Beijing HuaYuanYiTong Correlations

002893 Stock

9.39 0.04 0.42%

The current 90-days correlation between Beijing HuaYuanYiTong and Industrial and Commercial is 0.03 (i.e., Significant diversification). The correlation of Beijing HuaYuanYiTong 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.

Beijing HuaYuanYiTong Correlation With Market

Significant diversification

The correlation between Beijing HuaYuanYiTong Thermal and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Beijing HuaYuanYiTong Thermal and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Beijing Stock

0.76	601668	China State Construction	Pair Corr
0.77	600048	Poly Real Estate	Pair Corr
0.82	000002	China Vanke	Pair Corr
0.73	001979	China Merchants Shekou	Pair Corr
0.87	600325	Huafa Industrial	Pair Corr
0.84	601995	China International	Pair Corr
0.71	600519	Kweichow Moutai	Pair Corr

Moving against Beijing Stock

0.85

300866

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Pair Corr

Related Correlations Analysis

	601398	601288	601939	601988	601658	601328	601318	600036	601166	601998
601398		0.97	0.96	0.98	0.58	0.71	-0.68	0.64	0.72	0.34	601398
601288	0.97		0.98	0.96	0.72	0.81	-0.59	0.55	0.62	0.5	601288
601939	0.96	0.98		0.91	0.73	0.82	-0.51	0.55	0.59	0.48	601939
601988	0.98	0.96	0.91		0.54	0.69	-0.77	0.59	0.71	0.37	601988
601658	0.58	0.72	0.73	0.54		0.85	-0.01	0.12	0.15	0.82	601658
601328	0.71	0.81	0.82	0.69	0.85		-0.21	0.19	0.21	0.72	601328
601318	-0.68	-0.59	-0.51	-0.77	-0.01	-0.21		-0.36	-0.59	0.05	601318
600036	0.64	0.55	0.55	0.59	0.12	0.19	-0.36		0.9	-0.11	600036
601166	0.72	0.62	0.59	0.71	0.15	0.21	-0.59	0.9		-0.08	601166
601998	0.34	0.5	0.48	0.37	0.82	0.72	0.05	-0.11	-0.08		601998
	601398	601288	601939	601988	601658	601328	601318	600036	601166	601998

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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

601988	+ 0.98	601398
601939	+ 0.98	601288
601288	+ 0.97	601398
601939	+ 0.96	601398
601988	+ 0.96	601288
601988	+ 0.91	601939

High negative correlations

601318	- 0.77	601988
601318	- 0.68	601398
601166	- 0.59	601318
601318	- 0.59	601288
601318	- 0.51	601939
600036	- 0.36	601318

Risk-Adjusted Indicators

There is a big difference between Beijing Stock performing well and Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong'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	0.95	0.18	0.07	(0.72)	0.90	(1.18)	2.31	(1.52)	6.36
601288	0.91	0.12	0.01	(0.43)	1.25	(0.94)	2.20	(1.58)	7.85
601939	0.95	0.10	(0.01)	(0.26)	0.99	(1.13)	1.86	(1.89)	4.13
601988	0.90	0.18	0.06	(0.60)	0.93	(1.09)	1.90	(1.83)	5.62
601658	1.05	0.00	0.00	0.09	0.00	0.00	2.05	(2.15)	8.59
601328	1.05	0.00	0.00	0.09	0.00	0.00	2.39	(2.02)	5.89
601318	1.14	(0.17)	0.00	0.84	0.00	0.00	2.68	(2.88)	10.26
600036	1.04	0.08	(0.02)	(0.22)	1.32	(1.05)	2.14	(1.95)	6.49
601166	0.93	0.10	0.00	(0.55)	1.22	(0.95)	1.66	(2.25)	6.36
601998	1.11	0.00	0.00	0.11	0.00	0.00	2.58	(2.26)	5.71

Be your own money manager

Our tools can tell you how much better you can do entering a position in Beijing HuaYuanYiTong 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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