Kwang Jin Correlations

026910 Stock

KRW 1,898 19.00 1.01%

The current 90-days correlation between Kwang Jin Ind and Woori Technology is 0.04 (i.e., Significant diversification). The correlation of Kwang Jin 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.

Kwang Jin Correlation With Market

Good diversification

The correlation between Kwang Jin Ind and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kwang Jin Ind and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Kwang Stock

0.54	101330	MOBASE Co	Pair Corr
0.41	128660	PJ Metal	Pair Corr
0.32	317530	Carriesoft	Pair Corr
0.6	290740	ActRO	Pair Corr
0.57	131100	SKY EM	Pair Corr
0.52	265560	YOUNGHWA TECH	Pair Corr
0.5	000157	Doosan	Pair Corr
0.47	139480	E Mart	Pair Corr
0.43	094170	Dongwoon Anatech Split	Pair Corr
0.39	039200	Oscotec	Pair Corr
0.38	022100	Posco ICT	Pair Corr
0.36	213420	DukSan Neolux CoLtd Earnings Call This Week	Pair Corr
0.34	069410	nTels	Pair Corr
0.33	045390	DAEA TI	Pair Corr
0.32	360070	TOPMATERIAL LTD	Pair Corr
0.31	065370	WISE iTech	Pair Corr
0.77	010660	Hwacheon Machinery	Pair Corr
0.77	196170	ALTEOGEN Earnings Call This Week	Pair Corr
0.71	008830	Daedong Gear	Pair Corr
0.64	122870	YG Entertainment	Pair Corr
0.54	212560	NEOOTO	Pair Corr
0.52	033240	Jahwa Electron	Pair Corr

Related Correlations Analysis

	058730	042370	032820	175330	251630	083500	003490	039290
058730		0.66	0.81	0.41	0.48	0.55	0.5	0.18	058730
042370	0.66		0.62	0.28	0.89	0.91	0.34	0.28	042370
032820	0.81	0.62		0.73	0.41	0.6	0.69	-0.06	032820
175330	0.41	0.28	0.73		0.22	0.41	0.68	-0.28	175330
251630	0.48	0.89	0.41	0.22		0.9	0.22	0.45	251630
083500	0.55	0.91	0.6	0.41	0.9		0.41	0.26	083500
003490	0.5	0.34	0.69	0.68	0.22	0.41		-0.11	003490
039290	0.18	0.28	-0.06	-0.28	0.45	0.26	-0.11		039290
	058730	042370	032820	175330	251630	083500	003490	039290

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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

083500	+ 0.91	042370
083500	+ 0.9	251630
251630	+ 0.89	042370
032820	+ 0.81	058730
175330	+ 0.73	032820
003490	+ 0.69	032820

High negative correlations

039290	- 0.28	175330
039290	- 0.11	003490
039290	- 0.06	032820

Risk-Adjusted Indicators

There is a big difference between Kwang Stock performing well and Kwang Jin 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 Kwang Jin'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
058730	1.99	(0.05)	0.00	(0.13)	0.00	0.00	3.48	(4.46)	15.14
042370	1.89	0.17	0.09	0.26	2.29	(2.16)	4.46	(2.93)	11.46
032820	2.29	(0.07)	0.00	(0.12)	0.00	0.00	4.88	(4.20)	13.07
175330	1.63	(0.05)	0.00	(0.18)	0.00	0.00	3.87	(3.27)	11.98
251630	2.41	0.17	0.07	0.57	2.71	(2.64)	5.04	(4.37)	14.22
083500	2.85	0.28	0.08	0.25	3.21	(3.16)	8.25	(5.88)	19.81
003490	1.36	0.03	0.04	0.06	1.88	(1.43)	2.75	(3.29)	9.58
039290	2.72	0.04	0.00	(0.04)	0.00	0.00	9.55	(4.62)	24.28

Be your own money manager

Our tools can tell you how much better you can do entering a position in Kwang Jin 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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