Tongyang Correlations
| 001525 Stock | 4,415 255.00 6.13% |
The current 90-days correlation between Tongyang and Hankuk Steel Wire is -0.07 (i.e., Good diversification). The correlation of Tongyang 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.
Tongyang Correlation With Market
Very good diversification
The correlation between Tongyang and DJI is -0.26 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tongyang and DJI in the same portfolio, assuming nothing else is changed.
Tongyang |
The ability to find closely correlated positions to Tongyang could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tongyang 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 Tongyang - 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 Tongyang to buy it.
Moving against Tongyang Stock
Related Correlations Analysis
| 0.55 | 0.29 | 0.52 | 0.42 | 0.75 | 0.05 | 025550 | ||
| 0.55 | 0.51 | 0.58 | 0.85 | 0.86 | 0.32 | 003080 | ||
| 0.29 | 0.51 | 0.25 | 0.6 | 0.49 | 0.07 | 007280 | ||
| 0.52 | 0.58 | 0.25 | 0.66 | 0.71 | 0.59 | 014530 | ||
| 0.42 | 0.85 | 0.6 | 0.66 | 0.86 | 0.58 | 28513K | ||
| 0.75 | 0.86 | 0.49 | 0.71 | 0.86 | 0.37 | 120240 | ||
| 0.05 | 0.32 | 0.07 | 0.59 | 0.58 | 0.37 | 051910 | ||
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Risk-Adjusted Indicators
There is a big difference between Tongyang Stock performing well and Tongyang 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 Tongyang'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 025550 | 1.01 | (0.06) | 0.00 | (1.23) | 0.00 | 1.75 | 5.43 | |||
| 003080 | 0.59 | (0.06) | 0.00 | 2.67 | 0.00 | 0.76 | 6.58 | |||
| 007280 | 1.20 | (0.13) | 0.00 | (3.36) | 0.00 | 2.84 | 10.37 | |||
| 014530 | 0.74 | (0.12) | 0.00 | 0.65 | 0.00 | 1.19 | 8.21 | |||
| 28513K | 0.77 | (0.27) | 0.00 | (1.89) | 0.00 | 1.47 | 4.89 | |||
| 120240 | 1.01 | (0.25) | 0.00 | 0.98 | 0.00 | 1.73 | 6.69 | |||
| 051910 | 1.80 | 0.06 | (0.04) | (0.15) | 2.22 | 5.12 | 14.51 |
Tongyang 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 Tongyang stock to make a market-neutral strategy. Peer analysis of Tongyang could also be used in its relative valuation, which is a method of valuing Tongyang by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |