Tongxing Environmental Correlations

003027 Stock

14.92 0.16 1.06%

The current 90-days correlation between Tongxing Environmental and Maxvision Technology Corp is 0.4 (i.e., Very weak diversification). The correlation of Tongxing Environmental 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.

Tongxing Environmental Correlation With Market

Significant diversification

The correlation between Tongxing Environmental Protect and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tongxing Environmental Protect and DJI in the same portfolio, assuming nothing else is changed.

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

Related Correlations Analysis

	002990	002177	601156	600490	002149	002295	601360	601111
002990		0.86	-0.1	0.45	-0.16	0.73	0.63	0.75	002990
002177	0.86		-0.02	0.38	-0.03	0.81	0.59	0.76	002177
601156	-0.1	-0.02		0.3	0.19	-0.02	-0.45	-0.21	601156
600490	0.45	0.38	0.3		0.33	0.39	0.25	0.45	600490
002149	-0.16	-0.03	0.19	0.33		-0.08	-0.17	-0.05	002149
002295	0.73	0.81	-0.02	0.39	-0.08		0.76	0.78	002295
601360	0.63	0.59	-0.45	0.25	-0.17	0.76		0.75	601360
601111	0.75	0.76	-0.21	0.45	-0.05	0.78	0.75		601111
	002990	002177	601156	600490	002149	002295	601360	601111

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

002177	+ 0.86	002990
002295	+ 0.81	002177
601111	+ 0.78	002295
601111	+ 0.76	002177
601360	+ 0.76	002295
601111	+ 0.75	002990

High negative correlations

601360	- 0.45	601156
601111	- 0.21	601156
601360	- 0.17	002149
002149	- 0.16	002990
601156	- 0.1	002990
002295	- 0.08	002149

Risk-Adjusted Indicators

There is a big difference between Tongxing Stock performing well and Tongxing Environmental 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 Tongxing Environmental'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
002990	2.16	(0.05)	0.00	(0.07)	0.00	0.00	5.41	(4.64)	12.24
002177	3.75	0.28	0.05	0.39	4.67	(3.65)	9.98	(7.35)	19.14
601156	1.59	0.11	0.05	(0.54)	1.53	(1.92)	3.37	(2.94)	6.59
600490	2.81	0.21	0.06	(0.82)	2.90	(3.53)	9.87	(4.85)	18.25
002149	2.47	0.25	0.08	3.29	2.46	(2.80)	6.29	(4.27)	13.52
002295	1.88	0.28	0.09	(7.33)	2.50	(1.91)	4.12	(4.02)	17.70
601360	3.41	0.30	0.07	0.43	3.68	(3.95)	10.00	(5.85)	20.01
601111	1.57	0.18	0.09	0.51	1.67	(1.72)	3.65	(2.31)	11.27

Be your own money manager

Our tools can tell you how much better you can do entering a position in Tongxing Environmental 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.

Did you try this?

Run Companies Directory Now

Companies Directory

Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC