China Nonferrous Correlations
| 000758 Stock | 4.96 0.03 0.60% |
The current 90-days correlation between China Nonferrous Metal and Changjiang Publishing Media is 0.29 (i.e., Modest diversification). The correlation of China Nonferrous 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.
China Nonferrous Correlation With Market
Average diversification
The correlation between China Nonferrous Metal and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China Nonferrous Metal and DJI in the same portfolio, assuming nothing else is changed.
China |
The ability to find closely correlated positions to China Nonferrous could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace China Nonferrous when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back China Nonferrous - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling China Nonferrous Metal to buy it.
Moving together with China Stock
| 0.8 | 600309 | Wanhua Chemical Group | PairCorr |
| 0.8 | 002493 | Rongsheng Petrochemical | PairCorr |
| 0.71 | 600010 | Inner Mongolia BaoTou | PairCorr |
| 0.7 | 603260 | Hoshine Silicon Ind | PairCorr |
| 0.82 | 601318 | Ping An Insurance | PairCorr |
Moving against China Stock
| 0.6 | 601988 | Bank of China | PairCorr |
| 0.58 | 601166 | Industrial Bank | PairCorr |
| 0.52 | 601288 | Agricultural Bank | PairCorr |
| 0.5 | 601398 | Industrial and Commercial | PairCorr |
| 0.46 | 600160 | Zhejiang Juhua | PairCorr |
| 0.4 | 601939 | China Construction Bank | PairCorr |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between China Stock performing well and China Nonferrous 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 China Nonferrous' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 300251 | 1.93 | 0.16 | 0.04 | 0.45 | 2.59 | 4.53 | 11.33 | |||
| 600757 | 1.51 | 0.10 | 0.01 | (0.34) | 1.50 | 2.79 | 11.47 | |||
| 002712 | 4.42 | 0.43 | 0.05 | (0.40) | 5.21 | 10.00 | 20.09 | |||
| 002357 | 2.10 | 0.31 | 0.09 | 125.83 | 2.51 | 4.46 | 11.80 | |||
| 605299 | 2.18 | 0.17 | 0.02 | (0.35) | 2.70 | 5.13 | 15.86 | |||
| 300756 | 2.41 | 0.24 | 0.06 | 1.06 | 2.95 | 5.35 | 19.33 | |||
| 900903 | 1.33 | (0.09) | 0.00 | (0.07) | 0.00 | 4.55 | 12.68 | |||
| 301091 | 3.07 | (0.43) | 0.00 | (0.41) | 0.00 | 7.61 | 20.84 |
China Nonferrous Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with China Nonferrous stock to make a market-neutral strategy. Peer analysis of China Nonferrous could also be used in its relative valuation, which is a method of valuing China Nonferrous by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
China Nonferrous Corporate Management
Elected by the shareholders, the China Nonferrous' board of directors comprises two types of representatives: China Nonferrous inside directors who are chosen from within the company, and outside directors, selected externally and held independent of China. The board's role is to monitor China Nonferrous' management team and ensure that shareholders' interests are well served. China Nonferrous' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, China Nonferrous' outside directors are responsible for providing unbiased perspectives on the board's policies.
| Jianhui Liu | Deputy Manager | Profile | |
| Lulu Shi | Deputy Manager | Profile | |
| Baoju Zhao | Deputy Manager | Profile | |
| Hui Li | Deputy Manager | Profile |