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.
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

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  0.92CP Canadian Pacific RailwayPairCorr
  0.89CR Crane CompanyPairCorr
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  0.9DY Dycom IndustriesPairCorr
  0.82FA First Advantage CorpPairCorr
  0.66GD General Dynamics Earnings Call This WeekPairCorr
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Moving against Nextracker Stock

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  0.72NL NL IndustriesPairCorr
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  0.7CODI-PA Compass DiversifiedPairCorr
  0.68DNOW Now IncPairCorr
  0.68VCIG VCI Global LimitedPairCorr
  0.63CODI-PB Compass DiversifiedPairCorr
  0.61CODI-PC Compass DiversifiedPairCorr
  0.56VATE Innovate CorpPairCorr
  0.34MKDWW MKDWELL Tech WarrantsPairCorr

Related Correlations Analysis

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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   
URIAL
ALFQVTF
BUDFTAI
URIFQVTF
ALFTAI
BUDFQVTF
  
High negative correlations   
WVVIPAL
WVVIPFQVTF
URIWVVIP
STZFQVTF
BUDWVVIP
WVVIPFTAI

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.

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 GarciaCoFounder OfficerProfile
Mike MehawichCoFounder OfficerProfile
Alex AuCoFounder CTOProfile
Nicholas MillerCoFounder COOProfile