Nikola Corp Correlations

Summary

NKLADelisted Stock

USD 0.06 0 4.48%

The correlation of Nikola 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.

Nikola Corp Correlation With Market

Significant diversification

The correlation between Nikola Corp and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nikola Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving against Nikola Stock

0.6	CAT	Caterpillar	Pair Corr
0.57	CVX	Chevron Corp	Pair Corr
0.56	PKX	POSCO Holdings Earnings Call This Week	Pair Corr
0.53	PTAIF	PT Astra International	Pair Corr
0.53	JPM	JPMorgan Chase	Pair Corr
0.53	MSFT	Microsoft	Pair Corr
0.51	CSCO	Cisco Systems	Pair Corr
0.5	MMM	3M Company	Pair Corr
0.49	AXP	American Express	Pair Corr
0.49	BA	Boeing	Pair Corr
0.47	IBM	International Business Earnings Call This Week	Pair Corr
0.47	DIS	Walt Disney	Pair Corr
0.47	BAC	Bank of America	Pair Corr
0.46	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.44	AA	Alcoa Corp	Pair Corr
0.38	JNJ	Johnson Johnson	Pair Corr
0.36	PIFMY	Indofood Sukses Makmur	Pair Corr
0.33	PTAIY	Astra International Tbk	Pair Corr
0.33	PUTKY	United Tractors Tbk	Pair Corr

Related Correlations Analysis

	ZEV	LEV	XOS	HYFM	CAT	AGCO	CNHI	PCAR	DE	IDEX
ZEV		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	ZEV
LEV	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	LEV
XOS	0.0	0.0		-0.32	-0.51	-0.38	0.0	-0.28	-0.57	0.69	XOS
HYFM	0.0	0.0	-0.32		0.74	0.78	0.0	0.48	0.67	-0.24	HYFM
CAT	0.0	0.0	-0.51	0.74		0.9	0.0	0.81	0.76	-0.55	CAT
AGCO	0.0	0.0	-0.38	0.78	0.9		0.0	0.86	0.9	-0.58	AGCO
CNHI	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	CNHI
PCAR	0.0	0.0	-0.28	0.48	0.81	0.86	0.0		0.74	-0.59	PCAR
DE	0.0	0.0	-0.57	0.67	0.76	0.9	0.0	0.74		-0.67	DE
IDEX	0.0	0.0	0.69	-0.24	-0.55	-0.58	0.0	-0.59	-0.67		IDEX
	ZEV	LEV	XOS	HYFM	CAT	AGCO	CNHI	PCAR	DE	IDEX

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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

AGCO	+ 0.9	CAT
DE	+ 0.9	AGCO
PCAR	+ 0.86	AGCO
PCAR	+ 0.81	CAT
AGCO	+ 0.78	HYFM
DE	+ 0.76	CAT

High negative correlations

IDEX	- 0.67	DE
IDEX	- 0.59	PCAR
IDEX	- 0.58	AGCO
DE	- 0.57	XOS
IDEX	- 0.55	CAT
CAT	- 0.51	XOS

Risk-Adjusted Indicators

There is a big difference between Nikola Stock performing well and Nikola 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 Nikola 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
ZEV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LEV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
XOS	2.20	(0.13)	(0.03)	0.03	2.48	(2.74)	4.18	(4.31)	14.24
HYFM	4.22	0.67	0.14	0.55	4.55	(4.97)	9.14	(7.56)	38.03
CAT	1.13	0.36	0.36	0.45	0.56	(1.45)	2.92	(1.57)	7.20
AGCO	1.61	0.19	0.12	0.27	1.59	(1.82)	4.14	(2.56)	14.35
CNHI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PCAR	1.12	(0.06)	(0.05)	0.08	1.14	(1.27)	3.20	(2.03)	7.85
DE	1.04	0.00	(0.02)	0.13	1.04	(1.15)	2.97	(1.92)	6.00
IDEX	550.29	347.16	4.94	(1.17)	71.67	(706.66)	800.00	(92.00)	16,626

Nikola Corp Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nikola Corp stock to make a market-neutral strategy. Peer analysis of Nikola Corp could also be used in its relative valuation, which is a method of valuing Nikola Corp by comparing valuation metrics with similar companies.

Lightning EMotors Lion Electric Corp Xos Inc Hydrofarm Holdings Group Caterpillar AGCO Corporation CNH Industrial NV PACCAR Inc Deere Company Ideanomics Wabash National American Airlines Group Alcoa Corp Apple Inc Best Buy Co

Risk & Return

Correlation

Nikola Corp Corporate Management

Mary MSc	Chief Officer	Profile
Thomas Okray	Chief Officer	Profile
Bruce Kurtt	Senior Operations	Profile
Henry Kwon	Director Relations	Profile
Brian Hoog	Corporate Controller	Profile
Soei Shin	Head Relations	Profile

Still Interested in Nikola Corp?

Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

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