Shenzhen Ridge Correlations

300977 Stock

17.19 0.15 0.88%

The current 90-days correlation between Shenzhen Ridge Engin and Hinova Pharmaceuticals A is 0.01 (i.e., Significant diversification). The correlation of Shenzhen Ridge 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.

Shenzhen Ridge Correlation With Market

Good diversification

The correlation between Shenzhen Ridge Engineering and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Ridge Engineering and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Shenzhen Stock

0.77	300502	Eoptolink Technology	Pair Corr
0.7	000859	Anhui Guofeng Plastic	Pair Corr
0.68	002371	NAURA Technology	Pair Corr
0.64	002151	Beijing BDStar Navigation	Pair Corr
0.56	300478	Hangzhou Gaoxin Rubber	Pair Corr
0.53	300189	Hainan Shennong Tech	Pair Corr
0.46	600033	Fujian Expressway	Pair Corr
0.43	300448	Guangzhou Haoyun Security	Pair Corr
0.39	300593	Beijing Xinleineng	Pair Corr
0.39	600489	Zhongjin Gold Corp	Pair Corr
0.37	000070	Shenzhen SDG Information	Pair Corr
0.85	000975	Yintai Resources	Pair Corr
0.8	001270	Zhejiang Chengchang	Pair Corr
0.78	300337	Yinbang Clad Material	Pair Corr
0.76	688053	Chengdu Screen Micro	Pair Corr
0.76	300548	Broadex Technologies	Pair Corr
0.75	300487	Xian Sunresin New	Pair Corr
0.51	300648	Fujian Nebula Electronics	Pair Corr
0.38	300668	Shenzhen Jiang	Pair Corr
0.37	002899	Impulse Qingdao Health	Pair Corr
0.32	002787	Suzhou Hycan Holdings	Pair Corr
0.32	002379	Shandong Hongchuang	Pair Corr

Related Correlations Analysis

	688302	688027	600608	002519	688498	600816	688981	688047	688256
688302		-0.19	-0.57	0.25	-0.08	0.2	0.39	0.63	0.23	688302
688027	-0.19		0.13	0.34	0.72	-0.44	-0.44	-0.58	0.24	688027
600608	-0.57	0.13		-0.43	-0.08	0.3	-0.19	-0.38	0.15	600608
002519	0.25	0.34	-0.43		0.72	-0.64	-0.52	-0.24	0.01	002519
688498	-0.08	0.72	-0.08	0.72		-0.7	-0.63	-0.61	0.23	688498
600816	0.2	-0.44	0.3	-0.64	-0.7		0.72	0.61	0.24	600816
688981	0.39	-0.44	-0.19	-0.52	-0.63	0.72		0.72	0.3	688981
688047	0.63	-0.58	-0.38	-0.24	-0.61	0.61	0.72		-0.01	688047
688256	0.23	0.24	0.15	0.01	0.23	0.24	0.3	-0.01		688256
	688302	688027	600608	002519	688498	600816	688981	688047	688256

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

688498	+ 0.72	688027
688498	+ 0.72	002519
688981	+ 0.72	600816
688047	+ 0.72	688981
688047	+ 0.63	688302
688047	+ 0.61	600816

High negative correlations

600816	- 0.7	688498
600816	- 0.64	002519
688981	- 0.63	688498
688047	- 0.61	688498
688047	- 0.58	688027
600608	- 0.57	688302

Risk-Adjusted Indicators

There is a big difference between Shenzhen Stock performing well and Shenzhen Ridge 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 Shenzhen Ridge'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
688302	2.08	(0.05)	0.00	1.16	0.00	0.00	6.32	(3.77)	18.41
688027	3.46	0.58	0.17	0.69	3.00	(4.39)	9.48	(5.53)	23.50
600608	1.92	(0.27)	0.00	(12.49)	0.00	0.00	4.98	(4.74)	10.22
002519	2.37	0.52	0.14	0.85	2.97	(2.65)	9.92	(4.32)	20.00
688498	4.44	0.96	0.22	(2.42)	3.65	(5.63)	12.08	(6.30)	29.75
600816	1.03	(0.23)	0.00	(0.80)	0.00	0.00	2.05	(2.37)	7.16
688981	1.97	(0.06)	0.00	(0.03)	0.00	0.00	4.49	(4.00)	13.45
688047	1.47	(0.26)	0.00	(0.64)	0.00	0.00	2.99	(2.72)	10.34
688256	2.54	0.05	0.00	0.29	2.91	(2.69)	4.63	(4.42)	15.34

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shenzhen Ridge 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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