Shanghai Haixin Correlations

900917 Stock

0.27 0.01 3.57%

The current 90-days correlation between Shanghai Haixin Group and Union Semiconductor Co is -0.06 (i.e., Good diversification). The correlation of Shanghai Haixin 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.

Shanghai Haixin Correlation With Market

Significant diversification

The correlation between Shanghai Haixin Group and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Haixin Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Shanghai Stock

0.76	300693	Shenzhen Sinexcel	Pair Corr
0.65	603920	Olympic Circuit Tech	Pair Corr
0.64	300453	Jiangxi Sanxin Medtec	Pair Corr
0.66	688299	Ningbo Solartron Tec	Pair Corr
0.7	301363	MeHow Innovative	Pair Corr
0.66	603565	Shanghai Zhonggu Log	Pair Corr
0.7	002429	Shenzhen MTC	Pair Corr
0.64	002008	HanS Laser Tech	Pair Corr
0.69	300418	Beijing Kunlun Tech	Pair Corr
0.61	002555	37 Interactive Enter	Pair Corr

Moving against Shanghai Stock

0.67	601939	China Construction Bank	Pair Corr
0.62	601398	Industrial and Commercial	Pair Corr
0.56	600941	China Mobile Limited Earnings Call This Week	Pair Corr
0.46	601668	China State Construction Earnings Call This Week	Pair Corr
0.39	601898	China Coal Energy Earnings Call This Week	Pair Corr
0.33	601390	China Railway Group	Pair Corr
0.39	601336	New China Life	Pair Corr
0.36	000506	Zhongrun Resources	Pair Corr
0.34	300523	Beijing Global Safety	Pair Corr

Related Correlations Analysis

	301267	688981	688484	603313	688233	001323	688403	002348
301267		-0.35	0.11	0.04	-0.53	0.53	-0.33	-0.22	301267
688981	-0.35		0.68	0.09	0.75	-0.69	0.82	0.27	688981
688484	0.11	0.68		0.14	0.61	-0.29	0.81	-0.06	688484
603313	0.04	0.09	0.14		0.14	0.12	0.05	0.25	603313
688233	-0.53	0.75	0.61	0.14		-0.54	0.89	0.31	688233
001323	0.53	-0.69	-0.29	0.12	-0.54		-0.62	-0.39	001323
688403	-0.33	0.82	0.81	0.05	0.89	-0.62		0.15	688403
002348	-0.22	0.27	-0.06	0.25	0.31	-0.39	0.15		002348
	301267	688981	688484	603313	688233	001323	688403	002348

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

688403	+ 0.89	688233
688403	+ 0.82	688981
688403	+ 0.81	688484
688233	+ 0.75	688981
688484	+ 0.68	688981
688233	+ 0.61	688484

High negative correlations

001323	- 0.69	688981
688403	- 0.62	001323
001323	- 0.54	688233
688233	- 0.53	301267
002348	- 0.39	001323
688981	- 0.35	301267

Risk-Adjusted Indicators

There is a big difference between Shanghai Stock performing well and Shanghai Haixin 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 Shanghai Haixin'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
301267	1.11	(0.05)	0.00	(0.19)	0.00	0.00	2.35	(2.60)	9.24
688981	2.65	0.59	0.15	2.44	2.70	(3.38)	6.66	(4.34)	27.70
688484	2.19	0.39	0.13	(3.87)	2.32	(2.48)	4.94	(5.00)	18.42
603313	1.44	0.15	0.04	(0.43)	1.74	(1.64)	2.89	(3.37)	11.70
688233	2.77	0.63	0.19	1.93	2.60	(3.39)	7.13	(4.49)	28.44
001323	0.95	(0.06)	0.00	(0.35)	0.00	0.00	1.25	(1.60)	7.27
688403	2.88	0.87	0.25	(4.48)	2.66	(3.50)	5.75	(5.66)	22.92
002348	1.33	0.08	0.02	(1.06)	1.50	(1.41)	3.01	(2.31)	8.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shanghai Haixin 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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