Old Republic Correlations

ORI Stock

USD 38.85 0.20 0.52%

The current 90-days correlation between Old Republic Interna and Axa Equitable Holdings is 0.4 (i.e., Very weak diversification). The correlation of Old Republic 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.

Old Republic Correlation With Market

Very weak diversification

The correlation between Old Republic International and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Old Republic International and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Old Republic International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Old Stock

0.65	L	Loews Corp	Pair Corr
0.63	CB	Chubb	Pair Corr
0.63	ALL	Allstate	Pair Corr
0.79	CNA	CNA Financial	Pair Corr
0.79	HCI	HCI Group	Pair Corr
0.75	HMN	Horace Mann Educators	Pair Corr
0.75	MKL	Markel	Pair Corr
0.86	PGR	Progressive Corp	Pair Corr
0.87	THG	Hanover Insurance	Pair Corr
0.81	TRV	The Travelers Companies	Pair Corr
0.84	WRB	W R Berkley	Pair Corr
0.68	KMPR	Kemper	Pair Corr
0.71	SIGIP	Selective Insurance	Pair Corr
0.74	ALL-PJ	Allstate	Pair Corr
0.79	PLMR	Palomar Holdings Normal Trading	Pair Corr
0.83	ROOT	Root Inc	Pair Corr

Moving against Old Stock

0.76	NODK	NI Holdings	Pair Corr
0.56	AFG	American Financial	Pair Corr
0.55	RLI	RLI Corp Normal Trading	Pair Corr
0.53	MCY	Mercury General	Pair Corr
0.74	SAFT	Safety Insurance	Pair Corr
0.73	CNFR	Conifer Holding Earnings Call This Week	Pair Corr
0.63	CM	Canadian Imperial Bank	Pair Corr
0.59	DHIL	Diamond Hill Investment	Pair Corr
0.54	AX	Axos Financial	Pair Corr
0.53	BX	Blackstone Group	Pair Corr
0.47	WRB-PE	W R Berkley	Pair Corr
0.46	SIGI	Selective Insurance	Pair Corr

Related Correlations Analysis

	EQH	AIG	ACGL	SLF	HIG	AXAHY	GSHD	IGIC	ESGR
EQH		0.44	0.17	-0.4	0.52	0.0	0.61	0.74	0.69	EQH
AIG	0.44		0.15	-0.58	0.96	0.0	0.82	0.56	0.81	AIG
ACGL	0.17	0.15		0.39	0.29	0.0	-0.05	-0.18	-0.12	ACGL
SLF	-0.4	-0.58	0.39		-0.55	0.0	-0.68	-0.57	-0.78	SLF
HIG	0.52	0.96	0.29	-0.55		0.0	0.84	0.59	0.79	HIG
AXAHY	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AXAHY
GSHD	0.61	0.82	-0.05	-0.68	0.84	0.0		0.71	0.84	GSHD
IGIC	0.74	0.56	-0.18	-0.57	0.59	0.0	0.71		0.75	IGIC
ESGR	0.69	0.81	-0.12	-0.78	0.79	0.0	0.84	0.75		ESGR
	EQH	AIG	ACGL	SLF	HIG	AXAHY	GSHD	IGIC	ESGR

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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

HIG	+ 0.96	AIG
GSHD	+ 0.84	HIG
ESGR	+ 0.84	GSHD
GSHD	+ 0.82	AIG
ESGR	+ 0.81	AIG
ESGR	+ 0.79	HIG

High negative correlations

ESGR	- 0.78	SLF
GSHD	- 0.68	SLF
SLF	- 0.58	AIG
IGIC	- 0.57	SLF
HIG	- 0.55	SLF
SLF	- 0.4	EQH

Risk-Adjusted Indicators

There is a big difference between Old Stock performing well and Old Republic 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 Old Republic'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
EQH	1.41	0.32	0.13	0.22	1.85	(1.37)	3.32	(3.67)	9.18
AIG	0.99	0.29	0.23	0.51	0.92	(1.10)	2.47	(1.59)	7.38
ACGL	1.10	0.12	0.10	0.19	1.10	(1.18)	2.65	(2.08)	6.24
SLF	0.88	(0.03)	0.00	0.19	0.00	0.00	2.00	(2.11)	8.71
HIG	0.87	0.21	0.19	0.33	0.84	(0.97)	2.14	(1.37)	5.10
AXAHY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GSHD	2.12	0.27	0.11	0.20	2.23	(2.38)	4.49	(3.95)	21.17
IGIC	1.63	0.17	0.08	0.15	1.91	(1.71)	2.89	(2.89)	8.27
ESGR	0.15	0.04	0.25	0.76	0.00	(0.18)	0.41	(0.26)	1.38

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