Tencent Music Correlations

TME Stock

USD 14.31 0.94 7.03%

The current 90-days correlation between Tencent Music Entert and Baidu Inc is 0.53 (i.e., Very weak diversification). The correlation of Tencent Music 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.

Tencent Music Correlation With Market

Weak diversification

The correlation between Tencent Music Entertainment and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tencent Music Entertainment and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Tencent Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tencent Music Entertainment. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Tencent Stock

0.65	IAC	IAC Inc Earnings Call Today	Pair Corr
0.8	JFIN	Jiayin Group	Pair Corr

Moving against Tencent Stock

0.36	DOYU	DouYu International	Pair Corr
0.36	DJT	Trump Media Technology	Pair Corr
0.35	OB	Outbrain Earnings Call This Week	Pair Corr
0.34	TC	TuanChe ADR	Pair Corr
0.34	MNY	MoneyHero Limited Class	Pair Corr
0.41	KRKR	36Kr Holdings Trending	Pair Corr
0.38	GOOG	Alphabet Class C	Pair Corr
0.36	SEATW	Vivid Seats Warrant	Pair Corr
0.36	KIND	Nextdoor Holdings	Pair Corr
0.34	GITS	Global Interactive Symbol Change	Pair Corr
0.33	MNYWW	MoneyHero Limited	Pair Corr
0.48	PODC	Courtside Group, Common	Pair Corr
0.44	RDDT	Reddit, Earnings Call Today	Pair Corr
0.4	NRDS	Nerdwallet	Pair Corr
0.38	ONFO	Onfolio Holdings	Pair Corr
0.38	GOOGL	Alphabet Class A	Pair Corr

Related Correlations Analysis

	BIDU	TWLO	SPOT	WB	YY	DOYU	ATHM	MOMO	YELP	ZH
BIDU		0.31	0.23	0.71	-0.22	0.27	0.75	0.5	0.39	0.49	BIDU
TWLO	0.31		0.46	0.64	-0.73	0.87	0.36	0.74	0.78	0.04	TWLO
SPOT	0.23	0.46		0.33	-0.54	0.45	0.22	0.37	0.33	0.14	SPOT
WB	0.71	0.64	0.33		-0.54	0.51	0.87	0.94	0.38	0.7	WB
YY	-0.22	-0.73	-0.54	-0.54		-0.73	-0.39	-0.65	-0.5	-0.12	YY
DOYU	0.27	0.87	0.45	0.51	-0.73		0.27	0.58	0.82	-0.09	DOYU
ATHM	0.75	0.36	0.22	0.87	-0.39	0.27		0.78	0.14	0.8	ATHM
MOMO	0.5	0.74	0.37	0.94	-0.65	0.58	0.78		0.39	0.65	MOMO
YELP	0.39	0.78	0.33	0.38	-0.5	0.82	0.14	0.39		-0.22	YELP
ZH	0.49	0.04	0.14	0.7	-0.12	-0.09	0.8	0.65	-0.22		ZH
	BIDU	TWLO	SPOT	WB	YY	DOYU	ATHM	MOMO	YELP	ZH

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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

MOMO	+ 0.94	WB
DOYU	+ 0.87	TWLO
ATHM	+ 0.87	WB
YELP	+ 0.82	DOYU
ZH	+ 0.8	ATHM
YELP	+ 0.78	TWLO

High negative correlations

DOYU	- 0.73	YY
YY	- 0.73	TWLO
MOMO	- 0.65	YY
YY	- 0.54	WB
YY	- 0.54	SPOT
YELP	- 0.5	YY

Risk-Adjusted Indicators

There is a big difference between Tencent Stock performing well and Tencent Music 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 Tencent Music'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
BIDU	2.58	0.15	0.05	0.06	3.45	(2.42)	5.43	(4.70)	17.21
TWLO	2.77	(0.29)	0.00	(0.28)	0.00	0.00	3.89	(7.08)	19.88
SPOT	2.86	0.49	0.12	0.25	3.49	(3.04)	6.86	(6.42)	23.11
WB	2.42	0.05	0.00	(0.06)	0.00	0.00	5.14	(5.76)	13.41
YY	2.27	0.06	0.05	(1.25)	3.43	(2.15)	3.95	(4.68)	18.70
DOYU	3.79	(0.44)	0.00	(0.40)	0.00	0.00	8.37	(6.67)	59.53
ATHM	1.68	0.04	0.00	(0.07)	0.00	0.00	3.57	(4.17)	10.24
MOMO	2.12	(0.13)	0.00	(0.41)	0.00	0.00	4.13	(4.50)	13.36
YELP	1.65	(0.10)	0.00	(0.22)	0.00	0.00	3.05	(3.80)	12.94
ZH	3.66	0.53	0.10	0.38	4.49	(3.75)	8.05	(8.31)	27.14

Tencent Music Corporate Management

Tao Tong	Chairman of the Board	Profile
Lixue Shi	Group Vice President - Kuwo	Profile
TakWai Wong	Independent Director	Profile
Cheuk Yip	Chief Strategy Officer, Head of Ultimate Music	Profile
Liang Tang	Independent Director	Profile

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