CITIC Pacific Correlations

000708 Stock

12.61 0.04 0.32%

The current 90-days correlation between CITIC Pacific Special and Shandong Publishing Media is -0.02 (i.e., Good diversification). The correlation of CITIC Pacific 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.

CITIC Pacific Correlation With Market

Average diversification

The correlation between CITIC Pacific Special and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Pacific Special and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CITIC Stock

0.73	601899	Zijin Mining Group	Pair Corr
0.78	600010	Inner Mongolia BaoTou	Pair Corr
0.89	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.86	601398	Industrial and Commercial	Pair Corr
0.89	601288	Agricultural Bank	Pair Corr
0.83	601939	China Construction Bank	Pair Corr
0.81	601658	Postal Savings Bank	Pair Corr
0.72	601328	Bank of Communications	Pair Corr
0.75	601318	Ping An Insurance	Pair Corr
0.73	601166	Industrial Bank	Pair Corr
0.64	601998	China Citic Bank	Pair Corr
0.63	300750	Contemporary Amperex	Pair Corr

Moving against CITIC Stock

0.32

603260

Hoshine Silicon Ind

Pair Corr

Related Correlations Analysis

	601019	300359	600373	603132	601811	603969	002526	300221
601019		-0.31	0.22	-0.42	0.38	-0.05	0.18	0.27	601019
300359	-0.31		-0.66	0.9	-0.76	0.66	0.7	0.03	300359
600373	0.22	-0.66		-0.75	0.78	-0.81	-0.62	-0.32	600373
603132	-0.42	0.9	-0.75		-0.8	0.69	0.63	-0.02	603132
601811	0.38	-0.76	0.78	-0.8		-0.58	-0.53	0.12	601811
603969	-0.05	0.66	-0.81	0.69	-0.58		0.62	0.4	603969
002526	0.18	0.7	-0.62	0.63	-0.53	0.62		0.35	002526
300221	0.27	0.03	-0.32	-0.02	0.12	0.4	0.35		300221
	601019	300359	600373	603132	601811	603969	002526	300221

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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

603132	+ 0.9	300359
601811	+ 0.78	600373
002526	+ 0.7	300359
603969	+ 0.69	603132
603969	+ 0.66	300359
002526	+ 0.63	603132

High negative correlations

603969	- 0.81	600373
601811	- 0.8	603132
601811	- 0.76	300359
603132	- 0.75	600373
600373	- 0.66	300359
002526	- 0.62	600373

Risk-Adjusted Indicators

There is a big difference between CITIC Stock performing well and CITIC Pacific 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 CITIC Pacific'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
601019	1.25	(0.18)	0.00	(0.29)	0.00	0.00	2.40	(3.18)	11.96
300359	1.62	0.17	0.05	0.62	1.41	(2.06)	4.39	(2.32)	10.40
600373	0.85	(0.20)	0.00	(0.45)	0.00	0.00	1.14	(2.63)	9.36
603132	0.91	0.21	0.12	1.18	0.58	(1.13)	2.08	(1.43)	11.69
601811	0.87	(0.08)	0.00	(4.31)	0.00	0.00	1.41	(2.31)	5.34
603969	1.79	0.38	0.12	0.94	2.08	(2.02)	4.92	(3.78)	12.37
002526	1.50	0.10	0.01	0.34	1.74	(1.58)	3.22	(2.97)	13.43
300221	1.85	0.23	0.05	(4.80)	1.84	(2.35)	3.79	(3.46)	12.06

Be your own money manager

Our tools can tell you how much better you can do entering a position in CITIC Pacific 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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