CHINA HUARONG Correlations

XYTA Stock

EUR 0 0.0005 33.33%

The current 90-days correlation between CHINA HUARONG ENERHD and Alibaba Group Holding is 0.09 (i.e., Significant diversification). The correlation of CHINA HUARONG 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 HUARONG Correlation With Market

Very good diversification

The correlation between CHINA HUARONG ENERHD 50 and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CHINA HUARONG ENERHD 50 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to CHINA HUARONG 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 HUARONG 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 HUARONG - 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 HUARONG ENERHD 50 to buy it.

Moving together with CHINA Stock

0.64

2RR

Alibaba Group Holding

Pair Corr

Moving against CHINA Stock

0.48	3IB	PT Indo Tambangraya	Pair Corr
0.41	EO5	EOG Resources	Pair Corr
0.65	RHM	Rheinmetall AG	Pair Corr
0.62	ZFI1	Zurich Insurance	Pair Corr
0.61	YC3	CONCORDIA FINL GROUP	Pair Corr
0.6	TL0	Tesla Inc Earnings Call This Week	Pair Corr
0.6	XKR	KAR Auction Services	Pair Corr
0.58	HEI	Heidelberg Materials	Pair Corr
0.56	NTOA	Nintendo	Pair Corr
0.54	KEL	Kellogg Company	Pair Corr
0.53	1FA	SPROUTS FARMERS MKT	Pair Corr
0.51	FDX	FedEx	Pair Corr
0.49	IFX	Infineon Technologies	Pair Corr
0.45	3BZ	Bank of Zhengzhou	Pair Corr
0.45	CFC	UET United Electronic	Pair Corr
0.4	SNQB	SANOMA Dusseldorf	Pair Corr
0.33	FTK	flatexDEGIRO AG	Pair Corr
0.32	UNC	UCB Dusseldorf	Pair Corr
0.65	OD7B	ETFS Coffee ETC	Pair Corr
0.64	MEC	Meiko Electronics	Pair Corr
0.63	LIE	SUN LIFE FINANCIAL	Pair Corr
0.63	BN9	Bank of New York Mellon	Pair Corr

Related Correlations Analysis

	2RR	YCP	NC2B	EO5	OPC	OPC	WOP	PNK	WOP0
2RR		-0.04	0.67	-0.53	-0.12	-0.03	0.17	-0.21	0.11	2RR
YCP	-0.04		-0.02	0.7	0.33	0.43	0.18	0.57	0.35	YCP
NC2B	0.67	-0.02		-0.17	0.17	0.23	0.43	-0.19	0.44	NC2B
EO5	-0.53	0.7	-0.17		0.54	0.58	0.28	0.49	0.52	EO5
OPC	-0.12	0.33	0.17	0.54		0.91	0.61	-0.04	0.67	OPC
OPC	-0.03	0.43	0.23	0.58	0.91		0.68	-0.06	0.79	OPC
WOP	0.17	0.18	0.43	0.28	0.61	0.68		-0.2	0.78	WOP
PNK	-0.21	0.57	-0.19	0.49	-0.04	-0.06	-0.2		-0.07	PNK
WOP0	0.11	0.35	0.44	0.52	0.67	0.79	0.78	-0.07		WOP0
	2RR	YCP	NC2B	EO5	OPC	OPC	WOP	PNK	WOP0

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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

OPC	+ 0.91	OPC
WOP0	+ 0.79	OPC
WOP0	+ 0.78	WOP
EO5	+ 0.7	YCP
WOP	+ 0.68	OPC
NC2B	+ 0.67	2RR

High negative correlations

EO5	- 0.53	2RR
PNK	- 0.21	2RR
PNK	- 0.2	WOP
PNK	- 0.19	NC2B
EO5	- 0.17	NC2B
OPC	- 0.12	2RR

Risk-Adjusted Indicators

There is a big difference between CHINA Stock performing well and CHINA HUARONG 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 HUARONG'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
2RR	1.94	(0.33)	0.00	0.47	0.00	0.00	2.73	(4.36)	12.95
YCP	1.30	0.01	0.00	0.03	1.54	(1.41)	2.89	(2.70)	10.64
NC2B	0.33	(0.15)	0.00	(2.93)	0.00	0.00	0.00	(0.91)	4.50
EO5	1.15	0.17	0.13	2.16	0.98	(1.40)	2.72	(1.87)	8.84
OPC	1.25	0.02	0.00	0.29	1.42	(1.41)	2.64	(2.24)	7.22
OPC	1.21	0.04	0.02	0.25	1.54	(1.20)	3.07	(2.70)	7.05
WOP	1.93	0.00	0.00	0.06	2.59	(2.67)	5.63	(4.00)	17.91
PNK	6.90	0.97	0.07	(1.82)	8.73	(14.36)	12.50	(11.90)	151.11
WOP0	1.37	(0.03)	0.00	0.23	0.00	0.00	3.19	(2.89)	7.92

Be your own money manager

Our tools can tell you how much better you can do entering a position in CHINA HUARONG 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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