Shoals Technologies Correlations

SHLS Stock

USD 5.79 0.51 8.10%

The current 90-days correlation between Shoals Technologies and Rami Levi Chain is 0.04 (i.e., Significant diversification). The correlation of Shoals Technologies 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.

Shoals Technologies Correlation With Market

Modest diversification

The correlation between Shoals Technologies Group and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shoals Technologies Group and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Shoals Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Shoals Technologies Group. 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 together with Shoals Stock

0.69	MMM	3M Company	Pair Corr
0.87	WAB	Westinghouse Air Brake	Pair Corr
0.79	J	Jacobs Solutions	Pair Corr
0.82	R	Ryder System	Pair Corr
0.88	AL	Air Lease	Pair Corr
0.73	AP	Ampco Pittsburgh	Pair Corr
0.8	AZ	A2Z Smart Technologies	Pair Corr
0.86	BA	Boeing	Pair Corr
0.64	BE	Bloom Energy Corp	Pair Corr
0.86	BV	BrightView Holdings	Pair Corr
0.81	BW	Babcock Wilcox Enter	Pair Corr
0.8	CP	Canadian Pacific Railway	Pair Corr
0.88	CR	Crane Company	Pair Corr
0.84	CW	Curtiss Wright	Pair Corr
0.83	DE	Deere Company	Pair Corr
0.82	DY	Dycom Industries	Pair Corr
0.85	FA	First Advantage Corp	Pair Corr
0.81	GE	GE Aerospace	Pair Corr
0.73	HY	Hyster Yale Materials	Pair Corr
0.85	IR	Ingersoll Rand Sell-off Trend	Pair Corr
0.9	KE	Kimball Electronics	Pair Corr
0.75	LZ	LegalZoom	Pair Corr
0.69	NX	Quanex Building Products	Pair Corr
0.87	PH	Parker Hannifin	Pair Corr
0.71	PL	Planet Labs PBC	Pair Corr
0.66	SB	Safe Bulkers	Pair Corr

Moving against Shoals Stock

0.69	G	Genpact Limited	Pair Corr
0.41	PN	Skycorp Solar Group	Pair Corr
0.34	GP	GreenPower Motor	Pair Corr
0.77	MG	Mistras Group	Pair Corr
0.66	CODI-PA	Compass Diversified	Pair Corr
0.66	CODI-PB	Compass Diversified	Pair Corr
0.64	CODI-PC	Compass Diversified	Pair Corr
0.43	NL	NL Industries	Pair Corr
0.34	VATE	Innovate Corp	Pair Corr
0.32	VCIG	VCI Global Limited	Pair Corr

Related Correlations Analysis

	RLEVF	TKLF	TW	CDW	DK	TITN	ABR	LAD
RLEVF		0.71	0.47	0.74	0.64	0.74	-0.24	0.63	RLEVF
TKLF	0.71		0.67	0.93	0.73	0.88	-0.45	0.69	TKLF
TW	0.47	0.67		0.68	0.46	0.58	-0.16	0.39	TW
CDW	0.74	0.93	0.68		0.78	0.94	-0.34	0.78	CDW
DK	0.64	0.73	0.46	0.78		0.84	-0.24	0.94	DK
TITN	0.74	0.88	0.58	0.94	0.84		-0.26	0.85	TITN
ABR	-0.24	-0.45	-0.16	-0.34	-0.24	-0.26		-0.08	ABR
LAD	0.63	0.69	0.39	0.78	0.94	0.85	-0.08		LAD
	RLEVF	TKLF	TW	CDW	DK	TITN	ABR	LAD

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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

TITN	+ 0.94	CDW
LAD	+ 0.94	DK
CDW	+ 0.93	TKLF
TITN	+ 0.88	TKLF
LAD	+ 0.85	TITN
TITN	+ 0.84	DK

High negative correlations

ABR	- 0.45	TKLF
ABR	- 0.34	CDW
ABR	- 0.26	TITN
ABR	- 0.24	DK
ABR	- 0.24	RLEVF
ABR	- 0.16	TW

Risk-Adjusted Indicators

There is a big difference between Shoals Stock performing well and Shoals Technologies 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 Shoals Technologies' 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
RLEVF	1.03	0.49	0.00	1.30	0.00	0.00	0.00	0.00	32.13
TKLF	1.72	0.21	0.05	(0.80)	1.86	(2.23)	5.50	(3.78)	13.92
TW	1.42	(0.12)	0.00	(0.10)	0.00	0.00	2.47	(4.01)	12.73
CDW	1.78	0.05	0.03	0.13	2.41	(1.95)	3.49	(3.34)	17.23
DK	3.08	0.62	0.13	0.47	4.00	(3.31)	8.37	(6.38)	21.30
TITN	2.49	0.27	0.09	0.30	2.91	(2.79)	4.74	(3.25)	17.04
ABR	2.16	(0.17)	0.00	(0.08)	0.00	0.00	3.77	(4.79)	18.41
LAD	1.70	0.16	0.07	0.23	2.20	(1.81)	4.10	(3.70)	17.50

Shoals Technologies Corporate Management

John Hass	Chief Officer	Profile
Mehgan Peetz	Chief Counsel	Profile
Ben Macias	Chief Officer	Profile
Karen Bazela	Vice Sales	Profile
Dominic Bardos	Chief Officer	Profile
Alex Stucker	Senior Development	Profile
Kirsten Moen	Chief Officer	Profile

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