Nikola Corp Correlations

NKLA Stock

USD 9.33 0.05 0.53%

The correlation of Nikola Corp 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.

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.

Moving together with Nikola Stock

0.73	ALG	Alamo Group Earnings Call This Week	Pair Corr
0.75	CNH	CNH Industrial NV Symbol Change	Pair Corr
0.63	MTW	Manitowoc	Pair Corr
0.65	OSK	Oshkosh Earnings Call This Week	Pair Corr
0.9	HYFM	Hydrofarm Holdings	Pair Corr
0.76	MNTX	Manitex International Earnings Call This Week	Pair Corr
0.86	AGCO	AGCO Earnings Call This Week	Pair Corr
0.91	ARTW	Arts Way Manufacturing	Pair Corr
0.77	CEAD	CEA Industries	Pair Corr
0.74	CMCO	Columbus McKinnon Earnings Call This Week	Pair Corr
0.66	UGRO	Urban Gro	Pair Corr

Moving against Nikola Stock

0.36	GENC	Gencor Industries	Pair Corr
0.79	DIST	Distoken Acquisition	Pair Corr
0.72	B	Barnes Group	Pair Corr
0.85	BW	Babcock Wilcox Enter	Pair Corr
0.55	DY	Dycom Industries	Pair Corr
0.51	AZ	A2Z Smart Technologies	Pair Corr
0.45	BR	Broadridge Financial Fiscal Year End 13th of August 2024	Pair Corr

Related Correlations Analysis

	ZEV	LEV	XOS	HYFM	CAT	AGCO	CNHI	PCAR	DE	IDEX
ZEV		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	ZEV
LEV	0.0		0.61	0.39	-0.19	0.35	0.17	0.48	-0.02	0.35	LEV
XOS	0.0	0.61		0.78	0.11	0.7	0.11	0.46	0.27	0.42	XOS
HYFM	0.0	0.39	0.78		0.19	0.88	0.14	0.43	0.63	-0.06	HYFM
CAT	0.0	-0.19	0.11	0.19		0.54	0.08	0.13	0.64	-0.06	CAT
AGCO	0.0	0.35	0.7	0.88	0.54		0.2	0.56	0.85	-0.06	AGCO
CNHI	0.0	0.17	0.11	0.14	0.08	0.2		0.02	0.2	-0.06	CNHI
PCAR	0.0	0.48	0.46	0.43	0.13	0.56	0.02		0.25	0.28	PCAR
DE	0.0	-0.02	0.27	0.63	0.64	0.85	0.2	0.25		-0.3	DE
IDEX	0.0	0.35	0.42	-0.06	-0.06	-0.06	-0.06	0.28	-0.3		IDEX
	ZEV	LEV	XOS	HYFM	CAT	AGCO	CNHI	PCAR	DE	IDEX

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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

AGCO	+ 0.88	HYFM
DE	+ 0.85	AGCO
HYFM	+ 0.78	XOS
AGCO	+ 0.7	XOS
DE	+ 0.64	CAT
DE	+ 0.63	HYFM

High negative correlations

IDEX	- 0.3	DE
CAT	- 0.19	LEV
IDEX	- 0.06	CNHI
IDEX	- 0.06	AGCO
IDEX	- 0.06	CAT
IDEX	- 0.06	HYFM

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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ZEV	0.00	0.00	0.00	0.00	0.00	0.00
LEV	3.25	(0.07)	(0.02)	7.41	(6.73)	16.65
XOS	1.69	(0.23)	0.78	2.25	(2.95)	19.76
HYFM	2.05	(0.30)	0.77	2.63	(4.29)	25.11
CAT	1.20	(0.16)	(0.03)	2.11	(2.41)	7.10
AGCO	1.32	(0.24)	(0.17)	2.56	(2.78)	8.37
CNHI	1.59	0.33	1.29	3.72	(2.70)	6.42
PCAR	1.33	(0.26)	(0.21)	2.07	(2.13)	15.12
DE	1.14	(0.11)	(0.03)	2.12	(2.30)	6.91
IDEX	4.03	(0.11)	0.12	13.00	(12.71)	31.29

Nikola Corp Corporate Management

Mary MSc	Chief Officer	Profile
Thomas Okray	Chief Officer	Profile
Bruce Kurtt	Senior Operations	Profile
Henry Kwon	Director Relations	Profile
Brian Hoog	Corporate Controller	Profile
Britton Esq	Chief Secretary	Profile

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