officer	Profile
David Esq	Sr Counsel	Profile

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