Allied Machinery Correlations

605060 Stock

16.40 0.32 1.91%

The current 90-days correlation between Allied Machinery and Biwin Storage Technology is 0.59 (i.e., Very weak diversification). The correlation of Allied Machinery 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.

Allied Machinery Correlation With Market

Good diversification

The correlation between Allied Machinery Co and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allied Machinery Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Allied Stock

0.75	600036	China Merchants Bank	Pair Corr
0.61	601166	Industrial Bank	Pair Corr
0.66	600000	Shanghai Pudong Deve	Pair Corr
0.83	601628	China Life Insurance	Pair Corr
0.79	601318	Ping An Insurance	Pair Corr

Related Correlations Analysis

	688525	601857	601398	601939	600028	601288	601988	600941	600036	601318
688525		-0.03	0.38	0.59	-0.25	0.39	0.39	0.4	0.94	0.94	688525
601857	-0.03		0.69	0.54	0.88	0.57	0.54	0.65	0.09	-0.13	601857
601398	0.38	0.69		0.96	0.5	0.93	0.8	0.71	0.58	0.34	601398
601939	0.59	0.54	0.96		0.31	0.94	0.79	0.67	0.76	0.55	601939
600028	-0.25	0.88	0.5	0.31		0.44	0.41	0.62	-0.12	-0.28	600028
601288	0.39	0.57	0.93	0.94	0.44		0.73	0.67	0.6	0.39	601288
601988	0.39	0.54	0.8	0.79	0.41	0.73		0.58	0.54	0.37	601988
600941	0.4	0.65	0.71	0.67	0.62	0.67	0.58		0.49	0.36	600941
600036	0.94	0.09	0.58	0.76	-0.12	0.6	0.54	0.49		0.95	600036
601318	0.94	-0.13	0.34	0.55	-0.28	0.39	0.37	0.36	0.95		601318
	688525	601857	601398	601939	600028	601288	601988	600941	600036	601318

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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

601939	+ 0.96	601398
601318	+ 0.95	600036
600036	+ 0.94	688525
601318	+ 0.94	688525
601288	+ 0.94	601939
601288	+ 0.93	601398

High negative correlations

601318	- 0.28	600028
600028	- 0.25	688525
601318	- 0.13	601857
600036	- 0.12	600028
601857	- 0.03	688525

Risk-Adjusted Indicators

There is a big difference between Allied Stock performing well and Allied Machinery 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 Allied Machinery'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
688525	3.52	0.34	0.06	(1.50)	3.11	(5.37)	8.32	(5.23)	28.33
601857	1.48	(0.07)	0.00	0.24	0.00	0.00	3.43	(3.33)	17.17
601398	1.27	0.06	(0.06)	(0.02)	1.58	(1.46)	2.83	(3.06)	8.14
601939	1.34	0.08	(0.04)	(0.11)	1.76	(1.47)	3.32	(3.86)	8.64
600028	1.44	(0.02)	0.00	0.16	0.00	0.00	4.21	(3.26)	10.77
601288	1.31	0.06	(0.04)	(0.08)	1.97	(1.23)	3.21	(3.89)	8.24
601988	1.23	0.08	(0.03)	(0.65)	1.51	(1.42)	2.67	(2.86)	7.70
600941	0.98	0.01	0.00	0.08	0.00	0.00	2.05	(2.04)	8.38
600036	1.53	0.25	0.02	(0.24)	1.83	(1.75)	4.65	(2.56)	13.83
601318	1.83	0.52	0.12	(0.36)	1.84	(2.30)	5.83	(2.83)	19.77

Be your own money manager

Our tools can tell you how much better you can do entering a position in Allied Machinery 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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