Shaanxi Lighte Correlations

688150 Stock

20.05 0.58 2.81%

The current 90-days correlation between Shaanxi Lighte Optoe and Zijin Mining Group is 0.11 (i.e., Average diversification). The correlation of Shaanxi Lighte 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.

Shaanxi Lighte Correlation With Market

Average diversification

The correlation between Shaanxi Lighte Optoelectronics and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Lighte Optoelectronics and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Shaanxi Stock

0.73	600309	Wanhua Chemical Group	Pair Corr
0.61	002493	Rongsheng Petrochemical	Pair Corr
0.68	600010	Inner Mongolia BaoTou	Pair Corr
0.69	603260	Hoshine Silicon Ind	Pair Corr
0.74	601628	China Life Insurance	Pair Corr
0.84	601059	Cinda Securities	Pair Corr
0.71	601198	Dongxing Sec	Pair Corr
0.8	002507	Chongqing Fuling Zhacai	Pair Corr
0.61	688126	National Silicon Industry	Pair Corr

Moving against Shaanxi Stock

0.4

600160

Zhejiang Juhua

Pair Corr

Related Correlations Analysis

	601899	600309	600019	600547	002493	600010	002460	600160	603260	000807
601899		0.34	-0.25	0.87	0.23	-0.09	-0.32	-0.17	0.16	0.46	601899
600309	0.34		0.14	0.48	0.91	0.57	0.47	-0.76	0.92	-0.27	600309
600019	-0.25	0.14		-0.35	0.02	0.29	-0.07	0.01	0.19	-0.24	600019
600547	0.87	0.48	-0.35		0.44	-0.09	-0.08	-0.48	0.37	0.18	600547
002493	0.23	0.91	0.02	0.44		0.65	0.71	-0.77	0.85	-0.32	002493
600010	-0.09	0.57	0.29	-0.09	0.65		0.64	-0.34	0.54	-0.14	600010
002460	-0.32	0.47	-0.07	-0.08	0.71	0.64		-0.47	0.55	-0.47	002460
600160	-0.17	-0.76	0.01	-0.48	-0.77	-0.34	-0.47		-0.8	0.59	600160
603260	0.16	0.92	0.19	0.37	0.85	0.54	0.55	-0.8		-0.43	603260
000807	0.46	-0.27	-0.24	0.18	-0.32	-0.14	-0.47	0.59	-0.43		000807
	601899	600309	600019	600547	002493	600010	002460	600160	603260	000807

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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

603260	+ 0.92	600309
002493	+ 0.91	600309
600547	+ 0.87	601899
603260	+ 0.85	002493
002460	+ 0.71	002493
600010	+ 0.65	002493

High negative correlations

603260	- 0.8	600160
600160	- 0.77	002493
600160	- 0.76	600309
600160	- 0.48	600547
000807	- 0.47	002460
600160	- 0.47	002460

Risk-Adjusted Indicators

There is a big difference between Shaanxi Stock performing well and Shaanxi Lighte 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 Shaanxi Lighte'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
601899	1.33	(0.08)	0.00	2.87	0.00	0.00	2.57	(3.21)	7.31
600309	1.20	(0.21)	0.00	(0.75)	0.00	0.00	2.16	(2.30)	6.17
600019	1.29	0.09	0.02	0.65	1.49	(1.40)	3.10	(2.60)	7.96
600547	1.06	(0.19)	0.00	(1.36)	0.00	0.00	2.30	(2.55)	5.78
002493	1.08	(0.13)	0.00	(1.16)	0.00	0.00	2.35	(2.37)	6.90
600010	1.91	0.06	0.02	0.15	1.80	(2.86)	4.17	(3.06)	15.26
002460	2.36	(0.04)	(0.02)	0.01	2.65	(2.90)	5.93	(4.00)	16.45
600160	1.74	0.30	0.12	1.30	1.82	(2.01)	4.60	(3.57)	10.31
603260	1.15	(0.38)	0.00	(0.56)	0.00	0.00	2.38	(3.48)	6.54
000807	1.67	0.16	0.05	1.32	2.09	(1.67)	5.25	(3.17)	11.84

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shaanxi Lighte 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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