Datang HuaYin Correlations

600744 Stock

2.99 0.01 0.34%

The current 90-days correlation between Datang HuaYin Electric and Suzhou Xingye Material is 0.37 (i.e., Weak diversification). The correlation of Datang HuaYin 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.

Datang HuaYin Correlation With Market

Average diversification

The correlation between Datang HuaYin Electric 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 Datang HuaYin Electric and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Datang Stock

0.8	601166	Industrial Bank	Pair Corr
0.75	603236	Quectel Wireless Sol	Pair Corr
0.69	601988	Bank of China	Pair Corr
0.66	600000	Shanghai Pudong Deve	Pair Corr
0.65	601398	Industrial and Commercial	Pair Corr
0.63	600036	China Merchants Bank	Pair Corr
0.51	601288	Agricultural Bank	Pair Corr
0.48	601939	China Construction Bank	Pair Corr

Related Correlations Analysis

	688217	603928	688639	603885	002709	301397	301059	603663
688217		0.3	0.5	0.63	0.74	0.58	0.16	0.13	688217
603928	0.3		-0.1	0.22	0.13	0.69	-0.09	0.13	603928
688639	0.5	-0.1		0.44	0.69	0.38	0.57	0.29	688639
603885	0.63	0.22	0.44		0.69	0.4	0.22	-0.19	603885
002709	0.74	0.13	0.69	0.69		0.51	0.22	0.32	002709
301397	0.58	0.69	0.38	0.4	0.51		0.12	0.38	301397
301059	0.16	-0.09	0.57	0.22	0.22	0.12		-0.13	301059
603663	0.13	0.13	0.29	-0.19	0.32	0.38	-0.13		603663
	688217	603928	688639	603885	002709	301397	301059	603663

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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

002709	+ 0.74	688217
301397	+ 0.69	603928
002709	+ 0.69	688639
002709	+ 0.69	603885
603885	+ 0.63	688217
301397	+ 0.58	688217

High negative correlations

603663	- 0.19	603885
603663	- 0.13	301059
688639	- 0.1	603928
301059	- 0.09	603928

Risk-Adjusted Indicators

There is a big difference between Datang Stock performing well and Datang HuaYin 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 Datang HuaYin'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
688217	2.82	0.11	(0.01)	(0.15)	3.89	(2.59)	5.40	(5.23)	24.78
603928	3.03	0.70	0.20	1.34	2.78	(3.55)	10.00	(4.28)	15.40
688639	1.93	(0.51)	0.00	31.49	0.00	0.00	3.48	(4.66)	12.29
603885	1.69	0.08	(0.02)	(0.14)	1.85	(2.12)	3.93	(2.75)	10.92
002709	2.46	(0.06)	(0.03)	0.01	2.60	(2.91)	5.77	(4.41)	15.57
301397	2.96	0.20	0.04	0.40	3.73	(3.40)	9.30	(5.20)	19.91
301059	2.87	(0.12)	0.00	(0.20)	0.00	0.00	5.34	(6.08)	24.80
603663	2.32	(0.10)	0.00	(0.09)	0.00	0.00	4.24	(4.64)	17.80

Be your own money manager

Our tools can tell you how much better you can do entering a position in Datang HuaYin 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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