Array Technologies Correlations

ARRY Stock

USD 10.19 0.21 2.10%

The current 90-days correlation between Array Technologies and Canadian Solar is 0.54 (i.e., Very weak diversification). The correlation of Array Technologies 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.

Array Technologies Correlation With Market

Good diversification

The correlation between Array Technologies and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Array Technologies and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Array Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Array Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

For more information on how to buy Array Stock please use our How to Invest in Array Technologies guide.

Moving together with Array Stock

0.66	300700	Changsha DIALINE New	Pair Corr
0.64	002600	Lingyi iTech Guangdong	Pair Corr
0.76	ELVA	Electrovaya Common Shares	Pair Corr

Moving against Array Stock

0.54	301152	Xinxiang Tianli Energy	Pair Corr
0.51	300820	Sichuan Injet Electric	Pair Corr
0.41	PN	Skycorp Solar Group	Pair Corr
0.55	CWR	Ceres Power Holdings	Pair Corr
0.51	300407	Tianjin Keyvia Electric	Pair Corr
0.49	688148	Guangdong Fangyuan	Pair Corr
0.42	002196	Zhejiang Founder Motor	Pair Corr

Related Correlations Analysis

	IMSR	CSIQ	WKC	NESR	VTOL	LPG	DEC	NRP	RES	INVX
IMSR		-0.65	0.72	-0.76	0.48	0.57	-0.78	0.21	-0.86	-0.85	IMSR
CSIQ	-0.65		-0.51	0.75	-0.1	-0.42	0.57	-0.22	0.76	0.62	CSIQ
WKC	0.72	-0.51		-0.68	0.52	0.86	-0.67	0.1	-0.55	-0.69	WKC
NESR	-0.76	0.75	-0.68		-0.19	-0.63	0.61	-0.44	0.81	0.88	NESR
VTOL	0.48	-0.1	0.52	-0.19		0.46	-0.56	-0.25	-0.22	-0.26	VTOL
LPG	0.57	-0.42	0.86	-0.63	0.46		-0.53	-0.01	-0.45	-0.62	LPG
DEC	-0.78	0.57	-0.67	0.61	-0.56	-0.53		0.04	0.72	0.76	DEC
NRP	0.21	-0.22	0.1	-0.44	-0.25	-0.01	0.04		-0.27	-0.3	NRP
RES	-0.86	0.76	-0.55	0.81	-0.22	-0.45	0.72	-0.27		0.85	RES
INVX	-0.85	0.62	-0.69	0.88	-0.26	-0.62	0.76	-0.3	0.85		INVX
	IMSR	CSIQ	WKC	NESR	VTOL	LPG	DEC	NRP	RES	INVX

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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

INVX	+ 0.88	NESR
LPG	+ 0.86	WKC
INVX	+ 0.85	RES
RES	+ 0.81	NESR
RES	+ 0.76	CSIQ
INVX	+ 0.76	DEC

High negative correlations

RES	- 0.86	IMSR
INVX	- 0.85	IMSR
DEC	- 0.78	IMSR
NESR	- 0.76	IMSR
INVX	- 0.69	WKC
NESR	- 0.68	WKC

Risk-Adjusted Indicators

There is a big difference between Array Stock performing well and Array Technologies 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 Array Technologies' 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
IMSR	6.39	(1.19)	0.00	(0.33)	0.00	0.00	11.44	(13.72)	34.38
CSIQ	5.60	1.28	0.15	(26.61)	6.65	(5.87)	14.19	(11.80)	36.09
WKC	1.12	(0.17)	0.00	(0.50)	0.00	0.00	1.96	(2.36)	8.25
NESR	2.08	0.57	0.23	1.56	1.83	(2.47)	6.38	(2.98)	22.01
VTOL	1.68	(0.09)	0.00	(0.10)	0.00	0.00	2.75	(4.15)	12.30
LPG	1.45	(0.40)	0.00	(0.67)	0.00	0.00	2.31	(2.96)	11.45
DEC	1.78	0.04	0.00	0.17	2.32	(1.82)	3.58	(4.18)	12.72
NRP	0.82	(0.03)	(0.07)	(0.01)	0.99	(0.96)	1.60	(1.47)	5.12
RES	1.77	0.14	0.05	0.20	2.36	(1.78)	3.98	(4.36)	18.92
INVX	1.99	0.22	0.09	0.37	2.05	(2.17)	5.81	(3.58)	12.82

Array Technologies Corporate Management

Kevin Hostetler	CEO Director	Profile
Aaron Gabelnick	Chief Officer	Profile
Gina JD	Chief Secretary	Profile
Nick Strevel	Senior Sales	Profile
Erica Brinker	Social Environmental	Profile
Thierry MarinMartinod	Chief Officer	Profile

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