Hyliion Holdings Correlations

HYLN Stock

USD 2.30 0.07 2.95%

The current 90-days correlation between Hyliion Holdings Corp and Innoviz Technologies is -0.11 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hyliion Holdings moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hyliion Holdings Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hyliion Holdings Correlation With Market

Modest diversification

The correlation between Hyliion Holdings Corp and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hyliion Holdings Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hyliion Holdings Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Hyliion Stock

0.72	GT	Goodyear Tire Rubber	Pair Corr
0.66	UA	Under Armour C Earnings Call This Week	Pair Corr
0.67	DKNG	DraftKings	Pair Corr

Moving against Hyliion Stock

0.47	EM	Smart Share Global	Pair Corr
0.4	RAIL	Freightcar America	Pair Corr
0.65	JL	J Long Group	Pair Corr
0.37	TM	Toyota Motor Earnings Call This Week	Pair Corr
0.37	ZK	ZEEKR Intelligent	Pair Corr

Related Correlations Analysis

	QS	MBLY	INVZ	AEVA	LAZR	WPRT	FRSX	AXL	GNTX	LIDR
QS		0.14	0.44	0.52	-0.13	-0.11	0.49	-0.33	-0.33	0.69	QS
MBLY	0.14		0.39	0.57	-0.53	-0.35	0.5	0.07	-0.22	0.44	MBLY
INVZ	0.44	0.39		0.49	-0.68	-0.42	0.84	-0.68	-0.83	0.55	INVZ
AEVA	0.52	0.57	0.49		-0.45	-0.07	0.52	0.04	-0.25	0.62	AEVA
LAZR	-0.13	-0.53	-0.68	-0.45		0.32	-0.61	0.29	0.52	-0.18	LAZR
WPRT	-0.11	-0.35	-0.42	-0.07	0.32		-0.57	0.45	0.36	-0.3	WPRT
FRSX	0.49	0.5	0.84	0.52	-0.61	-0.57		-0.6	-0.7	0.51	FRSX
AXL	-0.33	0.07	-0.68	0.04	0.29	0.45	-0.6		0.66	-0.28	AXL
GNTX	-0.33	-0.22	-0.83	-0.25	0.52	0.36	-0.7	0.66		-0.37	GNTX
LIDR	0.69	0.44	0.55	0.62	-0.18	-0.3	0.51	-0.28	-0.37		LIDR
	QS	MBLY	INVZ	AEVA	LAZR	WPRT	FRSX	AXL	GNTX	LIDR

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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

FRSX	+ 0.84	INVZ
LIDR	+ 0.69	QS
GNTX	+ 0.66	AXL
LIDR	+ 0.62	AEVA
AEVA	+ 0.57	MBLY
LIDR	+ 0.55	INVZ

High negative correlations

GNTX	- 0.83	INVZ
GNTX	- 0.7	FRSX
AXL	- 0.68	INVZ
LAZR	- 0.68	INVZ
FRSX	- 0.61	LAZR
AXL	- 0.6	FRSX

Risk-Adjusted Indicators

There is a big difference between Hyliion Stock performing well and Hyliion Holdings 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 Hyliion Holdings' 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
QS	3.45	0.11	0.00	(0.33)	3.61	(4.49)	8.30	(6.89)	34.54
MBLY	3.48	0.40	0.07	0.46	5.00	(3.32)	8.39	(10.51)	27.70
INVZ	7.18	1.70	0.22	(0.77)	5.70	(9.37)	19.18	(10.34)	47.59
AEVA	3.57	(0.01)	0.00	0.07	3.94	(4.31)	8.46	(6.49)	21.95
LAZR	6.20	(0.89)	0.00	4.96	0.00	0.00	14.81	(11.77)	39.94
WPRT	2.43	0.13	0.03	0.31	2.80	(2.98)	7.26	(4.67)	16.14
FRSX	6.74	1.11	0.16	0.94	6.09	(9.76)	35.87	(14.13)	63.09
AXL	2.16	(0.24)	0.00	(0.25)	0.00	0.00	5.00	(4.06)	13.77
GNTX	1.04	(0.07)	0.00	2.36	0.00	0.00	2.25	(2.06)	7.93
LIDR	8.58	0.54	0.03	(0.18)	10.43	(10.51)	14.78	(17.16)	92.02

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