Jiangxi Hengda Correlations

002591 Stock

6.56 0.65 9.02%

The current 90-days correlation between Jiangxi Hengda Hi and Zijin Mining Group is 0.08 (i.e., Significant diversification). The correlation of Jiangxi Hengda 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.

Jiangxi Hengda Correlation With Market

Very good diversification

The correlation between Jiangxi Hengda Hi Tech and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Hengda Hi Tech and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Jiangxi Stock

0.89	600019	Baoshan Iron Steel	Pair Corr
0.7	002493	Rongsheng Petrochemical	Pair Corr
0.71	000807	Yunnan Aluminium	Pair Corr
0.8	600608	Shanghai Broadband	Pair Corr
0.69	688027	QuantumCTek	Pair Corr
0.68	688498	Yuanjie Semiconductor	Pair Corr
0.72	300472	Beijing New Universal	Pair Corr
0.76	600089	Tbea	Pair Corr
0.79	601288	Agricultural Bank	Pair Corr
0.73	600108	Gansu Yasheng Industrial	Pair Corr
0.79	000692	Shenyang Huitian Thermal	Pair Corr
0.77	300118	Risen Energy	Pair Corr
0.8	003035	China Southern Power	Pair Corr
0.63	600386	Beijing Bashi Media	Pair Corr
0.72	600177	Youngor Group	Pair Corr
0.67	601001	Jinneng Holding Shanxi	Pair Corr

Moving against Jiangxi Stock

0.49	688302	Hinova Pharmaceuticals	Pair Corr
0.37	600160	Zhejiang Juhua	Pair Corr
0.31	600547	Shandong Gold Mining	Pair Corr
0.49	688047	Loongson Technology Corp	Pair Corr
0.49	002335	Xiamen Kehua Hengsheng	Pair Corr

Related Correlations Analysis

	601899	600019	002460	600010	600489	002493	600160	000807
601899		0.48	0.94	0.05	0.96	0.44	0.45	0.8	601899
600019	0.48		0.63	0.44	0.33	0.79	-0.26	0.77	600019
002460	0.94	0.63		0.06	0.88	0.56	0.24	0.88	002460
600010	0.05	0.44	0.06		-0.01	0.29	-0.14	0.14	600010
600489	0.96	0.33	0.88	-0.01		0.27	0.48	0.66	600489
002493	0.44	0.79	0.56	0.29	0.27		0.07	0.77	002493
600160	0.45	-0.26	0.24	-0.14	0.48	0.07		0.13	600160
000807	0.8	0.77	0.88	0.14	0.66	0.77	0.13		000807
	601899	600019	002460	600010	600489	002493	600160	000807

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

600489	+ 0.96	601899
002460	+ 0.94	601899
600489	+ 0.88	002460
000807	+ 0.88	002460
000807	+ 0.8	601899
002493	+ 0.79	600019

High negative correlations

600160	- 0.26	600019
600160	- 0.14	600010
600489	- 0.01	600010

Risk-Adjusted Indicators

There is a big difference between Jiangxi Stock performing well and Jiangxi Hengda 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 Jiangxi Hengda'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
601899	2.23	0.45	0.16	1.08	2.23	(2.50)	5.63	(4.07)	15.74
600019	1.02	0.03	(0.02)	(0.04)	1.18	(1.15)	2.50	(2.20)	5.50
002460	3.24	0.90	0.25	(1.62)	2.83	(3.83)	9.10	(4.82)	16.17
600010	2.11	0.00	0.00	0.05	0.00	0.00	6.77	(4.69)	17.28
600489	2.45	0.60	0.24	1.41	2.03	(3.04)	8.76	(3.51)	15.35
002493	1.72	0.16	0.05	(0.35)	1.73	(2.11)	4.46	(2.92)	10.51
600160	2.16	0.26	0.08	(1.32)	2.41	(2.30)	5.12	(4.28)	13.96
000807	2.31	0.51	0.20	10.10	2.03	(2.79)	5.65	(4.06)	14.01

Be your own money manager

Our tools can tell you how much better you can do entering a position in Jiangxi Hengda 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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