Array Technologies Correlations

ARRY Stock

USD 11.00 0.27 2.52%

The current 90-days correlation between Array Technologies and Canadian Solar is 0.44 (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

Very poor diversification

The correlation between Array Technologies and DJI is 0.86 (i.e., Very poor 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 real.

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

Moving together with Array Stock

0.77	ST	Sensata Technologies	Pair Corr
0.83	P4L	PREFORMED LINE PROD	Pair Corr
0.88	VICR	Vicor Tech Boost	Pair Corr
0.82	ELVA	Electrovaya	Pair Corr
0.79	ELVA	Electrovaya	Pair Corr
0.92	AME	Ametek Inc	Pair Corr
0.87	EMR	Emerson Electric	Pair Corr
0.89	ENS	Enersys	Pair Corr
0.93	ESP	Espey Mfg Electronics	Pair Corr
0.73	NVT	nVent Electric PLC	Pair Corr
0.86	NXT	Nextracker Class A	Pair Corr
0.85	RBC	RBC Bearings	Pair Corr

Moving against Array Stock

0.84	2V3	VPower Group Interna	Pair Corr
0.82	PN	Skycorp Solar Group	Pair Corr
0.76	0LT	Leoch International	Pair Corr
0.68	AYI	Acuity Brands	Pair Corr
0.6	ENVX	Enovix Corp	Pair Corr
0.6	FLUX	Flux Power Holdings	Pair Corr
0.42	ELPW	Elong Power Holding	Pair Corr
0.37	EGY	Energy Technologies Earnings Call Today	Pair Corr
0.36	EFOI	Energy Focu	Pair Corr
0.32	EAF	GrafTech International	Pair Corr
0.89	GWH	ESS Tech	Pair Corr
0.83	XLE1	LEGEND POWER SYS Earnings Call This Week	Pair Corr
0.82	MLITN	Italy Innovazioni SpA	Pair Corr
0.74	HMM-A	Hammond Manufacturing Earnings Call This Week	Pair Corr
0.74	AQ8	Acuity Brands	Pair Corr
0.68	ZEO	Zeo Energy Corp Tech Boost	Pair Corr
0.62	STI	Solidion Technology	Pair Corr
0.52	2F0	AB Fagerhult	Pair Corr
0.41	XCH	XCHG Limited American	Pair Corr
0.35	6E6	ATON GREEN STORAGE	Pair Corr

Related Correlations Analysis

	IMSR	CSIQ	WKC	NESR	VTOL	LPG	DEC	NRP	RES	INVX
IMSR		0.01	0.22	-0.19	-0.08	-0.24	-0.17	-0.05	0.37	0.06	IMSR
CSIQ	0.01		-0.79	-0.75	-0.75	-0.75	0.69	-0.73	-0.56	-0.62	CSIQ
WKC	0.22	-0.79		0.68	0.75	0.67	-0.79	0.75	0.61	0.63	WKC
NESR	-0.19	-0.75	0.68		0.95	0.95	-0.65	0.93	0.56	0.89	NESR
VTOL	-0.08	-0.75	0.75	0.95		0.92	-0.68	0.93	0.58	0.89	VTOL
LPG	-0.24	-0.75	0.67	0.95	0.92		-0.61	0.93	0.43	0.82	LPG
DEC	-0.17	0.69	-0.79	-0.65	-0.68	-0.61		-0.7	-0.51	-0.56	DEC
NRP	-0.05	-0.73	0.75	0.93	0.93	0.93	-0.7		0.52	0.86	NRP
RES	0.37	-0.56	0.61	0.56	0.58	0.43	-0.51	0.52		0.62	RES
INVX	0.06	-0.62	0.63	0.89	0.89	0.82	-0.56	0.86	0.62		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

VTOL	+ 0.95	NESR
LPG	+ 0.95	NESR
NRP	+ 0.93	NESR
NRP	+ 0.93	VTOL
NRP	+ 0.93	LPG
LPG	+ 0.92	VTOL

High negative correlations

DEC	- 0.79	WKC
WKC	- 0.79	CSIQ
LPG	- 0.75	CSIQ
VTOL	- 0.75	CSIQ
NESR	- 0.75	CSIQ
NRP	- 0.73	CSIQ

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	6.10	(0.82)	0.00	(0.08)	0.00	0.00	12.40	(11.24)	45.73
CSIQ	4.20	(0.43)	0.00	(0.14)	0.00	0.00	8.27	(10.12)	22.72
WKC	1.40	0.05	0.03	0.14	2.05	(1.44)	2.94	(3.35)	11.51
NESR	2.04	0.87	0.43	0.94	1.21	(2.39)	6.76	(3.09)	17.94
VTOL	1.36	0.27	0.16	0.38	1.28	(1.56)	3.40	(2.53)	7.10
LPG	1.60	0.52	0.34	0.86	1.02	(2.03)	3.98	(2.35)	10.07
DEC	1.98	(0.20)	0.00	(0.54)	0.00	0.00	3.39	(4.75)	10.98
NRP	0.87	0.28	0.24	1.94	0.47	(1.13)	2.20	(1.28)	6.50
RES	2.10	0.08	0.04	0.15	3.35	(2.34)	5.18	(2.71)	23.88
INVX	1.92	0.37	0.17	0.57	1.65	(2.16)	5.23	(3.41)	10.56

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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