Nextracker Correlations

NXT Stock

60.53 0.05 0.08%

The current 90-days correlation between Nextracker Class A and Fortress Transp Infra is 0.1 (i.e., Average 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

Modest diversification

The correlation between Nextracker Class A and DJI is 0.21 (i.e., Modest 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 interest.

Moving together with Nextracker Stock

0.85	MMM	3M Company	Pair Corr
0.92	VMI	Valmont Industries Earnings Call This Week	Pair Corr
0.68	GTEC	Greenland Acquisition	Pair Corr
0.85	MVST	Microvast Holdings Buyout Trend	Pair Corr
0.92	TOYO	TOYO Co,	Pair Corr
0.85	J	Jacobs Solutions	Pair Corr
0.82	R	Ryder System Earnings Call This Week	Pair Corr
0.92	AL	Air Lease	Pair Corr
0.83	AP	Ampco Pittsburgh	Pair Corr
0.82	AZ	A2Z Smart Technologies	Pair Corr
0.89	BA	Boeing	Pair Corr
0.8	BE	Bloom Energy Corp	Pair Corr
0.79	BV	BrightView Holdings	Pair Corr
0.9	BW	Babcock Wilcox Enter	Pair Corr
0.92	CP	Canadian Pacific Railway	Pair Corr
0.89	CR	Crane Company	Pair Corr
0.93	CW	Curtiss Wright	Pair Corr
0.91	DE	Deere Company	Pair Corr
0.9	DY	Dycom Industries	Pair Corr
0.82	FA	First Advantage Corp	Pair Corr
0.66	GD	General Dynamics Earnings Call This Week	Pair Corr
0.91	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.73	HY	Hyster Yale Materials	Pair Corr
0.91	IR	Ingersoll Rand	Pair Corr
0.84	LZ	LegalZoom	Pair Corr
0.8	NX	Quanex Building Products	Pair Corr
0.91	PH	Parker Hannifin	Pair Corr
0.8	PL	Planet Labs PBC	Pair Corr
0.89	SB	Safe Bulkers Earnings Call This Week	Pair Corr
0.88	TG	Tredegar	Pair Corr

Moving against Nextracker Stock

0.8	MG	Mistras Group	Pair Corr
0.72	NL	NL Industries	Pair Corr
0.38	GP	GreenPower Motor	Pair Corr
0.7	CODI-PA	Compass Diversified	Pair Corr
0.68	DNOW	Now Inc	Pair Corr
0.68	VCIG	VCI Global Limited	Pair Corr
0.63	CODI-PB	Compass Diversified	Pair Corr
0.61	CODI-PC	Compass Diversified	Pair Corr
0.56	VATE	Innovate Corp	Pair Corr
0.34	MKDWW	MKDWELL Tech Warrants	Pair Corr

Related Correlations Analysis

	FQVTF	FTAI	AL	WVVIP	STZ	URI	BUD
FQVTF		0.7	0.86	-0.82	-0.77	0.83	0.79	FQVTF
FTAI	0.7		0.8	-0.68	-0.55	0.55	0.85	FTAI
AL	0.86	0.8		-0.83	-0.51	0.87	0.79	AL
WVVIP	-0.82	-0.68	-0.83		0.66	-0.77	-0.76	WVVIP
STZ	-0.77	-0.55	-0.51	0.66		-0.55	-0.64	STZ
URI	0.83	0.55	0.87	-0.77	-0.55		0.54	URI
BUD	0.79	0.85	0.79	-0.76	-0.64	0.54		BUD
	FQVTF	FTAI	AL	WVVIP	STZ	URI	BUD

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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

URI	+ 0.87	AL
AL	+ 0.86	FQVTF
BUD	+ 0.85	FTAI
URI	+ 0.83	FQVTF
AL	+ 0.8	FTAI
BUD	+ 0.79	FQVTF

High negative correlations

WVVIP	- 0.83	AL
WVVIP	- 0.82	FQVTF
URI	- 0.77	WVVIP
STZ	- 0.77	FQVTF
BUD	- 0.76	WVVIP
WVVIP	- 0.68	FTAI

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
FQVTF	1.21	0.27	0.10	0.80	1.01	(2.15)	3.65	(2.50)	8.16
FTAI	2.76	0.09	0.04	0.19	4.04	(3.05)	5.54	(4.01)	24.64
AL	1.17	0.35	0.27	0.52	0.72	(1.34)	3.27	(1.76)	10.57
WVVIP	1.90	(0.09)	0.00	0.97	0.00	0.00	3.89	(4.03)	12.04
STZ	1.14	(0.19)	0.00	(0.27)	0.00	0.00	2.08	(2.90)	8.90
URI	1.41	0.29	0.22	0.33	1.08	(1.57)	3.38	(2.43)	12.95
BUD	0.83	0.16	0.01	(1.04)	0.82	(0.91)	1.97	(1.47)	5.49

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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