Canadian Solar Correlations

CSIQ Stock

USD 11.30 0.50 4.24%

The current 90-days correlation between Canadian Solar and Gfl Environmental Holdings is -0.21 (i.e., Very good diversification). The correlation of Canadian Solar 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.

Canadian Solar Correlation With Market

Good diversification

The correlation between Canadian Solar and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Solar 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 Canadian Solar. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

To learn how to invest in Canadian Stock, please use our How to Invest in Canadian Solar guide.

Moving together with Canadian Stock

0.63	FSLR	First Solar	Pair Corr
0.66	JKS	JinkoSolar Holding	Pair Corr

Moving against Canadian Stock

0.43	ZD	Ziff Davis	Pair Corr
0.41	ZS	Zscaler Earnings Call This Week	Pair Corr
0.36	ZM	Zoom Video Communications Earnings Call This Week	Pair Corr
0.42	ANY	Sphere 3D Corp	Pair Corr
0.4	EVCM	EverCommerce	Pair Corr
0.36	EBON	Ebang International	Pair Corr
0.33	NET	Cloudflare Buyout Trend	Pair Corr

Related Correlations Analysis

	SCRYX	FRHC	GFL	RGAGX	SVII	GFI	KNF	MRK	WES	AMYZF
SCRYX		0.71	0.6	0.89	0.61	0.16	0.73	-0.66	-0.15	-0.63	SCRYX
FRHC	0.71		0.59	0.84	0.65	0.3	0.85	-0.94	-0.16	-0.85	FRHC
GFL	0.6	0.59		0.51	0.4	-0.12	0.31	-0.64	-0.37	-0.32	GFL
RGAGX	0.89	0.84	0.51		0.65	0.42	0.86	-0.82	-0.05	-0.84	RGAGX
SVII	0.61	0.65	0.4	0.65		0.39	0.73	-0.66	-0.25	-0.76	SVII
GFI	0.16	0.3	-0.12	0.42	0.39		0.49	-0.28	-0.01	-0.53	GFI
KNF	0.73	0.85	0.31	0.86	0.73	0.49		-0.76	0.07	-0.86	KNF
MRK	-0.66	-0.94	-0.64	-0.82	-0.66	-0.28	-0.76		0.2	0.86	MRK
WES	-0.15	-0.16	-0.37	-0.05	-0.25	-0.01	0.07	0.2		0.05	WES
AMYZF	-0.63	-0.85	-0.32	-0.84	-0.76	-0.53	-0.86	0.86	0.05		AMYZF
	SCRYX	FRHC	GFL	RGAGX	SVII	GFI	KNF	MRK	WES	AMYZF

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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

RGAGX	+ 0.89	SCRYX
KNF	+ 0.86	RGAGX
AMYZF	+ 0.86	MRK
KNF	+ 0.85	FRHC
RGAGX	+ 0.84	FRHC
KNF	+ 0.73	SCRYX

High negative correlations

MRK	- 0.94	FRHC
AMYZF	- 0.86	KNF
AMYZF	- 0.85	FRHC
AMYZF	- 0.84	RGAGX
MRK	- 0.82	RGAGX
MRK	- 0.76	KNF

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Solar 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 Canadian Solar'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
SCRYX	0.97	0.09	0.01	0.99	0.96	(1.10)	2.39	(1.69)	7.88
FRHC	1.37	0.47	0.25	0.96	1.13	(1.50)	4.02	(2.40)	7.38
GFL	1.23	0.05	0.02	0.15	1.36	(1.32)	2.97	(2.29)	7.37
RGAGX	0.69	0.11	0.02	(1.49)	0.91	(0.71)	1.34	(1.66)	4.40
SVII	0.20	(0.02)	(0.11)	0.00	0.39	(0.32)	0.44	(0.53)	4.77
GFI	2.21	(0.15)	0.00	1.25	0.00	0.00	4.52	(5.41)	14.93
KNF	1.58	0.26	0.15	0.22	1.88	(1.66)	4.01	(2.46)	12.96
MRK	0.83	(0.26)	0.00	(1.64)	0.00	0.00	1.68	(2.13)	4.89
WES	1.05	0.01	(0.04)	0.12	1.39	(1.02)	1.94	(2.16)	5.82
AMYZF	3.86	(0.16)	0.00	1.86	0.00	0.00	7.41	(8.75)	21.04

Canadian Solar Corporate Executives

Elected by the shareholders, the Canadian Solar's board of directors comprises two types of representatives: Canadian Solar inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Canadian. The board's role is to monitor Canadian Solar's management team and ensure that shareholders' interests are well served. Canadian Solar's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Canadian Solar's outside directors are responsible for providing unbiased perspectives on the board's policies.

Xinbo Zhu

Senior CFO

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