China Overseas Correlations

CAOVF Stock

USD 1.72 0.30 14.85%

The current 90-days correlation between China Overseas Land and Sun Hung Kai is 0.02 (i.e., Significant diversification). The correlation of China Overseas 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.

China Overseas Correlation With Market

Good diversification

The correlation between China Overseas Land and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China Overseas Land and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with China Pink Sheet

0.83	CRBJY	China Resources Land	Pair Corr
0.64	CRBJF	China Resources Land	Pair Corr
0.81	NVDA	NVIDIA	Pair Corr
0.63	BMYMP	Bristol Myers Squibb	Pair Corr
0.65	GOOG	Alphabet Class C	Pair Corr
0.65	CFLT	Confluent	Pair Corr
0.76	FORTY	Formula Systems 1985	Pair Corr
0.79	BWXT	BWX Technologies	Pair Corr
0.73	NNE	Nano Nuclear Energy Trending	Pair Corr
0.79	SNA	Snap On	Pair Corr
0.67	BIP	Brookfield Infrastructure	Pair Corr

Moving against China Pink Sheet

0.49	CHKGF	CK Asset Holdings	Pair Corr
0.65	DRNK	NOHO Inc	Pair Corr
0.54	BFCH	BitFrontier Capital	Pair Corr
0.4	PHIL	PHI Group	Pair Corr

Related Correlations Analysis

	SUHJY	CAOVY	EGRNF	SNLAY	SUHJF	HIHI	DWAHY	LGFRY	CTRYY	CTRYF
SUHJY		0.85	-0.53	0.5	0.85	-0.58	-0.18	0.84	0.63	-0.49	SUHJY
CAOVY	0.85		-0.57	0.65	0.69	-0.62	-0.47	0.98	0.71	-0.3	CAOVY
EGRNF	-0.53	-0.57		-0.44	-0.51	0.45	0.23	-0.6	-0.61	0.22	EGRNF
SNLAY	0.5	0.65	-0.44		0.36	-0.29	-0.22	0.66	0.42	-0.23	SNLAY
SUHJF	0.85	0.69	-0.51	0.36		-0.5	-0.12	0.66	0.6	-0.48	SUHJF
HIHI	-0.58	-0.62	0.45	-0.29	-0.5		0.39	-0.63	-0.61	0.29	HIHI
DWAHY	-0.18	-0.47	0.23	-0.22	-0.12	0.39		-0.41	-0.66	-0.35	DWAHY
LGFRY	0.84	0.98	-0.6	0.66	0.66	-0.63	-0.41		0.69	-0.36	LGFRY
CTRYY	0.63	0.71	-0.61	0.42	0.6	-0.61	-0.66	0.69		-0.03	CTRYY
CTRYF	-0.49	-0.3	0.22	-0.23	-0.48	0.29	-0.35	-0.36	-0.03		CTRYF
	SUHJY	CAOVY	EGRNF	SNLAY	SUHJF	HIHI	DWAHY	LGFRY	CTRYY	CTRYF

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

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

LGFRY	+ 0.98	CAOVY
CAOVY	+ 0.85	SUHJY
SUHJF	+ 0.85	SUHJY
LGFRY	+ 0.84	SUHJY
CTRYY	+ 0.71	CAOVY
SUHJF	+ 0.69	CAOVY

High negative correlations

CTRYY	- 0.66	DWAHY
LGFRY	- 0.63	HIHI
HIHI	- 0.62	CAOVY
CTRYY	- 0.61	HIHI
CTRYY	- 0.61	EGRNF
LGFRY	- 0.6	EGRNF

Risk-Adjusted Indicators

There is a big difference between China Pink Sheet performing well and China Overseas 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 China Overseas' 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
SUHJY	1.17	0.16	0.03	2.63	1.54	(1.30)	2.47	(2.24)	12.09
CAOVY	3.28	0.33	0.02	(0.15)	4.42	(3.81)	7.76	(5.99)	33.43
EGRNF	83.12	38.60	0.00	6.14	0.00	0.00	50.00	(33.33)	1,990
SNLAY	1.78	(0.05)	0.00	(0.75)	0.00	0.00	3.38	(5.35)	13.44
SUHJF	2.25	0.20	0.01	(0.92)	3.40	(4.56)	5.20	(7.31)	27.60
HIHI	7.37	(0.39)	0.00	(0.37)	0.00	0.00	29.52	(23.53)	73.28
DWAHY	0.88	(0.02)	0.00	(0.76)	0.00	0.00	1.72	(1.93)	5.83
LGFRY	4.72	0.81	0.08	(0.42)	6.31	(4.94)	13.92	(9.20)	54.86
CTRYY	7.01	2.03	0.21	2.90	6.32	(10.43)	27.73	(11.37)	86.87
CTRYF	16.68	5.11	0.00	(8.31)	0.00	0.00	50.00	(37.04)	350.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in China Overseas 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 Global Correlations Now

Global Correlations

Find global opportunities by holding instruments from different markets

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