Nextracker Correlations

NXT Stock

87.13 1.31 1.53%

The current 90-days correlation between Nextracker Class A and YPF Sociedad Anonima is 0.22 (i.e., Modest 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

Weak diversification

The correlation between Nextracker Class A and DJI is 0.33 (i.e., Weak 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 national income and product accounts.

Moving together with Nextracker Stock

0.7	600517	State Grid Yingda	Pair Corr
0.65	300693	Shenzhen Sinexcel	Pair Corr
0.87	VICR	Vicor	Pair Corr
0.66	301152	Xinxiang Tianli Energy	Pair Corr
0.78	300750	Contemporary Amperex	Pair Corr
0.61	300820	Sichuan Injet Electric	Pair Corr
0.8	002498	Qingdao Hanhe Cable	Pair Corr
0.88	EOSE	Eos Energy Enterprises	Pair Corr

Moving against Nextracker Stock

0.83	FINCABLES	Finolex Cables	Pair Corr
0.72	300700	Changsha DIALINE New	Pair Corr
0.69	002981	Risuntek	Pair Corr
0.68	PN	Skycorp Solar Group	Pair Corr
0.55	300548	Broadex Technologies	Pair Corr
0.54	002869	Shenzhen Genvict Tec	Pair Corr
0.45	300936	Changzhou Zhongying	Pair Corr
0.43	688032	Hoymiles Power Elect	Pair Corr
0.75	RAMRAT	Ram Ratna Wires	Pair Corr
0.74	002724	Oceans King Lighting	Pair Corr
0.61	300870	Shenzhen Honor Electronic	Pair Corr
0.49	003031	Hebei Sinopack Electronic	Pair Corr
0.53	605277	Xinya Electronic	Pair Corr
0.4	002576	Jiangsu Tongda Power	Pair Corr
0.38	HONAUT	Honeywell Automation	Pair Corr

Related Correlations Analysis

	YPF	WES	FTI	DTM	PAA	VNOM	CTRA	DINO	ENPH	FSLR
YPF		0.59	0.71	0.22	0.22	-0.23	0.76	0.4	-0.81	0.6	YPF
WES	0.59		0.75	0.54	0.43	0.14	0.79	0.57	-0.6	0.49	WES
FTI	0.71	0.75		0.54	0.27	-0.16	0.76	0.73	-0.74	0.65	FTI
DTM	0.22	0.54	0.54		-0.3	-0.27	0.42	0.61	-0.6	0.73	DTM
PAA	0.22	0.43	0.27	-0.3		0.65	0.32	-0.11	0.04	-0.41	PAA
VNOM	-0.23	0.14	-0.16	-0.27	0.65		-0.01	-0.22	0.39	-0.52	VNOM
CTRA	0.76	0.79	0.76	0.42	0.32	-0.01		0.53	-0.7	0.53	CTRA
DINO	0.4	0.57	0.73	0.61	-0.11	-0.22	0.53		-0.52	0.68	DINO
ENPH	-0.81	-0.6	-0.74	-0.6	0.04	0.39	-0.7	-0.52		-0.74	ENPH
FSLR	0.6	0.49	0.65	0.73	-0.41	-0.52	0.53	0.68	-0.74		FSLR
	YPF	WES	FTI	DTM	PAA	VNOM	CTRA	DINO	ENPH	FSLR

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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

CTRA	+ 0.79	WES
CTRA	+ 0.76	YPF
CTRA	+ 0.76	FTI
FTI	+ 0.75	WES
DINO	+ 0.73	FTI
FSLR	+ 0.73	DTM

High negative correlations

ENPH	- 0.81	YPF
FSLR	- 0.74	ENPH
ENPH	- 0.74	FTI
ENPH	- 0.7	CTRA
ENPH	- 0.6	DTM
ENPH	- 0.6	WES

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
YPF	3.20	0.27	0.06	0.50	3.86	(3.48)	8.65	(5.20)	28.08
WES	0.84	0.05	0.02	0.20	1.12	(0.84)	1.70	(1.87)	4.94
FTI	1.40	0.33	0.19	0.94	1.41	(1.59)	2.85	(2.69)	12.57
DTM	0.96	0.19	0.14	0.64	0.96	(1.09)	2.45	(1.86)	5.73
PAA	0.85	(0.03)	0.00	(0.12)	0.00	0.00	1.86	(1.76)	5.94
VNOM	1.46	(0.05)	0.00	(0.02)	0.00	0.00	2.77	(3.28)	9.44
CTRA	1.29	0.15	0.07	0.52	1.51	(1.42)	2.70	(2.69)	8.44
DINO	1.52	0.20	0.11	0.36	1.53	(1.79)	3.70	(2.86)	8.66
ENPH	2.72	(0.40)	0.00	(0.14)	0.00	0.00	8.57	(6.09)	25.56
FSLR	2.11	0.38	0.21	0.35	1.59	(2.73)	5.42	(3.27)	18.37

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 Garcia	CoFounder Officer	Profile
Mike Mehawich	CoFounder Officer	Profile
Alex Au	CoFounder CTO	Profile
Nicholas Miller	CoFounder COO	Profile

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