Qingdao NovelBeam Correlations

688677 Stock

36.58 0.38 1.05%

The current 90-days correlation between Qingdao NovelBeam and Rising Nonferrous Metals is -0.23 (i.e., Very good diversification). The correlation of Qingdao NovelBeam 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.

Qingdao NovelBeam Correlation With Market

Average diversification

The correlation between Qingdao NovelBeam Technology and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao NovelBeam Technology and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Qingdao Stock

0.64	601186	China Railway Constr	Pair Corr
0.63	601390	China Railway Group	Pair Corr
0.59	601668	China State Construction	Pair Corr
0.54	601318	Ping An Insurance	Pair Corr
0.47	600028	China Petroleum Chemical	Pair Corr
0.41	688103	Kunshan Guoli Electronic	Pair Corr
0.4	601628	China Life Insurance	Pair Corr

Related Correlations Analysis

	000516	600259	600007	002219	688358	300562	301033	002149
000516		0.36	-0.33	0.81	0.5	0.72	0.62	-0.41	000516
600259	0.36		-0.62	0.15	0.15	-0.05	0.7	-0.19	600259
600007	-0.33	-0.62		-0.07	0.07	0.14	-0.5	0.45	600007
002219	0.81	0.15	-0.07		0.27	0.6	0.29	-0.47	002219
688358	0.5	0.15	0.07	0.27		0.69	0.5	0.21	688358
300562	0.72	-0.05	0.14	0.6	0.69		0.34	0.01	300562
301033	0.62	0.7	-0.5	0.29	0.5	0.34		-0.23	301033
002149	-0.41	-0.19	0.45	-0.47	0.21	0.01	-0.23		002149
	000516	600259	600007	002219	688358	300562	301033	002149

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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

002219	+ 0.81	000516
300562	+ 0.72	000516
301033	+ 0.7	600259
300562	+ 0.69	688358
301033	+ 0.62	000516
300562	+ 0.6	002219

High negative correlations

600007	- 0.62	600259
301033	- 0.5	600007
002149	- 0.47	002219
002149	- 0.41	000516
600007	- 0.33	000516
002149	- 0.23	301033

Risk-Adjusted Indicators

There is a big difference between Qingdao Stock performing well and Qingdao NovelBeam 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 Qingdao NovelBeam'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
000516	2.31	0.14	0.05	0.70	2.34	(2.96)	6.67	(4.25)	13.85
600259	1.59	(0.02)	0.00	(1.13)	0.00	0.00	4.18	(2.81)	12.79
600007	1.13	0.08	0.06	(0.46)	1.39	(1.19)	2.44	(2.13)	9.04
002219	2.64	0.07	0.02	(0.10)	3.25	(2.90)	6.33	(5.07)	20.03
688358	2.74	0.56	0.16	9.57	2.89	(3.01)	6.86	(5.09)	31.39
300562	3.31	0.45	0.11	1.54	3.62	(3.76)	7.24	(7.13)	28.07
301033	1.61	(0.04)	0.00	(0.11)	0.00	0.00	3.06	(3.21)	8.92
002149	2.57	0.24	0.09	19.28	2.55	(2.98)	5.64	(4.25)	12.81

Be your own money manager

Our tools can tell you how much better you can do entering a position in Qingdao NovelBeam 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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