Axon Enterprise Correlations

AXON Stock

USD 584.69 17.82 2.96%

The current 90-days correlation between Axon Enterprise and L3Harris Technologies is 0.32 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Axon Enterprise moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Axon Enterprise moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Axon Enterprise Correlation With Market

Modest diversification

The correlation between Axon Enterprise and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axon Enterprise and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Axon Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Axon Enterprise. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

To learn how to invest in Axon Stock, please use our How to Invest in Axon Enterprise guide.

Moving together with Axon Stock

0.65

Boeing

Pair Corr

Moving against Axon Stock

0.64	ERHE	ERHC Energy	Pair Corr
0.61	NEE	Nextera Energy Aggressive Push	Pair Corr
0.57	GD	General Dynamics	Pair Corr
0.53	CVI	CVR Energy	Pair Corr
0.52	CLSK	CleanSpark	Pair Corr
0.49	LHX	L3Harris Technologies	Pair Corr
0.47	SSLLF	Siltronic AG	Pair Corr
0.45	RTX	Raytheon Technologies	Pair Corr
0.42	LMT	Lockheed Martin	Pair Corr
0.41	PSN	Parsons Corp Sell-off Trend	Pair Corr
0.39	002338	Changchun UP Optotech	Pair Corr
0.36	IONQ	IONQ Inc	Pair Corr
0.63	LSRCY	Lasertec	Pair Corr
0.61	GTLS	Chart Industries	Pair Corr
0.6	GLW	Corning Incorporated	Pair Corr
0.57	ATCD	Altair Corp	Pair Corr
0.56	BK	Bank of New York	Pair Corr
0.53	TSLA	Tesla Inc	Pair Corr
0.51	XYL	Xylem Inc	Pair Corr
0.51	BHR-PD	Braemar Hotels Resorts	Pair Corr
0.49	DRDGF	Drdgold	Pair Corr
0.49	INVX	Innovex International,	Pair Corr
0.49	PATH	Uipath Inc	Pair Corr
0.49	BLNK	Blink Charging	Pair Corr
0.49	BLFS	BioLife Solutions	Pair Corr

Related Correlations Analysis

	LHX	URI	FDX	CNI	TDG	CMI	HEI	PCAR	PWR
LHX		0.2	0.61	0.36	0.0	0.69	0.27	-0.25	0.76	LHX
URI	0.2		-0.39	0.35	-0.23	-0.25	0.01	-0.17	-0.17	URI
FDX	0.61	-0.39		0.27	0.08	0.84	0.16	-0.02	0.86	FDX
CNI	0.36	0.35	0.27		-0.13	0.19	0.18	-0.04	0.33	CNI
TDG	0.0	-0.23	0.08	-0.13		-0.16	0.0	0.28	0.04	TDG
CMI	0.69	-0.25	0.84	0.19	-0.16		0.39	-0.06	0.76	CMI
HEI	0.27	0.01	0.16	0.18	0.0	0.39		0.32	0.02	HEI
PCAR	-0.25	-0.17	-0.02	-0.04	0.28	-0.06	0.32		-0.32	PCAR
PWR	0.76	-0.17	0.86	0.33	0.04	0.76	0.02	-0.32		PWR
	LHX	URI	FDX	CNI	TDG	CMI	HEI	PCAR	PWR

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

PWR	+ 0.86	FDX
CMI	+ 0.84	FDX
PWR	+ 0.76	LHX
PWR	+ 0.76	CMI
CMI	+ 0.69	LHX
FDX	+ 0.61	LHX

High negative correlations

FDX	- 0.39	URI
PWR	- 0.32	PCAR
CMI	- 0.25	URI
PCAR	- 0.25	LHX
TDG	- 0.23	URI
PWR	- 0.17	URI

Risk-Adjusted Indicators

There is a big difference between Axon Stock performing well and Axon Enterprise 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 Axon Enterprise'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
LHX	0.99	0.10	0.04	0.29	1.11	(1.06)	2.24	(1.97)	6.27
URI	1.36	(0.12)	(0.04)	0.00	2.16	(1.23)	2.58	(2.74)	13.22
FDX	1.16	0.04	0.05	0.12	1.52	(1.18)	2.38	(2.54)	10.33
CNI	0.79	(0.02)	(0.06)	0.07	0.93	(0.83)	2.02	(1.54)	4.60
TDG	1.00	(0.08)	(0.06)	(0.01)	1.59	(0.87)	2.11	(1.89)	7.93
CMI	1.31	0.26	0.19	0.38	1.01	(1.52)	2.77	(2.21)	8.56
HEI	1.11	0.00	(0.01)	0.10	1.26	(1.23)	1.96	(1.85)	13.48
PCAR	1.23	(0.11)	(0.05)	0.02	1.25	(1.49)	3.14	(2.33)	7.60
PWR	1.47	0.13	0.08	0.22	1.61	(1.58)	3.68	(2.86)	10.97

Axon Enterprise Corporate Management

Jeffrey Kunins	Chief Software	Profile
Jenner Holden	Chief Officer	Profile
Andrea James	Chief Officer	Profile
Ruth Sleeter	Chief Officer	Profile
Isaiah Fields	Corporate Officer	Profile
Erik Lapinski	Senior Relations	Profile

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