Canaan Correlations

CAN Stock

USD 1.93 0.11 6.04%

The current 90-days correlation between Canaan Inc and Desktop Metal is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canaan moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canaan Inc moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canaan Correlation With Market

Weak diversification

The correlation between Canaan Inc and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canaan Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canaan Stock

0.64	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.7	KLIC	Kulicke and Soffa	Pair Corr
0.91	EHGO	Eshallgo Class A	Pair Corr
0.65	ASAN	Asana Inc	Pair Corr
0.71	CSCO	Cisco Systems	Pair Corr
0.86	CWAN	Clearwater Analytics	Pair Corr

Moving against Canaan Stock

0.84	CDW	CDW Corp	Pair Corr
0.82	TER	Teradyne	Pair Corr
0.81	BKRKY	Bank Rakyat	Pair Corr
0.79	ACLS	Axcelis Technologies	Pair Corr
0.65	KLAC	KLA Tencor	Pair Corr
0.64	VECO	Veeco Instruments	Pair Corr
0.62	FORM	FormFactor	Pair Corr
0.62	SIMO	Silicon Motion Technology	Pair Corr
0.49	ASYS	Amtech Systems Fiscal Year End 12th of December 2024	Pair Corr
0.48	AEHR	Aehr Test Systems	Pair Corr
0.46	ICG	Intchains Group	Pair Corr
0.42	LRCX	Lam Research Corp	Pair Corr
0.88	KO	Coca Cola Aggressive Push	Pair Corr
0.87	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.84	PPERY	Bank Mandiri Persero	Pair Corr
0.83	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.82	TLK	Telkom Indonesia Tbk	Pair Corr
0.81	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.75	PPERF	Bank Mandiri Persero	Pair Corr
0.65	PBCRY	Bank Central Asia	Pair Corr
0.63	BKRKF	PT Bank Rakyat	Pair Corr
0.61	EC	Ecopetrol SA ADR	Pair Corr
0.61	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.5	PBCRF	PT Bank Central	Pair Corr
0.44	PG	Procter Gamble	Pair Corr
0.37	VZ	Verizon Communications Aggressive Push	Pair Corr

Related Correlations Analysis

	DM	DDD	MKFG	SSYS	IONQ	QBTS	PSTG	DELL	NTAP	SMCI
DM		0.4	0.5	-0.3	-0.11	-0.3	0.07	0.19	-0.06	0.13	DM
DDD	0.4		0.77	0.55	0.67	0.54	0.25	0.87	0.17	-0.47	DDD
MKFG	0.5	0.77		0.41	0.5	0.34	0.14	0.68	0.18	-0.32	MKFG
SSYS	-0.3	0.55	0.41		0.74	0.8	0.12	0.66	0.26	-0.51	SSYS
IONQ	-0.11	0.67	0.5	0.74		0.93	-0.04	0.83	-0.07	-0.74	IONQ
QBTS	-0.3	0.54	0.34	0.8	0.93		0.01	0.72	0.01	-0.67	QBTS
PSTG	0.07	0.25	0.14	0.12	-0.04	0.01		0.05	0.84	0.48	PSTG
DELL	0.19	0.87	0.68	0.66	0.83	0.72	0.05		0.05	-0.7	DELL
NTAP	-0.06	0.17	0.18	0.26	-0.07	0.01	0.84	0.05		0.49	NTAP
SMCI	0.13	-0.47	-0.32	-0.51	-0.74	-0.67	0.48	-0.7	0.49		SMCI
	DM	DDD	MKFG	SSYS	IONQ	QBTS	PSTG	DELL	NTAP	SMCI

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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

QBTS	+ 0.93	IONQ
DELL	+ 0.87	DDD
NTAP	+ 0.84	PSTG
DELL	+ 0.83	IONQ
QBTS	+ 0.8	SSYS
MKFG	+ 0.77	DDD

High negative correlations

SMCI	- 0.74	IONQ
SMCI	- 0.7	DELL
SMCI	- 0.67	QBTS
SMCI	- 0.51	SSYS
SMCI	- 0.47	DDD
SMCI	- 0.32	MKFG

Risk-Adjusted Indicators

There is a big difference between Canaan Stock performing well and Canaan 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 Canaan'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
DM	1.75	0.11	0.01	1.24	2.30	(1.93)	3.69	(3.95)	21.58
DDD	4.26	0.16	0.07	0.15	4.81	(5.02)	11.73	(6.21)	31.04
MKFG	4.06	1.14	0.30	(4.19)	2.47	(6.86)	9.64	(7.73)	78.65
SSYS	2.99	0.14	0.07	0.17	3.00	(3.62)	9.26	(4.95)	25.45
IONQ	5.69	2.20	0.42	0.90	4.14	(6.62)	16.30	(6.53)	47.83
QBTS	5.30	0.84	0.21	0.36	4.29	(7.63)	15.38	(6.93)	41.50
PSTG	2.11	(0.41)	0.00	(0.14)	0.00	0.00	2.97	(6.29)	16.80
DELL	2.04	0.19	0.11	0.21	2.09	(2.33)	4.33	(4.46)	10.85
NTAP	1.30	(0.16)	0.00	(0.07)	0.00	0.00	2.28	(2.57)	10.78
SMCI	5.39	(0.68)	0.00	1.06	0.00	0.00	15.12	(12.18)	48.46

Canaan Corporate Management

Lu Meng	Secretary Board	Profile
Zhang Xi	Investor Manager	Profile
Nangeng Zhang	Chairman CEO	Profile
Clark Soucy	Investor Director	Profile
James Cheng	Chief Officer	Profile

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