Angang Steel Correlations

000898 Stock

2.28 0.03 1.30%

The current 90-days correlation between Angang Steel and Wanhua Chemical Group is 0.47 (i.e., Very weak diversification). The correlation of Angang Steel 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.

Angang Steel Correlation With Market

Significant diversification

The correlation between Angang Steel Co and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Angang Steel Co and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Angang Steel could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Angang Steel 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 Angang Steel - 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 Angang Steel Co to buy it.

Moving together with Angang Stock

0.7	600010	Inner Mongolia BaoTou	Pair Corr
0.69	603260	Hoshine Silicon Ind	Pair Corr
0.61	688047	Loongson Technology Corp	Pair Corr
0.72	688318	Shenzhen Fortune Trend	Pair Corr
0.71	600106	Chongqing Road Bridge	Pair Corr

Related Correlations Analysis

	601899	600309	600019	600547	002493	600010	002460	600160	603260	000807
601899		0.48	-0.39	0.93	0.16	-0.4	-0.49	-0.41	0.01	0.44	601899
600309	0.48		-0.01	0.57	0.81	0.23	0.21	-0.73	0.75	-0.06	600309
600019	-0.39	-0.01		-0.48	-0.03	0.39	0.04	0.23	0.22	-0.21	600019
600547	0.93	0.57	-0.48		0.28	-0.44	-0.35	-0.64	0.14	0.22	600547
002493	0.16	0.81	-0.03	0.28		0.55	0.65	-0.59	0.8	-0.13	002493
600010	-0.4	0.23	0.39	-0.44	0.55		0.69	0.06	0.49	-0.04	600010
002460	-0.49	0.21	0.04	-0.35	0.65	0.69		-0.13	0.51	-0.38	002460
600160	-0.41	-0.73	0.23	-0.64	-0.59	0.06	-0.13		-0.55	0.37	600160
603260	0.01	0.75	0.22	0.14	0.8	0.49	0.51	-0.55		-0.25	603260
000807	0.44	-0.06	-0.21	0.22	-0.13	-0.04	-0.38	0.37	-0.25		000807
	601899	600309	600019	600547	002493	600010	002460	600160	603260	000807

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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

600547	+ 0.93	601899
002493	+ 0.81	600309
603260	+ 0.8	002493
603260	+ 0.75	600309
002460	+ 0.69	600010
002460	+ 0.65	002493

High negative correlations

600160	- 0.73	600309
600160	- 0.64	600547
600160	- 0.59	002493
603260	- 0.55	600160
002460	- 0.49	601899
600547	- 0.48	600019

Risk-Adjusted Indicators

There is a big difference between Angang Stock performing well and Angang Steel 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 Angang Steel'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
601899	1.39	(0.11)	0.00	3.65	0.00	0.00	3.18	(3.21)	7.47
600309	1.22	(0.20)	0.00	(2.04)	0.00	0.00	2.16	(2.42)	6.17
600019	1.18	0.01	(0.01)	(0.11)	1.44	(1.28)	2.45	(2.60)	7.96
600547	1.06	(0.25)	0.00	3.53	0.00	0.00	1.98	(2.58)	5.78
002493	1.05	(0.05)	0.00	(0.46)	0.00	0.00	2.10	(2.11)	6.90
600010	1.97	0.18	0.07	(1.35)	1.83	(2.79)	4.17	(3.06)	15.26
002460	2.53	0.23	0.08	0.29	2.67	(2.94)	6.03	(4.00)	16.45
600160	1.86	0.46	0.21	1.57	1.72	(2.20)	4.76	(3.43)	10.51
603260	1.48	0.03	0.01	0.13	1.70	(1.73)	2.76	(3.48)	14.15
000807	1.68	0.24	0.10	(63.60)	1.98	(1.69)	5.25	(3.17)	11.84

Be your own money manager

Our tools can tell you how much better you can do entering a position in Angang Steel without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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