Huagong Tech Correlations

000988 Stock

40.03 0.06 0.15%

The current 90-days correlation between Huagong Tech and Industrial and Commercial is -0.32 (i.e., Very good diversification). The correlation of Huagong Tech 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.

Huagong Tech Correlation With Market

Good diversification

The correlation between Huagong Tech Co and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Huagong Tech Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Huagong Stock

0.69	600715	Cultural Investment	Pair Corr
0.64	002188	Bus Online	Pair Corr
0.72	002217	Holitech Technology	Pair Corr
0.81	000980	Zotye Automobile	Pair Corr
0.72	300825	Iat Automobile Technology	Pair Corr
0.84	600633	Zhejiang Daily Media	Pair Corr
0.71	601929	JiShi Media	Pair Corr
0.72	600455	ButOne Information Corp	Pair Corr
0.72	000639	Xiwang Foodstuffs	Pair Corr
0.71	600515	Hainan HNA Infrastructure	Pair Corr
0.78	002946	New Hope Dairy	Pair Corr
0.83	000506	Zhongrun Resources	Pair Corr
0.72	301390	Hangzhou Gisway Info	Pair Corr
0.72	603818	Qumei Furniture Group	Pair Corr
0.65	000889	ZJBC Information Tec	Pair Corr
0.63	000428	Huatian Hotel Group	Pair Corr
0.7	603313	Healthcare	Pair Corr
0.73	000661	Changchun High New	Pair Corr
0.87	688325	Guangdong Cellwise	Pair Corr
0.73	688047	Loongson Technology Corp	Pair Corr
0.84	688507	Shanghai Suochen Inf	Pair Corr
0.93	600498	Fiberhome Telecommunicatio	Pair Corr
0.69	688082	ACM Research Shanghai	Pair Corr
0.7	600719	Dalian Thermal Power	Pair Corr
0.81	002074	Gotion High tech	Pair Corr
0.68	000560	5I5j Holding Group	Pair Corr
0.8	605128	Shanghai Yanpu Metal	Pair Corr
0.85	688119	Sinosteel Luonai Mat	Pair Corr
0.86	301379	Techshine Electronics	Pair Corr
0.86	300815	Eit Environmental	Pair Corr
0.77	600335	Sinomach Automobile	Pair Corr
0.71	000909	Soyea Technology	Pair Corr
0.76	300359	Qtone Education Group	Pair Corr

Related Correlations Analysis

	601398	601939	601288	601988	601857	600036	600938	600941	601328	601658
601398		0.96	0.96	0.97	0.6	0.62	0.51	0.88	0.89	0.81	601398
601939	0.96		0.93	0.92	0.6	0.76	0.53	0.79	0.91	0.91	601939
601288	0.96	0.93		0.97	0.59	0.52	0.51	0.84	0.87	0.79	601288
601988	0.97	0.92	0.97		0.56	0.5	0.46	0.89	0.86	0.77	601988
601857	0.6	0.6	0.59	0.56		0.54	0.94	0.67	0.64	0.57	601857
600036	0.62	0.76	0.52	0.5	0.54		0.49	0.38	0.74	0.86	600036
600938	0.51	0.53	0.51	0.46	0.94	0.49		0.59	0.56	0.56	600938
600941	0.88	0.79	0.84	0.89	0.67	0.38	0.59		0.73	0.61	600941
601328	0.89	0.91	0.87	0.86	0.64	0.74	0.56	0.73		0.89	601328
601658	0.81	0.91	0.79	0.77	0.57	0.86	0.56	0.61	0.89		601658
	601398	601939	601288	601988	601857	600036	600938	600941	601328	601658

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Risk-Adjusted Indicators

There is a big difference between Huagong Stock performing well and Huagong Tech 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 Huagong Tech'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
601398	1.14	0.30	0.22	2.63	1.00	(1.49)	2.83	(1.71)	8.14
601939	1.14	0.31	0.18	5.46	1.16	(1.35)	3.32	(1.93)	8.64
601288	1.05	0.25	0.14	1.96	1.12	(1.17)	2.98	(1.89)	7.78
601988	1.02	0.26	0.18	5.26	0.93	(1.28)	2.67	(1.98)	7.70
601857	1.33	0.21	0.09	0.66	1.80	(1.69)	3.55	(2.01)	17.17
600036	1.57	0.37	0.16	1.83	1.76	(1.81)	4.65	(2.56)	13.83
600938	1.41	0.19	0.08	0.69	1.89	(1.53)	3.83	(2.13)	16.49
600941	1.07	0.20	0.16	1.36	0.94	(1.38)	3.09	(2.04)	8.38
601328	1.33	0.25	0.15	1.35	1.23	(1.58)	3.26	(2.12)	10.82
601658	1.36	0.29	0.16	1.02	1.32	(1.66)	3.49	(2.23)	9.13

Be your own money manager

Our tools can tell you how much better you can do entering a position in Huagong Tech 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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