Hengerda New Correlations

300946 Stock

35.28 0.27 0.77%

The current 90-days correlation between Hengerda New Materials and Changzhou Evergreen Technology is 0.35 (i.e., Weak diversification). The correlation of Hengerda New 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.

Hengerda New Correlation With Market

Average diversification

The correlation between Hengerda New Materials and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hengerda New Materials and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hengerda Stock

0.69	301365	Matrix Design	Pair Corr
0.69	603259	WuXi AppTec	Pair Corr
0.81	688558	Nantong Guosheng Int	Pair Corr
0.61	300214	Shandong Rike Chemical	Pair Corr
0.8	000425	XCMG Construction	Pair Corr
0.87	688393	Guangzhou LBP Medicine	Pair Corr
0.7	688159	Shenzhen Neoway Tech	Pair Corr
0.82	688103	Kunshan Guoli Electronic	Pair Corr
0.69	603819	Changzhou Shenli Ele	Pair Corr
0.66	688013	Touchstone International	Pair Corr

Related Correlations Analysis

	301039	002625	001324	300098	603787	601238	300201	300998
301039		-0.29	0.43	0.63	0.79	0.51	0.75	0.43	301039
002625	-0.29		-0.05	-0.06	-0.05	0.22	-0.09	-0.07	002625
001324	0.43	-0.05		0.84	0.69	0.65	0.79	0.79	001324
300098	0.63	-0.06	0.84		0.88	0.8	0.92	0.85	300098
603787	0.79	-0.05	0.69	0.88		0.75	0.93	0.77	603787
601238	0.51	0.22	0.65	0.8	0.75		0.75	0.65	601238
300201	0.75	-0.09	0.79	0.92	0.93	0.75		0.8	300201
300998	0.43	-0.07	0.79	0.85	0.77	0.65	0.8		300998
	301039	002625	001324	300098	603787	601238	300201	300998

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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

300201	+ 0.93	603787
300201	+ 0.92	300098
603787	+ 0.88	300098
300998	+ 0.85	300098
300098	+ 0.84	001324
601238	+ 0.8	300098

High negative correlations

002625	- 0.29	301039
300201	- 0.09	002625
300998	- 0.07	002625
300098	- 0.06	002625
603787	- 0.05	002625
001324	- 0.05	002625

Risk-Adjusted Indicators

There is a big difference between Hengerda Stock performing well and Hengerda New 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 Hengerda New'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
301039	1.03	(0.24)	0.00	(0.81)	0.00	0.00	2.00	(2.06)	6.60
002625	2.22	0.12	0.03	0.28	3.39	(2.16)	5.46	(5.95)	16.31
001324	2.53	0.25	0.08	0.52	3.05	(2.52)	5.47	(5.17)	17.07
300098	3.41	0.12	0.03	0.36	4.09	(3.54)	7.32	(6.34)	28.78
603787	1.56	(0.04)	0.00	(0.84)	0.00	0.00	2.94	(4.31)	9.89
601238	1.92	0.06	0.02	0.26	2.21	(2.18)	4.62	(4.11)	15.59
300201	2.53	0.08	0.02	0.24	3.50	(2.35)	5.23	(5.74)	21.54
300998	2.18	0.14	0.05	(0.48)	2.54	(2.33)	4.90	(4.07)	12.08

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hengerda New 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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