Canadian Solar Correlations

CSIQ Stock

USD 19.39 0.51 2.56%

The current 90-days correlation between Canadian Solar and Terrestrial Energy is 0.2 (i.e., Modest 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

Excellent diversification

The correlation between Canadian Solar and DJI is -0.62 (i.e., Excellent 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.

Build AI portfolio with Canadian Stock

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

0.82	DQ	Daqo New Energy	Pair Corr
0.85	L5A	Canadian Solar	Pair Corr
0.67	5PZ	SOLTEC POWER HOLD Split	Pair Corr

Moving against Canadian Stock

0.8	ANL	Analog Devices Earnings Call Tomorrow	Pair Corr
0.76	CTNK	Centrotherm International	Pair Corr
0.75	ON	ON Semiconductor Tech Boost	Pair Corr
0.74	AMK	Amkor Technology	Pair Corr
0.74	KU1	Kulicke and Soffa	Pair Corr
0.71	DIOD	Diodes Incorporated Tech Boost	Pair Corr
0.71	ASM	ASM International	Pair Corr
0.7	INL	Intel	Pair Corr
0.7	ENTG	Entegris	Pair Corr
0.69	MU	Micron Technology Aggressive Push	Pair Corr
0.69	TEY	Teradyne	Pair Corr
0.68	ROM	ROHM Co	Pair Corr
0.66	MX	MagnaChip Semiconductor Earnings Call Tomorrow	Pair Corr
0.65	ALKAL	Kalray SA	Pair Corr
0.6	ENPH	Enphase Energy	Pair Corr
0.6	VNX	NXP Semiconductors	Pair Corr
0.58	WAF	Siltronic AG	Pair Corr
0.56	AIX2	AIXTRON SE	Pair Corr
0.48	TWA	TOWA	Pair Corr
0.46	SPRQ	Sparq Systems	Pair Corr
0.45	VECO	Veeco Instruments Earnings Call Tomorrow	Pair Corr
0.38	CV3	Carpevigo Holding	Pair Corr
0.35	XXA1	Axcelis Technologies Earnings Call Today	Pair Corr
0.79	ADI	Analog Devices Earnings Call Tomorrow	Pair Corr
0.78	AP2	Applied Materials	Pair Corr
0.74	ASME	ASML Holding NV	Pair Corr
0.74	ASMF	ASML HOLDING NY	Pair Corr
0.71	GFS	Globalfoundries Tech Boost	Pair Corr
0.69	2DQ	ASE TECHNHLDGCOLTD	Pair Corr
0.69	ENQ	Entegris	Pair Corr
0.69	FORM	FormFactor	Pair Corr

Related Correlations Analysis

	IMSR	ARRY	SEDG	METC	SHLS	GLP	DNOW	NEXT	WKC	EFXT
IMSR		-0.2	0.64	0.7	-0.12	-0.16	-0.33	0.29	0.13	-0.33	IMSR
ARRY	-0.2		0.08	0.31	0.94	0.66	0.74	-0.66	0.72	0.89	ARRY
SEDG	0.64	0.08		0.52	0.23	0.1	0.05	0.21	0.24	-0.1	SEDG
METC	0.7	0.31	0.52		0.31	-0.03	-0.1	-0.2	0.49	0.09	METC
SHLS	-0.12	0.94	0.23	0.31		0.6	0.7	-0.64	0.74	0.83	SHLS
GLP	-0.16	0.66	0.1	-0.03	0.6		0.87	-0.26	0.57	0.79	GLP
DNOW	-0.33	0.74	0.05	-0.1	0.7	0.87		-0.42	0.62	0.85	DNOW
NEXT	0.29	-0.66	0.21	-0.2	-0.64	-0.26	-0.42		-0.65	-0.66	NEXT
WKC	0.13	0.72	0.24	0.49	0.74	0.57	0.62	-0.65		0.71	WKC
EFXT	-0.33	0.89	-0.1	0.09	0.83	0.79	0.85	-0.66	0.71		EFXT
	IMSR	ARRY	SEDG	METC	SHLS	GLP	DNOW	NEXT	WKC	EFXT

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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

SHLS	+ 0.94	ARRY
EFXT	+ 0.89	ARRY
DNOW	+ 0.87	GLP
EFXT	+ 0.85	DNOW
EFXT	+ 0.83	SHLS
EFXT	+ 0.79	GLP

High negative correlations

EFXT	- 0.66	NEXT
NEXT	- 0.66	ARRY
WKC	- 0.65	NEXT
NEXT	- 0.64	SHLS
NEXT	- 0.42	DNOW
EFXT	- 0.33	IMSR

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
IMSR	6.01	(0.95)	0.00	(0.16)	0.00	0.00	12.40	(11.24)	45.73
ARRY	3.76	0.23	0.07	0.14	4.22	(3.94)	6.80	(6.99)	18.16
SEDG	3.24	(0.44)	0.00	(0.10)	0.00	0.00	7.93	(7.78)	18.43
METC	4.87	(0.52)	0.00	(0.32)	0.00	0.00	8.71	(11.56)	29.80
SHLS	3.39	0.06	0.04	0.08	3.91	(3.72)	6.94	(6.67)	19.23
GLP	1.47	0.29	0.14	1.08	1.47	(1.61)	3.06	(2.67)	9.16
DNOW	1.58	0.28	0.16	0.31	1.63	(1.77)	3.90	(3.01)	11.62
NEXT	2.62	(0.18)	0.00	(0.08)	0.00	0.00	5.21	(6.04)	17.50
WKC	1.49	0.04	0.02	0.10	2.13	(1.51)	2.94	(3.69)	11.51
EFXT	2.07	0.51	0.16	0.86	2.59	(2.31)	5.00	(4.22)	17.86

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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