Worksport Correlations

WKSP Stock

USD 1.31 0.06 4.38%

The current 90-days correlation between Worksport and Perfect Moment is -0.03 (i.e., Good diversification). The correlation of Worksport 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.

Worksport Correlation With Market

Very good diversification

The correlation between Worksport and DJI is -0.4 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Worksport and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Worksport Stock

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Worksport. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

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

Moving together with Worksport Stock

0.76	QS	QuantumScape Class Earnings Call Today	Pair Corr
0.62	PWO	Progress Werk Oberkirch	Pair Corr
0.63	JOHB	Johnson Electric Holdings	Pair Corr
0.68	FRSX	Foresight Autonomous	Pair Corr

Moving against Worksport Stock

0.77	ML	Compagnie Generale des	Pair Corr
0.74	SRU	Standard Motor Products	Pair Corr
0.7	TY7	Toyota Boshoku	Pair Corr
0.69	P4N	Polytec Holding AG	Pair Corr
0.69	SSA	Spectra	Pair Corr
0.67	TYT	Toyota Motor Corp	Pair Corr
0.66	VSA2	Valeo SA	Pair Corr
0.59	7GA	Gestamp Automoción	Pair Corr
0.59	FR	Valeo SA	Pair Corr
0.58	KBX	Knorr Bremse AG Earnings Call Tomorrow	Pair Corr
0.57	7FZ	INTER CARS SA	Pair Corr
0.56	1A7	Allison Transmission Earnings Call This Week	Pair Corr
0.54	C31	Cooper Standard Holdings	Pair Corr
0.41	ALV	Autoliv	Pair Corr
0.39	EVTV	Envirotech Vehicles	Pair Corr
0.35	60V	KYB PORATION	Pair Corr
0.31	GTX	Gentex	Pair Corr
0.78	K3E	Kendrion NV	Pair Corr
0.77	AXL	American Axle Manufa Symbol Change	Pair Corr
0.75	SMP	Standard Motor Products Earnings Call This Week	Pair Corr
0.71	DAN	Dana Inc Earnings Call This Week	Pair Corr
0.71	SRI	Stoneridge	Pair Corr
0.7	BWA	BorgWarner	Pair Corr
0.66	GTX	Garrett Motion Sell-off Trend	Pair Corr
0.66	NRE	Nokian Renkaat Oyj	Pair Corr

Related Correlations Analysis

	KXIN	JZXN	RENT	LVLU	PMNT	PC	LGCB	EFOI	PSPX	BYAH
KXIN		0.34	-0.11	0.0	0.22	0.0	0.21	0.46	0.0	0.39	KXIN
JZXN	0.34		-0.84	-0.55	0.6	0.0	0.72	0.16	0.0	0.84	JZXN
RENT	-0.11	-0.84		0.23	-0.2	0.0	-0.37	0.14	0.0	-0.49	RENT
LVLU	0.0	-0.55	0.23		-0.77	0.0	-0.85	-0.07	0.0	-0.71	LVLU
PMNT	0.22	0.6	-0.2	-0.77		0.0	0.88	0.46	0.0	0.86	PMNT
PC	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	PC
LGCB	0.21	0.72	-0.37	-0.85	0.88	0.0		0.3	0.0	0.88	LGCB
EFOI	0.46	0.16	0.14	-0.07	0.46	0.0	0.3		0.0	0.48	EFOI
PSPX	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	PSPX
BYAH	0.39	0.84	-0.49	-0.71	0.86	0.0	0.88	0.48	0.0		BYAH
	KXIN	JZXN	RENT	LVLU	PMNT	PC	LGCB	EFOI	PSPX	BYAH

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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

LGCB	+ 0.88	PMNT
BYAH	+ 0.88	LGCB
BYAH	+ 0.86	PMNT
BYAH	+ 0.84	JZXN
LGCB	+ 0.72	JZXN
PMNT	+ 0.6	JZXN

High negative correlations

LGCB	- 0.85	LVLU
RENT	- 0.84	JZXN
PMNT	- 0.77	LVLU
BYAH	- 0.71	LVLU
LVLU	- 0.55	JZXN
BYAH	- 0.49	RENT

Risk-Adjusted Indicators

There is a big difference between Worksport Stock performing well and Worksport 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 Worksport'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
KXIN	13.49	(2.69)	0.00	(0.54)	0.00	0.00	20.00	(32.31)	122.02
JZXN	8.62	(1.67)	0.00	(0.59)	0.00	0.00	13.40	(19.44)	125.36
RENT	4.20	0.48	0.10	0.42	4.24	(4.84)	12.08	(7.45)	28.10
LVLU	7.11	2.45	0.36	(1.94)	5.53	(9.22)	17.79	(11.17)	97.80
PMNT	3.66	(0.47)	0.00	(6.25)	0.00	0.00	8.70	(8.70)	36.85
PC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LGCB	3.46	(0.43)	0.00	(1.00)	0.00	0.00	5.63	(8.03)	19.33
EFOI	3.62	(0.38)	0.00	(0.40)	0.00	0.00	6.09	(6.31)	30.39
PSPX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BYAH	5.89	(2.17)	0.00	(1.97)	0.00	0.00	12.00	(16.00)	46.58

Worksport Corporate Management

Nilay Choksi	General Counsel	Profile
Steven Rossi	President, Chairman	Profile
Chris Bernaudo	Chief Officer	Profile
Steven Raivio	Executive Sales	Profile

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