Solid Power Correlations

SLDPW Stock

USD 0.36 0.04 10.00%

The current 90-days correlation between Solid Power and Chardan NexTech Acquisition is 0.31 (i.e., Weak diversification). The correlation of Solid Power 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.

Solid Power Correlation With Market

Excellent diversification

The correlation between Solid Power and DJI is -0.69 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Solid Power and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Solid Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Solid Power. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

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

Moving together with Solid Stock

0.66	74Z	BOA CEPT SA	Pair Corr
0.84	INRN	Interroll Holding	Pair Corr
0.64	D7G	Nel ASA	Pair Corr
0.76	7YA	M VEST WATER	Pair Corr

Moving against Solid Stock

0.91	HI	Hillenbrand	Pair Corr
0.9	IMI1	IMI plc Earnings Call This Week	Pair Corr
0.89	IR	Ingersoll Rand	Pair Corr
0.89	PH	Parker Hannifin	Pair Corr
0.88	OSG	OSG Corporation	Pair Corr
0.86	0ACC	Accelleron Industries	Pair Corr
0.86	EAAS	Eenergy Group PLC	Pair Corr
0.8	STGN	Starrag Group Holding	Pair Corr
0.8	CE3	Chongqing Machinery	Pair Corr
0.76	21T	Bodycote PLC	Pair Corr
0.73	HY	Hyster Yale Materials Earnings Call This Week	Pair Corr
0.61	FUCA	FANUC PUNSPADR 110	Pair Corr
0.59	PL	Planet Labs PBC	Pair Corr
0.59	GCP	General Electric	Pair Corr
0.58	4RX0	ZURN ELKAY WATER	Pair Corr
0.58	MBH3	Maschinenfabrik Berthold	Pair Corr
0.55	KC4	KONE Oyj	Pair Corr
0.55	NVJP	Umicore SA	Pair Corr
0.44	TE	T1 Energy Symbol Change	Pair Corr
0.43	JUN3	Jungheinrich AG ONVZO	Pair Corr
0.39	CR	Crane Company	Pair Corr
0.39	VATE	Innovate Corp	Pair Corr
0.31	ALNSC	NSC Groupe SA	Pair Corr
0.94	RFG	Roebuck Food Group	Pair Corr
0.89	PFV	Pfeiffer Vacuum Tech	Pair Corr
0.89	ILT	Illinois Tool Works	Pair Corr
0.88	F6O1	FLSmidth Co AS	Pair Corr
0.86	1LNB	Spirax-Sarco Engineering	Pair Corr
0.85	HZ8	Insteel Industries	Pair Corr
0.84	DZR	AVINGTRANS LS 05	Pair Corr
0.84	GDW	GOODWIN PLC LS	Pair Corr

Related Correlations Analysis

	FCEL	ELVA	DFLI	MVST	CVEO	TGEN	SLND	SPCE	TG	PHOE
FCEL		0.45	-0.2	-0.09	0.01	-0.19	0.09	0.02	-0.04	0.04	FCEL
ELVA	0.45		-0.73	-0.48	0.54	-0.74	-0.39	-0.59	0.45	0.14	ELVA
DFLI	-0.2	-0.73		0.81	-0.79	0.95	0.65	0.81	-0.53	-0.04	DFLI
MVST	-0.09	-0.48	0.81		-0.85	0.88	0.81	0.88	-0.72	-0.05	MVST
CVEO	0.01	0.54	-0.79	-0.85		-0.86	-0.88	-0.84	0.83	-0.02	CVEO
TGEN	-0.19	-0.74	0.95	0.88	-0.86		0.75	0.9	-0.68	-0.09	TGEN
SLND	0.09	-0.39	0.65	0.81	-0.88	0.75		0.73	-0.88	-0.08	SLND
SPCE	0.02	-0.59	0.81	0.88	-0.84	0.9	0.73		-0.68	-0.03	SPCE
TG	-0.04	0.45	-0.53	-0.72	0.83	-0.68	-0.88	-0.68		0.03	TG
PHOE	0.04	0.14	-0.04	-0.05	-0.02	-0.09	-0.08	-0.03	0.03		PHOE
	FCEL	ELVA	DFLI	MVST	CVEO	TGEN	SLND	SPCE	TG	PHOE

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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

TGEN	+ 0.95	DFLI
SPCE	+ 0.9	TGEN
TGEN	+ 0.88	MVST
SPCE	+ 0.88	MVST
TG	+ 0.83	CVEO
MVST	+ 0.81	DFLI

High negative correlations

TG	- 0.88	SLND
SLND	- 0.88	CVEO
TGEN	- 0.86	CVEO
CVEO	- 0.85	MVST
SPCE	- 0.84	CVEO
CVEO	- 0.79	DFLI

Risk-Adjusted Indicators

There is a big difference between Solid Stock performing well and Solid Power 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 Solid Power'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
FCEL	4.81	0.42	0.08	0.27	5.59	(4.98)	12.26	(10.26)	35.51
ELVA	3.96	0.79	0.16	0.34	4.87	(4.33)	8.46	(6.02)	46.08
DFLI	6.61	(1.51)	0.00	(0.30)	0.00	0.00	12.06	(18.33)	52.01
MVST	3.10	(0.75)	0.00	(0.23)	0.00	0.00	5.86	(5.49)	18.37
CVEO	0.93	0.30	0.29	0.41	0.51	(1.12)	2.53	(1.38)	6.05
TGEN	4.13	(0.99)	0.00	(0.32)	0.00	0.00	7.23	(10.34)	29.87
SLND	4.02	(1.55)	0.00	(0.78)	0.00	0.00	7.63	(10.22)	33.71
SPCE	3.67	(0.48)	0.00	(0.17)	0.00	0.00	6.71	(6.79)	27.80
TG	1.74	0.14	0.08	0.18	2.02	(1.94)	4.10	(3.77)	8.88
PHOE	30.51	14.89	0.69	(0.91)	12.35	(50.53)	17.14	(14.16)	1,084

Solid Power Corporate Management

David Jansen	Pres Chairman	Profile
Berislav Blizanac	Executive Technologies	Profile
Jennifer Almquist	Investor Relations	Profile
Derek Johnson	Chief Officer	Profile
Ramelle Gilliland	Executive Management	Profile
Lauren McCabe	Executive Operations	Profile

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