Nikola Corp Correlations

Nikola Corp Correlation With Market

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nikola Corp. 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 Nikola Stock refer to our How to Trade Nikola Stock guide.

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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    ALG + 0.94 ASTE OSK + 0.89 ASTE OSK + 0.78 ALG CMCO + 0.77 ASTE CMCO + 0.74 ALG AGCO + 0.68 MNTX

High negative correlations    TWI - 0.54 MNTX TWI - 0.47 AGCO TWI - 0.33 CMCO OSK - 0.3 TWI TWI - 0.2 ASTE TWI - 0.13 ALG

Risk-Adjusted Indicators

There is a big difference between Nikola Stock performing well and Nikola Corp 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 Nikola Corp'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.