Guangdong Sanhe Correlations

003037 Stock

6.25 0.02 0.32%

The current 90-days correlation between Guangdong Sanhe Pile and Xinjiang Baodi Mining is 0.74 (i.e., Poor diversification). The correlation of Guangdong Sanhe 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.

Guangdong Sanhe Correlation With Market

Good diversification

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

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

Moving together with Guangdong Stock

0.69	600309	Wanhua Chemical Group	Pair Corr
0.93	600019	Baoshan Iron Steel	Pair Corr
0.93	002493	Rongsheng Petrochemical	Pair Corr
0.9	600010	Inner Mongolia BaoTou	Pair Corr
0.87	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.91	603260	Hoshine Silicon Ind	Pair Corr
0.94	600160	Zhejiang Juhua	Pair Corr
0.93	000807	Yunnan Aluminium	Pair Corr
0.95	601318	Ping An Insurance	Pair Corr
0.9	601728	China Telecom Corp	Pair Corr
0.86	601668	China State Construction	Pair Corr
0.87	600519	Kweichow Moutai	Pair Corr
0.96	601628	China Life Insurance	Pair Corr

Moving against Guangdong Stock

0.33

600028

China Petroleum Chemical

Pair Corr

Related Correlations Analysis

	601121	300818	000698	600536	002909	600490	603043	300099
601121		0.87	0.96	0.87	0.96	0.86	0.88	0.91	601121
300818	0.87		0.87	0.84	0.91	0.91	0.83	0.97	300818
000698	0.96	0.87		0.9	0.97	0.89	0.84	0.92	000698
600536	0.87	0.84	0.9		0.93	0.84	0.81	0.89	600536
002909	0.96	0.91	0.97	0.93		0.88	0.85	0.95	002909
600490	0.86	0.91	0.89	0.84	0.88		0.82	0.91	600490
603043	0.88	0.83	0.84	0.81	0.85	0.82		0.87	603043
300099	0.91	0.97	0.92	0.89	0.95	0.91	0.87		300099
	601121	300818	000698	600536	002909	600490	603043	300099

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Risk-Adjusted Indicators

There is a big difference between Guangdong Stock performing well and Guangdong Sanhe 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 Guangdong Sanhe'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
601121	1.74	0.45	0.07	(0.39)	2.21	(1.93)	3.88	(2.99)	17.72
300818	2.36	0.52	0.14	4.94	2.48	(2.63)	6.13	(4.11)	19.39
000698	2.16	0.57	0.15	(1.73)	2.43	(2.58)	6.79	(3.45)	17.32
600536	3.36	0.97	0.24	1.47	3.29	(3.79)	10.00	(7.34)	18.19
002909	2.11	0.62	0.18	(24.84)	2.02	(2.44)	4.37	(3.47)	17.26
600490	2.63	0.69	0.18	(1.16)	2.51	(3.25)	9.85	(3.75)	20.01
603043	1.81	0.19	0.05	0.63	2.01	(2.23)	4.19	(3.00)	18.46
300099	2.84	0.75	0.14	(2.70)	3.48	(3.03)	5.48	(6.21)	27.46

Be your own money manager

Our tools can tell you how much better you can do entering a position in Guangdong Sanhe 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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