Cowealth Medical Correlations

603122 Stock

6.87 0.01 0.15%

The current 90-days correlation between Cowealth Medical China and Ningbo Bohui Chemical is 0.48 (i.e., Very weak diversification). The correlation of Cowealth Medical 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.

Cowealth Medical Correlation With Market

Modest diversification

The correlation between Cowealth Medical China and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cowealth Medical China and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Cowealth Stock

0.62	601988	Bank of China	Pair Corr
0.57	601398	Industrial and Commercial	Pair Corr
0.56	600938	CNOOC Limited	Pair Corr
0.54	601857	PetroChina	Pair Corr
0.53	600036	China Merchants Bank	Pair Corr
0.4	601288	Agricultural Bank	Pair Corr
0.39	600941	China Mobile Limited	Pair Corr
0.38	601939	China Construction Bank	Pair Corr

Related Correlations Analysis

	300839	002895	600170	002822	301059	603919	002126
300839		-0.13	0.67	0.38	0.17	0.71	-0.29	300839
002895	-0.13		0.24	0.56	0.48	-0.11	-0.24	002895
600170	0.67	0.24		0.51	0.35	0.65	-0.53	600170
002822	0.38	0.56	0.51		0.25	-0.02	-0.54	002822
301059	0.17	0.48	0.35	0.25		0.27	-0.17	301059
603919	0.71	-0.11	0.65	-0.02	0.27		-0.18	603919
002126	-0.29	-0.24	-0.53	-0.54	-0.17	-0.18		002126
	300839	002895	600170	002822	301059	603919	002126

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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

603919	+ 0.71	300839
600170	+ 0.67	300839
603919	+ 0.65	600170
002822	+ 0.56	002895
002822	+ 0.51	600170
301059	+ 0.48	002895

High negative correlations

002126	- 0.54	002822
002126	- 0.53	600170
002126	- 0.29	300839
002126	- 0.24	002895
002126	- 0.18	603919
002126	- 0.17	301059

Risk-Adjusted Indicators

There is a big difference between Cowealth Stock performing well and Cowealth Medical 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 Cowealth Medical'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
300839	2.22	0.03	(0.01)	(1.91)	3.23	(2.09)	4.75	(5.42)	14.84
002895	1.69	0.09	0.01	1.07	2.17	(1.82)	3.74	(3.47)	12.31
600170	1.64	0.01	(0.04)	(0.33)	1.72	(2.17)	4.21	(2.99)	13.89
002822	2.97	0.66	0.18	0.69	2.91	(3.37)	5.11	(5.01)	10.25
301059	2.87	(0.08)	0.00	(12.99)	0.00	0.00	5.34	(6.08)	24.80
603919	1.50	(0.13)	0.00	(0.87)	0.00	0.00	2.85	(2.77)	13.43
002126	1.65	0.10	0.02	0.74	1.62	(1.97)	3.93	(2.73)	11.22

Be your own money manager

Our tools can tell you how much better you can do entering a position in Cowealth Medical 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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Cowealth Medical Corporate Executives

Elected by the shareholders, the Cowealth Medical's board of directors comprises two types of representatives: Cowealth Medical inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Cowealth. The board's role is to monitor Cowealth Medical's management team and ensure that shareholders' interests are well served. Cowealth Medical's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Cowealth Medical's outside directors are responsible for providing unbiased perspectives on the board's policies.

Chen Zhang

CFO Supervisor

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