Dalian Thermal Correlations

Stocks . China . 
Stock . Dalian Thermal Power
600719 Stock   8.14  0.74  10.00%   
The current 90-days correlation between Dalian Thermal Power and BYD Co Ltd is 0.4 (i.e., Very weak diversification). The correlation of Dalian Thermal 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.

Dalian Thermal Correlation With Market

Average diversification

The correlation between Dalian Thermal Power and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dalian Thermal Power and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Dalian Thermal could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dalian Thermal 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 Dalian Thermal - 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 Dalian Thermal Power to buy it.

Moving together with Dalian Stock

  0.77601668 China State ConstructionPairCorr
  0.78601390 China Railway GroupPairCorr
  0.8601186 China Railway ConstrPairCorr
  0.81601628 China Life InsurancePairCorr
  0.82601318 Ping An InsurancePairCorr
  0.81000688 Guocheng MiningPairCorr
  0.86002295 Guangdong Jingyi MetalPairCorr
  0.85688137 Suzhou NovoproteinPairCorr
  0.76002594 BYD CoPairCorr
  0.86600030 CITIC SecuritiesPairCorr
  0.84600488 Tianjin Tianyao PharPairCorr
  0.88601933 Yonghui SuperstoresPairCorr
  0.67603389 A Zenith HomePairCorr
  0.84603096 Thinkingdom MediaPairCorr
  0.84000516 Xian InternationalPairCorr
  0.84301236 iSoftStone InformationPairCorr
  0.86000553 ADAMAPairCorr
  0.83300071 Spearhead IntegratedPairCorr
  0.84300033 Hithink RoyalFlush InfoPairCorr
  0.89002268 Westone InformationPairCorr
  0.8601900 Southern PublishingMediaPairCorr
  0.87300364 COL Digital PublishingPairCorr
  0.85300818 Jiangxi Naipu MiningPairCorr
  0.74002761 Zhejiang ConstructionPairCorr
  0.85000678 Xiangyang AutomobilePairCorr
  0.84300848 Miracll ChemicalsPairCorr

Moving against Dalian Stock

  0.45600028 China Petroleum ChemicalPairCorr

Related Correlations Analysis

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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   
601390
+ 0.98
601668
601939
+ 0.96
601398
601939
+ 0.94
601288
601398
+ 0.93
601288
600028
+ 0.88
601857
601939
+ 0.83
601668
  
High negative correlations   
600028
- 0.32
002594
601857
- 0.21
002594
601390
- 0.06
600028
600028
- 0.03
601668

Risk-Adjusted Indicators

There is a big difference between Dalian Stock performing well and Dalian Thermal 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 Dalian Thermal'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
002594  1.88  0.42  0.09 (0.44) 1.91 
(2.12)
 5.74 
(3.34)
 14.84 
600941  0.98  0.01  0.00  0.08  0.00 
 0.00 
 2.05 
(2.04)
 8.38 
601288  1.31  0.06 (0.04)(0.08) 1.97 
(1.23)
 3.21 
(3.89)
 8.24 
601398  1.27  0.06 (0.06)(0.02) 1.58 
(1.46)
 2.83 
(3.06)
 8.14 
601668  2.14  0.20  0.00 (0.15) 2.50 
(2.55)
 5.25 
(3.97)
 15.78 
601939  1.34  0.08 (0.04)(0.11) 1.76 
(1.47)
 3.32 
(3.86)
 8.64 
601857  1.48 (0.07) 0.00  0.24  0.00 
 0.00 
 3.43 
(3.33)
 17.17 
600028  1.44 (0.02) 0.00  0.16  0.00 
 0.00 
 4.21 
(3.26)
 10.77 
601988  1.23  0.08 (0.03)(0.65) 1.51 
(1.42)
 2.67 
(2.86)
 7.70 
601390  2.00  0.20  0.00 (0.19) 2.37 
(2.41)
 5.32 
(3.57)
 17.45 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Dalian Thermal 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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