Aerojet Rocketdyne Correlations

Summary

AJRDDelisted Stock

USD 57.99 0.01 0.02%

The correlation of Aerojet Rocketdyne 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Aerojet Rocketdyne moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Aerojet Rocketdyne Holdings moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Good diversification

The correlation between Aerojet Rocketdyne Holdings and NYA is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aerojet Rocketdyne Holdings and NYA in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in metropolitan statistical area.

The ability to find closely correlated positions to Aerojet Rocketdyne could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Aerojet Rocketdyne 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 Aerojet Rocketdyne - 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 Aerojet Rocketdyne Holdings to buy it.

Moving together with Aerojet Stock

0.72

AFFL

Affiliated Resources Corp

Pair Corr

Moving against Aerojet Stock

0.6	IBM	International Business Earnings Call This Week	Pair Corr
0.47	VNTN	VentureNet Capital	Pair Corr
0.46	NTME	NetMed Inc	Pair Corr
0.46	TRV	The Travelers Companies Financial Report 18th of July 2024	Pair Corr
0.42	DIS	Walt Disney Report 8th of May 2024	Pair Corr
0.42	KO	Coca Cola Report 22nd of April 2024	Pair Corr

Related Correlations Analysis

	AIR	CW	HXL	KAMN	MOG-A	MRCY	DCO	PKE	ISSC	NPK
AIR		0.03	0.42	0.35	0.11	-0.15	-0.18	-0.29	0.31	-0.7	AIR
CW	0.03		-0.04	0.44	0.96	-0.57	0.36	0.79	-0.73	0.25	CW
HXL	0.42	-0.04		-0.01	0.05	0.13	-0.56	-0.06	0.6	-0.31	HXL
KAMN	0.35	0.44	-0.01		0.44	-0.39	0.15	0.4	-0.21	-0.27	KAMN
MOG-A	0.11	0.96	0.05	0.44		-0.55	0.37	0.77	-0.68	0.18	MOG-A
MRCY	-0.15	-0.57	0.13	-0.39	-0.55		-0.08	-0.35	0.51	0.05	MRCY
DCO	-0.18	0.36	-0.56	0.15	0.37	-0.08		0.35	-0.67	0.22	DCO
PKE	-0.29	0.79	-0.06	0.4	0.77	-0.35	0.35		-0.63	0.48	PKE
ISSC	0.31	-0.73	0.6	-0.21	-0.68	0.51	-0.67	-0.63		-0.42	ISSC
NPK	-0.7	0.25	-0.31	-0.27	0.18	0.05	0.22	0.48	-0.42		NPK
	AIR	CW	HXL	KAMN	MOG-A	MRCY	DCO	PKE	ISSC	NPK

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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

MOG-A	+ 0.96	CW
PKE	+ 0.79	CW
PKE	+ 0.77	MOG-A
ISSC	+ 0.6	HXL
ISSC	+ 0.51	MRCY
NPK	+ 0.48	PKE

High negative correlations

ISSC	- 0.73	CW
NPK	- 0.7	AIR
ISSC	- 0.68	MOG-A
ISSC	- 0.67	DCO
ISSC	- 0.63	PKE
MRCY	- 0.57	CW

Risk-Adjusted Indicators

There is a big difference between Aerojet Stock performing well and Aerojet Rocketdyne 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 Aerojet Rocketdyne'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
AIR	1.30	0.17	0.06	(0.55)	1.57	(1.46)	2.78	(2.36)	12.62
CW	0.69	0.14	0.15	0.28	0.55	(0.78)	1.51	(1.20)	4.29
HXL	1.32	(0.27)	0.00	(0.15)	0.00	0.00	2.06	(2.14)	15.71
KAMN	3.01	1.45	1.73	1.40	0.00	(3.19)	0.75	(0.50)	101.73
MOG-A	1.12	0.05	0.06	0.09	1.12	(1.29)	2.50	(2.07)	5.69
MRCY	1.87	(0.22)	0.00	(0.11)	0.00	0.00	3.51	(3.44)	16.01
DCO	1.46	0.02	0.02	0.07	1.66	(1.71)	2.48	(3.39)	18.67
PKE	1.45	0.03	0.02	0.09	1.86	(1.47)	2.65	(2.61)	8.81
ISSC	1.25	(0.30)	0.00	(3.22)	0.00	0.00	2.30	(4.31)	10.48
NPK	1.04	(0.04)	(0.05)	(0.01)	1.34	(1.15)	2.39	(2.42)	6.03

Aerojet Rocketdyne Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Aerojet Rocketdyne stock to make a market-neutral strategy. Peer analysis of Aerojet Rocketdyne could also be used in its relative valuation, which is a method of valuing Aerojet Rocketdyne by comparing valuation metrics with similar companies.

AAR Corp Curtiss Wright Hexcel Kaman Moog Inc Mercury Systems Ducommun Incorporated Park Electrochemical Innovative Solutions and National Presto Industries L3Harris Technologies AeroVironment Textron American Airlines Group Alcoa Corp

Risk & Return

Correlation

Aerojet Rocketdyne Corporate Directors

Aerojet Rocketdyne corporate directors refer to members of an Aerojet Rocketdyne board of directors. The board of directors generally takes responsibility for the Aerojet Rocketdyne's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Aerojet Rocketdyne's board members must vote for the resolution. The Aerojet Rocketdyne board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.

James Perry	Independent Director	Profile
Pete Knudsen	Director, Investor Relations	Profile
Kelly Anderson	Senior Director, FP&A and Investor Relations	Profile
Merrill McPeak	Independent Director	Profile

Still Interested in Aerojet Rocketdyne Holdings?

Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

You can also try the Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.

Other Consideration for investing in Aerojet Stock

If you are still planning to invest in Aerojet Rocketdyne check if it may still be traded through OTC markets such as Pink Sheets or OTC Bulletin Board. You may also purchase it directly from the company, but this is not always possible and may require contacting the company directly. Please note that delisted stocks are often considered to be more risky investments, as they are no longer subject to the same regulatory and reporting requirements as listed stocks. Therefore, it is essential to carefully research the Aerojet Rocketdyne's history and understand the potential risks before investing.

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