China New Correlations

CNER Stock

USD 0.01 0.00 0.00%

The current 90-days correlation between China New Energy and Sonic Healthcare Ltd is -0.05 (i.e., Good diversification). The correlation of China New 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. If the correlation is 0, the equities are not correlated; they are entirely random.

China New Correlation With Market

Good diversification

The correlation between China New Energy and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China New Energy and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to China New 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 New 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 New - 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 New Energy to buy it.

Moving together with China Pink Sheet

0.63	TLK	Telkom Indonesia Tbk	Pair Corr
0.69	KO	Coca Cola Aggressive Push	Pair Corr

Moving against China Pink Sheet

0.56	PTAIF	PT Astra International	Pair Corr
0.54	SYM	Symbotic Upward Rally	Pair Corr
0.39	SSNLF	Samsung Electronics	Pair Corr
0.55	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.54	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.54	BAC	Bank of America Aggressive Push	Pair Corr
0.53	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.52	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.52	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.48	WMT	Walmart Aggressive Push	Pair Corr
0.47	DIS	Walt Disney Sell-off Trend	Pair Corr
0.45	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.44	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.31	HD	Home Depot	Pair Corr

Related Correlations Analysis

	SKHHY	LZAGF	CRL	QGEN	MTD	WAT	SHC	ICLR
SKHHY		0.15	0.09	0.4	0.51	-0.11	0.07	0.49	SKHHY
LZAGF	0.15		0.16	0.56	0.49	-0.41	0.64	0.54	LZAGF
CRL	0.09	0.16		0.41	0.07	0.37	0.17	0.02	CRL
QGEN	0.4	0.56	0.41		0.66	-0.18	0.56	0.67	QGEN
MTD	0.51	0.49	0.07	0.66		-0.23	0.7	0.82	MTD
WAT	-0.11	-0.41	0.37	-0.18	-0.23		-0.45	-0.54	WAT
SHC	0.07	0.64	0.17	0.56	0.7	-0.45		0.59	SHC
ICLR	0.49	0.54	0.02	0.67	0.82	-0.54	0.59		ICLR
	SKHHY	LZAGF	CRL	QGEN	MTD	WAT	SHC	ICLR

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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

ICLR	+ 0.82	MTD
SHC	+ 0.7	MTD
ICLR	+ 0.67	QGEN
MTD	+ 0.66	QGEN
SHC	+ 0.64	LZAGF
ICLR	+ 0.59	SHC

High negative correlations

ICLR	- 0.54	WAT
SHC	- 0.45	WAT
WAT	- 0.41	LZAGF
WAT	- 0.23	MTD
WAT	- 0.18	QGEN
WAT	- 0.11	SKHHY

Risk-Adjusted Indicators

There is a big difference between China Pink Sheet performing well and China New 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 New'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
SKHHY	1.61	(0.03)	(0.06)	0.04	1.86	(1.79)	3.14	(3.18)	10.05
LZAGF	1.99	(0.11)	0.00	(0.23)	0.00	0.00	4.52	(4.29)	12.97
CRL	1.68	(0.28)	(0.04)	0.02	2.09	(1.78)	2.82	(4.35)	18.19
QGEN	0.99	(0.17)	0.00	(0.12)	0.00	0.00	2.06	(1.95)	5.80
MTD	1.38	(0.27)	0.00	(0.28)	0.00	0.00	2.61	(3.37)	12.16
WAT	1.49	0.08	0.06	0.21	1.31	(2.03)	3.00	(2.31)	24.69
SHC	1.75	(0.37)	0.00	(0.14)	0.00	0.00	3.74	(3.99)	13.40
ICLR	1.93	(0.74)	0.00	(0.50)	0.00	0.00	4.13	(4.22)	24.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in China New 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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