Nextracker Correlations

Stocks . USA . 
Stock . Nextracker Class A
NXT Stock   116.05  8.44  6.78%   
The current 90-days correlation between Nextracker Class A and YPF Sociedad Anonima is 0.15 (i.e., Average diversification). The correlation of Nextracker 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.

Nextracker Correlation With Market

Poor diversification

The correlation between Nextracker Class A and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nextracker Class A and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Nextracker Stock
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nextracker Class A. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with Nextracker Stock

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  0.82P4L PREFORMED LINE PRODPairCorr
  0.83VICR VicorPairCorr
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  0.64CEA FRIWO AGPairCorr
  0.65ELVA ElectrovayaPairCorr
  0.84WATT Energous Upward RallyPairCorr
  0.62ELVA ElectrovayaPairCorr
  0.61ALDBT DBT SAPairCorr
  0.91AME Ametek IncPairCorr
  0.84EMR Emerson ElectricPairCorr
  0.89ENS EnersysPairCorr
  0.87ESP Espey Mfg ElectronicsPairCorr
  0.79ETN Eaton PLCPairCorr
  0.87NVT nVent Electric PLCPairCorr
  0.91RBC RBC BearingsPairCorr

Moving against Nextracker Stock

  0.870LT Leoch InternationalPairCorr
  0.86PN Skycorp Solar GroupPairCorr
  0.76AYI Acuity BrandsPairCorr
  0.75ENVX Enovix Corp Earnings Call This WeekPairCorr
  0.722V3 VPower Group InternaPairCorr
  0.55FLUX Flux Power HoldingsPairCorr
  0.52EFOI Energy FocuPairCorr
  0.49EAF GrafTech InternationalPairCorr
  0.37EGY Energy Technologies Earnings Call This WeekPairCorr
  0.33ELPW Elong Power HoldingPairCorr
  0.94MLITN Italy Innovazioni SpAPairCorr
  0.82XLE1 LEGEND POWER SYS Earnings Call TodayPairCorr
  0.81AQ8 Acuity BrandsPairCorr
  0.74HMM-A Hammond ManufacturingPairCorr
  0.682F0 AB FagerhultPairCorr
  0.62GWH ESS TechPairCorr
  0.58XCH XCHG Limited American Earnings Call This WeekPairCorr
  0.52STI Solidion TechnologyPairCorr
  0.51ZEO Zeo Energy CorpPairCorr

Related Correlations Analysis


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

PAA
+ 0.97
FTI
PAA
+ 0.93
WES
FTI
+ 0.92
WES
CTRA
+ 0.91
DTM
CTRA
+ 0.91
VNOM
ENPH
+ 0.9
FTI
  

High negative correlations

FSLR
- 0.82
FTI
FSLR
- 0.78
WES
FSLR
- 0.76
PAA
FSLR
- 0.71
ENPH
FSLR
- 0.65
CTRA
FSLR
- 0.62
DINO

Risk-Adjusted Indicators

There is a big difference between Nextracker Stock performing well and Nextracker 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 Nextracker'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
YPF  1.63  0.05  0.00  0.18  2.34 
(1.53)
 3.84 
(4.29)
 10.02 
WES  0.84  0.13  0.06  1.05  1.21 
(0.92)
 2.07 
(1.76)
 5.00 
FTI  1.21  0.51  0.33  0.67  0.90 
(1.44)
 3.59 
(1.50)
 8.13 
DTM  0.90  0.24  0.21  29.83  0.69 
(1.06)
 1.78 
(1.36)
 4.48 
PAA  0.74  0.37  0.30 (4.56) 0.51 
(0.92)
 1.87 
(1.23)
 5.15 
VNOM  1.32  0.29  0.15  1.69  1.50 
(1.48)
 2.90 
(2.74)
 10.04 
CTRA  1.41  0.32  0.13 (7.46) 1.77 
(1.46)
 2.92 
(2.93)
 8.10 
DINO  1.72 (0.10) 0.00 (0.13) 0.00 
 0.00 
 4.03 
(2.86)
 16.20 
ENPH  2.96  0.63  0.23  0.28  2.70 
(3.61)
 5.30 
(4.02)
 47.12 
FSLR  2.27 (0.15) 0.00 (0.11) 0.00 
 0.00 
 5.02 
(6.61)
 16.89 

Nextracker Corporate Executives

Elected by the shareholders, the Nextracker's board of directors comprises two types of representatives: Nextracker inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Nextracker. The board's role is to monitor Nextracker's management team and ensure that shareholders' interests are well served. Nextracker'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, Nextracker's outside directors are responsible for providing unbiased perspectives on the board's policies.
Marco GarciaCoFounder OfficerProfile
Mike MehawichCoFounder OfficerProfile
Alex AuCoFounder CTOProfile
Nicholas MillerCoFounder COOProfile
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