Shoals Technologies Correlations

SHLS Stock

USD 3.43 0.01 0.29%

The current 90-days correlation between Shoals Technologies and Array Technologies is 0.45 (i.e., Very weak 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

Good diversification

The correlation between Shoals Technologies Group and DJI is -0.19 (i.e., Good 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.

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

0.84	VSTE	Vast Renewables	Pair Corr
0.9	EFSH	1847 Holdings LLC	Pair Corr
0.89	CNR	Core Natural Resources, Symbol Change	Pair Corr
0.64	FSTR	LB Foster	Pair Corr
0.77	MLR	Miller Industries	Pair Corr
0.8	MPU	Mega Matrix Corp	Pair Corr
0.93	RUN	Sunrun Inc	Pair Corr
0.88	SOL	Emeren Group Earnings Call Today	Pair Corr
0.65	ZEO	Zeo Energy Corp	Pair Corr
0.88	HYLN	Hyliion Holdings Corp	Pair Corr
0.66	MVST	Microvast Holdings Earnings Call This Week	Pair Corr
0.74	MVSTW	Microvast Holdings	Pair Corr
0.82	SLDP	Solid Power	Pair Corr
0.9	BEEM	Beam Global	Pair Corr
0.7	J	Jacobs Solutions	Pair Corr
0.82	BV	BrightView Holdings	Pair Corr
0.88	BW	Babcock Wilcox Enter	Pair Corr
0.68	CW	Curtiss Wright	Pair Corr

Moving against Shoals Stock

0.73	MMM	3M Company	Pair Corr
0.36	NXT	Nextracker Class A	Pair Corr
0.32	VMI	Valmont Industries	Pair Corr
0.31	BBU	Brookfield Business	Pair Corr
0.7	G	Genpact Limited	Pair Corr
0.5	BR	Broadridge Financial	Pair Corr
0.88	LZ	LegalZoom	Pair Corr
0.73	DE	Deere Company	Pair Corr
0.72	EH	Ehang Holdings	Pair Corr
0.67	GE	GE Aerospace	Pair Corr
0.66	KC	Kingsoft Cloud Holdings	Pair Corr

Related Correlations Analysis

	ARRY	NOVA	FLNC	XM	PLTK
ARRY		0.34	0.29	0.0	0.63	ARRY
NOVA	0.34		0.94	0.0	0.8	NOVA
FLNC	0.29	0.94		0.0	0.66	FLNC
XM	0.0	0.0	0.0		0.0	XM
PLTK	0.63	0.8	0.66	0.0		PLTK
	ARRY	NOVA	FLNC	XM	PLTK

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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

FLNC	+ 0.94	NOVA
PLTK	+ 0.8	NOVA
PLTK	+ 0.66	FLNC
PLTK	+ 0.63	ARRY
NOVA	+ 0.34	ARRY
FLNC	+ 0.29	ARRY

High negative correlations

PLTK	- 0.0	XM
XM	- 0.0	FLNC
XM	- 0.0	NOVA
XM	- 0.0	ARRY

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
ARRY	3.69	0.17	0.03	(0.18)	4.59	(4.23)	9.08	(5.77)	31.12
NOVA	7.38	(2.69)	0.00	(1.18)	0.00	0.00	15.15	(18.92)	81.08
FLNC	4.20	(1.41)	0.00	(6.16)	0.00	0.00	6.06	(7.49)	52.93
XM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PLTK	2.06	(0.72)	0.00	(0.70)	0.00	0.00	3.35	(4.89)	21.10

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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