Zhangjiagang Elegant Correlations

603221 Stock

9.09 0.09 1.00%

The current 90-days correlation between Zhangjiagang Elegant Home and Cabio Biotech Wuhan is 0.49 (i.e., Very weak diversification). The correlation of Zhangjiagang Elegant 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.

Zhangjiagang Elegant Correlation With Market

Significant diversification

The correlation between Zhangjiagang Elegant Home and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zhangjiagang Elegant Home and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Zhangjiagang Stock

0.62

002454

Songz Automobile Air

Pair Corr

Moving against Zhangjiagang Stock

0.54	601166	Industrial Bank	Pair Corr
0.43	600036	China Merchants Bank	Pair Corr
0.39	601398	Industrial and Commercial	Pair Corr
0.39	601988	Bank of China	Pair Corr

Related Correlations Analysis

	688089	002065	002177	600707	000998	002516	002575
688089		0.69	0.45	-0.26	0.74	0.61	-0.15	688089
002065	0.69		0.65	0.05	0.48	0.47	0.3	002065
002177	0.45	0.65		0.21	0.41	0.69	0.51	002177
600707	-0.26	0.05	0.21		-0.09	-0.08	0.43	600707
000998	0.74	0.48	0.41	-0.09		0.68	-0.15	000998
002516	0.61	0.47	0.69	-0.08	0.68		0.1	002516
002575	-0.15	0.3	0.51	0.43	-0.15	0.1		002575
	688089	002065	002177	600707	000998	002516	002575

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

000998	+ 0.74	688089
002065	+ 0.69	688089
002516	+ 0.69	002177
002516	+ 0.68	000998
002177	+ 0.65	002065
002516	+ 0.61	688089

High negative correlations

600707	- 0.26	688089
002575	- 0.15	000998
002575	- 0.15	688089
000998	- 0.09	600707
002516	- 0.08	600707

Risk-Adjusted Indicators

There is a big difference between Zhangjiagang Stock performing well and Zhangjiagang Elegant 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 Zhangjiagang Elegant'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
688089	2.57	0.13	0.03	0.17	3.50	(2.98)	6.00	(5.04)	32.70
002065	2.60	0.33	0.08	0.58	3.40	(2.87)	6.86	(4.85)	19.97
002177	3.70	0.38	0.07	(36.99)	4.70	(3.59)	9.98	(7.35)	19.14
600707	2.02	0.31	0.11	1.15	2.20	(2.22)	4.44	(4.27)	10.58
000998	1.68	0.03	0.00	(0.57)	1.86	(1.95)	3.45	(2.86)	14.80
002516	2.54	0.19	0.05	2.65	2.90	(2.74)	5.83	(4.86)	16.75
002575	3.14	0.27	0.06	(14.97)	3.84	(3.16)	7.01	(6.06)	19.80

Be your own money manager

Our tools can tell you how much better you can do entering a position in Zhangjiagang Elegant 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.

Did you try this?

Run Money Managers Now

Money Managers

Screen money managers from public funds and ETFs managed around the world

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC