Guangdong Skychem Correlations

688603 Stock

126.18 5.82 4.41%

The current 90-days correlation between Guangdong Skychem and Industrial and Commercial is -0.01 (i.e., Good diversification). The correlation of Guangdong Skychem 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.

Guangdong Skychem Correlation With Market

Average diversification

The correlation between Guangdong Skychem Technology and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Skychem Technology and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Guangdong Stock

0.81	300750	Contemporary Amperex	Pair Corr
0.87	688256	Cambricon Technologies	Pair Corr
0.83	688047	Loongson Technology Corp	Pair Corr
0.87	688318	Shenzhen Fortune Trend	Pair Corr
0.79	600106	Chongqing Road Bridge	Pair Corr
0.93	301269	Empyrean Technology	Pair Corr
0.9	002625	Kuang Chi Technologies	Pair Corr
0.76	300474	Changsha Jingjia Mic	Pair Corr
0.86	301259	Hunan Airbluer Envir	Pair Corr
0.94	002217	Holitech Technology	Pair Corr
0.88	000909	Soyea Technology	Pair Corr
0.63	688082	ACM Research Shanghai	Pair Corr
0.88	603800	Suzhou Douson Drilling	Pair Corr
0.8	002152	GRG Banking Equipment	Pair Corr
0.82	000995	Gansu Huangtai Wine	Pair Corr
0.82	603313	Healthcare	Pair Corr
0.77	300880	Ningbo Jianan Electronics	Pair Corr
0.71	002074	Gotion High tech	Pair Corr
0.82	002400	Guangdong Advertising	Pair Corr
0.67	000661	Changchun High New	Pair Corr
0.71	605388	JuneYao Dairy	Pair Corr
0.73	301390	Hangzhou Gisway Info	Pair Corr
0.79	600584	JCET Group	Pair Corr
0.76	601865	Flat Glass Group	Pair Corr
0.8	600804	Dr Peng Telecom	Pair Corr
0.81	002303	Shenzhen MYS Environ	Pair Corr
0.71	000428	Huatian Hotel Group	Pair Corr
0.86	603103	Hengdian Entertainment	Pair Corr

Moving against Guangdong Stock

0.67

600674

Sichuan Chuantou Energy

Pair Corr

Related Correlations Analysis

	601398	600519	601288	600941	601939	601857	601988	300750	601628	600036
601398		0.49	0.96	0.86	0.97	0.59	0.97	0.61	0.4	0.67	601398
600519	0.49		0.33	0.36	0.56	0.61	0.38	0.77	0.86	0.85	600519
601288	0.96	0.33		0.82	0.93	0.58	0.97	0.46	0.26	0.57	601288
600941	0.86	0.36	0.82		0.78	0.65	0.88	0.45	0.15	0.4	600941
601939	0.97	0.56	0.93	0.78		0.59	0.91	0.67	0.53	0.8	601939
601857	0.59	0.61	0.58	0.65	0.59		0.55	0.34	0.4	0.57	601857
601988	0.97	0.38	0.97	0.88	0.91	0.55		0.56	0.28	0.55	601988
300750	0.61	0.77	0.46	0.45	0.67	0.34	0.56		0.82	0.8	300750
601628	0.4	0.86	0.26	0.15	0.53	0.4	0.28	0.82		0.88	601628
600036	0.67	0.85	0.57	0.4	0.8	0.57	0.55	0.8	0.88		600036
	601398	600519	601288	600941	601939	601857	601988	300750	601628	600036

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Risk-Adjusted Indicators

There is a big difference between Guangdong Stock performing well and Guangdong Skychem 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 Guangdong Skychem'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
601398	1.14	0.30	0.21	2.87	1.01	(1.49)	2.83	(1.71)	8.14
600519	1.65	0.26	0.12	0.91	1.66	(2.01)	6.55	(2.85)	16.71
601288	1.06	0.25	0.14	1.64	1.12	(1.18)	2.98	(1.89)	7.78
600941	1.07	0.21	0.16	(79.70)	0.94	(1.38)	3.09	(2.04)	8.38
601939	1.14	0.31	0.18	1.75	1.15	(1.37)	3.32	(1.93)	8.64
601857	1.32	0.21	0.08	7.11	1.80	(1.67)	3.55	(2.01)	17.17
601988	1.02	0.25	0.18	1.43	0.93	(1.29)	2.67	(1.98)	7.70
300750	2.73	0.66	0.18	(3.18)	3.00	(3.16)	7.94	(3.41)	33.42
601628	2.16	0.36	0.11	0.88	2.50	(2.33)	6.42	(3.94)	20.00
600036	1.59	0.39	0.17	(6.71)	1.72	(1.84)	4.65	(2.56)	13.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in Guangdong Skychem 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 Portfolio Volatility Now

Portfolio Volatility

Check portfolio volatility and analyze historical return density to properly model market risk

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