Applied Digital Correlations

APLD Stock

USD 7.78 0.00 0.00%

The current 90-days correlation between Applied Digital and Greenhill Co is -0.11 (i.e., Good diversification). The correlation of Applied Digital 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.

Applied Digital Correlation With Market

Average diversification

The correlation between Applied Digital and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Applied Digital and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Applied Digital. 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.

For information on how to trade Applied Stock refer to our How to Trade Applied Stock guide.

Moving together with Applied Stock

0.68	KD	Kyndryl Holdings	Pair Corr
0.61	SAIHW	SAIHEAT Limited Symbol Change	Pair Corr
0.61	AUR	Aurora Innovation	Pair Corr
0.74	WYY	Widepoint C	Pair Corr

Moving against Applied Stock

0.61	PSN	Parsons Corp	Pair Corr
0.33	FIS	Fidelity National	Pair Corr
0.31	GLE	Global Engine Group Tech Boost	Pair Corr
0.57	SAIC	Science Applications	Pair Corr
0.53	VEEAW	Veea Inc Symbol Change	Pair Corr
0.52	NABL	N Able Inc	Pair Corr
0.48	JKHY	Jack Henry Associates	Pair Corr
0.44	LDOS	Leidos Holdings	Pair Corr
0.41	BNAIW	Brand Engagement Network Symbol Change	Pair Corr

Related Correlations Analysis

	GHL	MEGL	TOP	SAI	NCPL	LAZ	TCJH	RIOT	HUT	CLSK
GHL		-0.3	-0.74	0.18	0.62	0.62	-0.45	0.76	0.84	0.48	GHL
MEGL	-0.3		0.61	0.13	-0.18	-0.36	-0.16	-0.46	-0.39	-0.4	MEGL
TOP	-0.74	0.61		-0.3	-0.58	-0.42	0.42	-0.66	-0.72	-0.33	TOP
SAI	0.18	0.13	-0.3		0.41	-0.33	-0.56	0.04	0.16	-0.4	SAI
NCPL	0.62	-0.18	-0.58	0.41		0.44	-0.52	0.56	0.75	0.36	NCPL
LAZ	0.62	-0.36	-0.42	-0.33	0.44		-0.02	0.74	0.64	0.82	LAZ
TCJH	-0.45	-0.16	0.42	-0.56	-0.52	-0.02		-0.27	-0.47	0.02	TCJH
RIOT	0.76	-0.46	-0.66	0.04	0.56	0.74	-0.27		0.89	0.82	RIOT
HUT	0.84	-0.39	-0.72	0.16	0.75	0.64	-0.47	0.89		0.67	HUT
CLSK	0.48	-0.4	-0.33	-0.4	0.36	0.82	0.02	0.82	0.67		CLSK
	GHL	MEGL	TOP	SAI	NCPL	LAZ	TCJH	RIOT	HUT	CLSK

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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

HUT	+ 0.89	RIOT
HUT	+ 0.84	GHL
CLSK	+ 0.82	LAZ
CLSK	+ 0.82	RIOT
RIOT	+ 0.76	GHL
HUT	+ 0.75	NCPL

High negative correlations

TOP	- 0.74	GHL
HUT	- 0.72	TOP
RIOT	- 0.66	TOP
NCPL	- 0.58	TOP
TCJH	- 0.56	SAI
TCJH	- 0.52	NCPL

Risk-Adjusted Indicators

There is a big difference between Applied Stock performing well and Applied Digital 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 Applied Digital'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
GHL	4.22	1.57	0.44	(0.63)	1.89	(5.22)	5.75	(5.53)	117.24
MEGL	3.92	0.17	0.03	(0.71)	4.08	(5.56)	10.87	(6.00)	30.98
TOP	4.63	0.17	0.03	(0.23)	4.73	(6.54)	8.90	(8.29)	76.38
SAI	6.48	0.98	0.15	1.59	5.97	(9.55)	17.24	(10.29)	80.17
NCPL	4.12	0.54	0.09	0.33	5.35	(4.55)	9.47	(7.78)	33.65
LAZ	1.63	0.07	0.04	0.13	1.61	(2.14)	3.95	(3.23)	18.47
TCJH	7.23	0.68	0.08	(0.64)	7.09	(11.06)	15.56	(13.46)	105.28
RIOT	5.02	0.61	0.10	(3.20)	5.78	(5.48)	9.54	(11.83)	40.62
HUT	5.49	0.91	0.16	(0.75)	5.31	(6.55)	14.21	(8.92)	37.31
CLSK	5.63	0.13	0.02	(0.67)	5.61	(7.57)	12.72	(9.42)	44.80

Applied Digital Corporate Management

Regina Ingel	Chief Officer	Profile
Michael Maniscalco	Ex Technology	Profile
David Rench	Chief Officer	Profile
Chris Jackson	Senior Operations	Profile
Nick Phillips	Executive Acquisitions	Profile
Saidal Mohmand	Ex Fin	Profile
Brad Barton	Executive Development	Profile

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