Worksport Correlations

WKSP Stock

USD 4.28 0.08 1.90%

The current 90-days correlation between Worksport and Aeye Inc is 0.25 (i.e., Modest diversification). The correlation of Worksport 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.

Worksport Correlation With Market

Modest diversification

The correlation between Worksport and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Worksport and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Worksport Stock

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Worksport. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

To learn how to invest in Worksport Stock, please use our How to Invest in Worksport guide.

Moving together with Worksport Stock

0.66	F	Ford Motor Earnings Call This Week	Pair Corr
0.64	GM	General Motors Earnings Call Tomorrow	Pair Corr
0.79	QS	Quantumscape Corp Earnings Call This Week	Pair Corr
0.74	VC	Visteon Corp Earnings Call This Week	Pair Corr
0.75	WKHS	Workhorse Group	Pair Corr
0.76	FFAI	Faraday Future Intel Symbol Change	Pair Corr
0.62	H	Hyatt Hotels Earnings Call This Week	Pair Corr
0.64	M	Macys Inc	Pair Corr

Moving against Worksport Stock

0.41	TM	Toyota Motor	Pair Corr
0.57	DOGZ	Dogness International	Pair Corr

Related Correlations Analysis

	LIDR	LAZR	MOD	QS	DAN	LEA	ALV	CVGI	ADNT
LIDR		-0.67	0.38	0.86	0.55	0.86	0.82	0.84	0.88	LIDR
LAZR	-0.67		-0.15	-0.49	-0.45	-0.47	-0.68	-0.53	-0.72	LAZR
MOD	0.38	-0.15		0.28	0.83	0.67	0.71	0.63	0.64	MOD
QS	0.86	-0.49	0.28		0.36	0.79	0.65	0.72	0.75	QS
DAN	0.55	-0.45	0.83	0.36		0.75	0.9	0.77	0.8	DAN
LEA	0.86	-0.47	0.67	0.79	0.75		0.9	0.94	0.93	LEA
ALV	0.82	-0.68	0.71	0.65	0.9	0.9		0.91	0.97	ALV
CVGI	0.84	-0.53	0.63	0.72	0.77	0.94	0.91		0.92	CVGI
ADNT	0.88	-0.72	0.64	0.75	0.8	0.93	0.97	0.92		ADNT
	LIDR	LAZR	MOD	QS	DAN	LEA	ALV	CVGI	ADNT

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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

ADNT	+ 0.97	ALV
CVGI	+ 0.94	LEA
ADNT	+ 0.93	LEA
ADNT	+ 0.92	CVGI
CVGI	+ 0.91	ALV
ALV	+ 0.9	DAN

High negative correlations

ADNT	- 0.72	LAZR
ALV	- 0.68	LAZR
LAZR	- 0.67	LIDR
CVGI	- 0.53	LAZR
QS	- 0.49	LAZR
LEA	- 0.47	LAZR

Risk-Adjusted Indicators

There is a big difference between Worksport Stock performing well and Worksport 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 Worksport'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
LIDR	4.83	0.85	0.17	0.63	4.90	(5.90)	14.44	(7.62)	27.62
LAZR	4.10	(0.45)	0.00	(0.15)	0.00	0.00	10.58	(7.98)	30.92
MOD	2.32	0.12	0.08	0.19	3.19	(2.52)	6.57	(4.44)	18.74
QS	4.80	2.23	0.42	3.63	3.70	(5.80)	16.69	(6.02)	48.38
DAN	1.84	0.47	0.26	0.54	1.30	(2.07)	4.80	(2.60)	10.01
LEA	1.59	0.28	0.21	0.36	1.21	(1.92)	4.13	(2.48)	8.54
ALV	1.22	0.38	0.26	0.63	0.82	(1.45)	3.25	(1.47)	7.29
CVGI	5.02	0.70	0.20	0.32	4.52	(5.86)	12.61	(7.78)	23.87
ADNT	2.28	0.89	0.53	0.77	1.04	(2.97)	6.70	(2.69)	13.27

Worksport Corporate Management

Nilay Choksi	General Counsel	Profile
Steven Rossi	President, Chairman	Profile
Chris Bernaudo	Chief Officer	Profile
Steven Raivio	Executive Sales	Profile

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