Dalian Thermal Correlations

600719 Stock

6.20 0.00 0.00%

The current 90-days correlation between Dalian Thermal Power and Time Publishing and is 0.28 (i.e., Modest 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 0.1 (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

0.75

601318

Ping An Insurance

Pair Corr

Moving against Dalian Stock

0.78	601166	Industrial Bank	Pair Corr
0.77	300866	Anker Innovations	Pair Corr
0.67	600036	China Merchants Bank	Pair Corr
0.64	601988	Bank of China	Pair Corr
0.62	601398	Industrial and Commercial	Pair Corr
0.47	601288	Agricultural Bank	Pair Corr
0.44	601939	China Construction Bank	Pair Corr

Related Correlations Analysis

	601921	600551	605577	600685	002570	300148	605098
601921		0.86	0.69	0.59	0.56	0.72	-0.01	601921
600551	0.86		0.8	0.29	0.61	0.8	0.04	600551
605577	0.69	0.8		0.42	0.64	0.83	-0.32	605577
600685	0.59	0.29	0.42		0.55	0.43	-0.26	600685
002570	0.56	0.61	0.64	0.55		0.85	-0.01	002570
300148	0.72	0.8	0.83	0.43	0.85		-0.07	300148
605098	-0.01	0.04	-0.32	-0.26	-0.01	-0.07		605098
	601921	600551	605577	600685	002570	300148	605098

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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

600551	+ 0.86	601921
300148	+ 0.85	002570
300148	+ 0.83	605577
605577	+ 0.8	600551
300148	+ 0.8	600551
300148	+ 0.72	601921

High negative correlations

605098	- 0.32	605577
605098	- 0.26	600685
605098	- 0.07	300148
605098	- 0.01	002570
605098	- 0.01	601921

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
601921	1.55	(0.18)	0.00	(0.89)	0.00	0.00	2.43	(3.33)	9.54
600551	1.46	(0.07)	0.00	(2.17)	0.00	0.00	2.89	(3.12)	8.09
605577	2.50	(0.02)	0.00	(0.12)	0.00	0.00	5.91	(5.09)	20.00
600685	1.28	(0.15)	0.00	(2.62)	0.00	0.00	2.58	(2.48)	7.33
002570	3.81	(0.01)	0.00	0.08	4.71	(3.77)	10.02	(7.44)	20.12
300148	3.42	0.02	0.00	0.11	4.70	(3.24)	7.80	(8.43)	22.31
605098	1.65	0.01	(0.04)	0.00	2.34	(1.61)	3.03	(3.86)	16.58

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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