Erayak Power Correlations

RAYA Stock   0.13  0.08  38.10%   
The correlation of Erayak Power 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.

Erayak Power Correlation With Market

Average diversification

The correlation between Erayak Power Solution and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Erayak Power Solution and DJI in the same portfolio, assuming nothing else is changed.
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Erayak Power Solution. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Erayak Stock

  0.69PLPC Preformed Line Products Earnings Call This WeekPairCorr

Moving against Erayak Stock

  0.58LNKS Linkers IndustriesPairCorr
  0.54XPON Expion360PairCorr
  0.52NVX Novonix Ltd ADRPairCorr
  0.47GWH ESS TechPairCorr
  0.43EOSEW Eos Energy EnterprisesPairCorr
  0.38EOSE Eos Energy Enterprises Earnings Call This WeekPairCorr
  0.36SDSTW Stardust PowerPairCorr
  0.62DFLIW Chardan NexTech AcquPairCorr
  0.61DFLI Chardan NexTech AcquPairCorr
  0.57POLA Polar PowerPairCorr
  0.48PPSI Pioneer Power SolutionsPairCorr
  0.45CAPTW Captivision WarrantPairCorr
  0.41SDST Stardust PowerPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
EAFASPI
YOSHSKYX
SNALCBAT
SLDPWPPSI
EAFCBAT
YOSHJZ
  
High negative correlations   
JZCBAT
YOSHSNAL
JZEAF
YOSHSLDPW
SLDPWSKYX
SNALSKYX

Risk-Adjusted Indicators

There is a big difference between Erayak Stock performing well and Erayak Power 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 Erayak Power'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ASPI  4.81  0.99  0.21  1.61  3.79 
 11.48 
 25.42 
CBAT  3.05  0.72  0.14 (1.94) 2.87 
 8.05 
 20.94 
EAF  6.00  1.30  0.30  0.75  4.64 
 14.85 
 43.53 
JEWL  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
JZ  5.09 (2.45) 0.00 (1.59) 0.00 
 6.90 
 41.18 
PPSI  2.57  0.22  0.07  0.40  2.61 
 7.66 
 23.04 
SKYX  3.03 (0.08)(0.01) 0.13  3.77 
 5.00 
 24.48 
SLDPW  8.42  3.67  0.30 (1.88) 6.90 
 21.43 
 59.17 
SNAL  4.32  0.33  0.03  1.88  4.57 
 11.58 
 26.42 
YOSH  5.17 (0.49) 0.00 (0.78) 0.00 
 13.84 
 35.01