JinkoSolar Holding Correlations

JKS Stock

USD 22.43 0.33 1.49%

The current 90-days correlation between JinkoSolar Holding and SolarEdge Technologies is 0.38 (i.e., Weak diversification). The correlation of JinkoSolar Holding 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.

JinkoSolar Holding Correlation With Market

Significant diversification

The correlation between JinkoSolar Holding and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding JinkoSolar Holding and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in JinkoSolar Holding. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

For more information on how to buy JinkoSolar Stock please use our How to Invest in JinkoSolar Holding guide.

Moving together with JinkoSolar Stock

0.66	EXTR	Extreme Networks	Pair Corr
0.68	INFY	Infosys Ltd ADR Sell-off Trend	Pair Corr
0.65	PRGS	Progress Software	Pair Corr

Moving against JinkoSolar Stock

0.65	CDW	CDW Corp	Pair Corr
0.63	IT	Gartner	Pair Corr
0.54	KLAC	KLA Tencor	Pair Corr
0.47	ARM	Arm Holdings plc	Pair Corr
0.43	ENFN	Enfusion	Pair Corr
0.62	VHC	VirnetX Holding Corp	Pair Corr
0.5	TWLO	Twilio Inc	Pair Corr
0.47	ADTN	ADTRAN Inc	Pair Corr
0.4	NOTE	FiscalNote Holdings	Pair Corr
0.38	CLFD	Clearfield	Pair Corr
0.31	INFN	Infinera Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FSLR	SPWR	SEDG	RUN	NOVA	NXT	CSIQ	MAXN	ENPH
FSLR		0.0	-0.29	0.84	0.88	-0.73	0.81	0.67	0.7	FSLR
SPWR	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SPWR
SEDG	-0.29	0.0		-0.14	-0.29	0.37	0.12	-0.31	0.19	SEDG
RUN	0.84	0.0	-0.14		0.95	-0.61	0.86	0.74	0.71	RUN
NOVA	0.88	0.0	-0.29	0.95		-0.72	0.82	0.77	0.7	NOVA
NXT	-0.73	0.0	0.37	-0.61	-0.72		-0.63	-0.6	-0.65	NXT
CSIQ	0.81	0.0	0.12	0.86	0.82	-0.63		0.58	0.81	CSIQ
MAXN	0.67	0.0	-0.31	0.74	0.77	-0.6	0.58		0.47	MAXN
ENPH	0.7	0.0	0.19	0.71	0.7	-0.65	0.81	0.47		ENPH
	FSLR	SPWR	SEDG	RUN	NOVA	NXT	CSIQ	MAXN	ENPH

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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

NOVA	+ 0.95	RUN
NOVA	+ 0.88	FSLR
CSIQ	+ 0.86	RUN
RUN	+ 0.84	FSLR
CSIQ	+ 0.82	NOVA
CSIQ	+ 0.81	FSLR

High negative correlations

NXT	- 0.73	FSLR
NXT	- 0.72	NOVA
ENPH	- 0.65	NXT
CSIQ	- 0.63	NXT
NXT	- 0.61	RUN
MAXN	- 0.6	NXT

Risk-Adjusted Indicators

There is a big difference between JinkoSolar Stock performing well and JinkoSolar Holding 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 JinkoSolar Holding'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
FSLR	2.06	(0.40)	0.00	6.15	0.00	0.00	3.64	(4.58)	12.13
SPWR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SEDG	4.98	1.02	0.20	(5.44)	4.61	(6.10)	12.66	(7.74)	31.42
RUN	3.03	(0.20)	0.00	(0.22)	0.00	0.00	9.53	(6.60)	19.53
NOVA	4.78	(0.82)	0.00	(0.49)	0.00	0.00	10.31	(12.65)	36.77
NXT	2.58	0.38	0.15	0.69	2.30	(3.11)	7.11	(4.36)	17.41
CSIQ	3.07	0.05	0.01	0.28	3.38	(3.32)	6.88	(4.95)	17.86
MAXN	4.94	(0.84)	0.00	(0.55)	0.00	0.00	12.57	(9.46)	25.82
ENPH	2.44	0.09	0.03	0.15	2.66	(2.70)	5.41	(4.36)	14.74

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