Enovix Corp Correlations

ENVX Stock

USD 8.23 0.27 3.18%

The current 90-days correlation between Enovix Corp and Microvast Holdings is 0.36 (i.e., Weak diversification). The correlation of Enovix Corp 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.

Enovix Corp Correlation With Market

Poor diversification

The correlation between Enovix Corp and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Enovix Corp and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Enovix 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 real.

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

Moving together with Enovix Stock

0.82	BE	Bloom Energy Corp	Pair Corr
0.7	ELVA	Electrovaya Common Shares	Pair Corr
0.79	FCEL	FuelCell Energy	Pair Corr
0.9	AYI	Acuity Brands Earnings Call This Week	Pair Corr
0.92	EAF	GrafTech International	Pair Corr
0.73	NVT	nVent Electric PLC	Pair Corr
0.72	VRT	Vertiv Holdings	Pair Corr
0.74	HAYW	Hayward Holdings	Pair Corr
0.63	HUBB	Hubbell	Pair Corr
0.77	PLPC	Preformed Line Products	Pair Corr
0.74	AMPX	Amprius Technologies	Pair Corr
0.64	ATKR	Atkore International	Pair Corr

Moving against Enovix Stock

0.31

Genpact Limited

Pair Corr

Related Correlations Analysis

	GWH	FREY	MVST	EOSEW	SLDP	PLUG	FCEL	XPON	AMPX
GWH		0.77	-0.85	0.03	-0.75	0.46	-0.4	0.29	-0.38	GWH
FREY	0.77		-0.84	-0.27	-0.7	0.63	-0.28	0.13	-0.24	FREY
MVST	-0.85	-0.84		0.19	0.91	-0.37	0.59	-0.05	0.57	MVST
EOSEW	0.03	-0.27	0.19		0.15	-0.45	-0.21	0.21	-0.04	EOSEW
SLDP	-0.75	-0.7	0.91	0.15		-0.13	0.72	0.18	0.74	SLDP
PLUG	0.46	0.63	-0.37	-0.45	-0.13		0.45	0.37	0.31	PLUG
FCEL	-0.4	-0.28	0.59	-0.21	0.72	0.45		0.31	0.69	FCEL
XPON	0.29	0.13	-0.05	0.21	0.18	0.37	0.31		0.39	XPON
AMPX	-0.38	-0.24	0.57	-0.04	0.74	0.31	0.69	0.39		AMPX
	GWH	FREY	MVST	EOSEW	SLDP	PLUG	FCEL	XPON	AMPX

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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

SLDP	+ 0.91	MVST
FREY	+ 0.77	GWH
AMPX	+ 0.74	SLDP
FCEL	+ 0.72	SLDP
AMPX	+ 0.69	FCEL
PLUG	+ 0.63	FREY

High negative correlations

MVST	- 0.85	GWH
MVST	- 0.84	FREY
SLDP	- 0.75	GWH
SLDP	- 0.7	FREY
PLUG	- 0.45	EOSEW
FCEL	- 0.4	GWH

Risk-Adjusted Indicators

There is a big difference between Enovix Stock performing well and Enovix Corp 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 Enovix Corp'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
GWH	7.24	(0.99)	0.00	(0.62)	0.00	0.00	11.05	(16.41)	124.38
FREY	4.14	(0.40)	0.00	(1.66)	0.00	0.00	9.63	(7.95)	21.58
MVST	5.70	1.93	0.43	2.75	3.79	(7.67)	14.32	(7.26)	41.37
EOSEW	10.48	0.88	0.08	0.46	10.13	(13.28)	30.00	(17.24)	68.57
SLDP	3.79	0.92	0.24	0.79	3.11	(4.97)	10.78	(5.80)	21.66
PLUG	5.66	(0.35)	0.00	(0.21)	0.00	0.00	11.49	(10.40)	42.72
FCEL	5.08	0.21	0.04	0.20	5.20	(6.69)	15.46	(8.99)	39.41
XPON	4.51	0.06	0.01	0.05	5.77	(5.42)	9.78	(10.48)	33.98
AMPX	5.45	1.01	0.19	0.46	4.97	(7.03)	10.93	(7.87)	47.75

Enovix Corp Corporate Management

Hongwei Yan	Chief Officer	Profile
Kristin Atkins	Vice Marketing	Profile
Iryna Romaniv	Vice Resources	Profile
Ryan Benton	Chief Officer	Profile
Charles Anderson	Functional Relations	Profile
Rob Rosen	Senior Materials	Profile
Harrold Rust	CEO, CoFounder	Profile

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