SINOPHARM GROUP Correlations
| X2S1 Stock | EUR 10.10 0.10 0.98% |
The current 90-days correlation between SINOPHARM GROUP 15ON and AmerisourceBergen is 0.07 (i.e., Significant diversification). The correlation of SINOPHARM GROUP 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.
SINOPHARM GROUP Correlation With Market
Good diversification
The correlation between SINOPHARM GROUP 15ON and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SINOPHARM GROUP 15ON and DJI in the same portfolio, assuming nothing else is changed.
SINOPHARM |
The ability to find closely correlated positions to SINOPHARM GROUP could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SINOPHARM GROUP 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 SINOPHARM GROUP - 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 SINOPHARM GROUP 15ON to buy it.
Moving together with SINOPHARM Stock
| 0.71 | CLH | Cardinal Health | PairCorr |
| 0.63 | HS2 | Henry Schein | PairCorr |
| 0.69 | S1R | Shanghai Pharmaceuticals | PairCorr |
| 0.91 | X2S | Sinopharm Group | PairCorr |
| 0.62 | SSU | Samsung Electronics Earnings Call Next Week | PairCorr |
| 0.63 | SSU | Samsung Electronics Earnings Call Next Week | PairCorr |
| 0.68 | R6N | Retail Estates NV Earnings Call This Week | PairCorr |
| 0.83 | SWN | SOUTHWEST AIRLINES Earnings Call This Week | PairCorr |
| 0.71 | CLH | CARDINAL HEALTH | PairCorr |
| 0.66 | 6IC | Iridium Communications Earnings Call This Week | PairCorr |
| 0.69 | 0ZQ | JSC National Atomic | PairCorr |
| 0.73 | UE1 | Universal Electronics | PairCorr |
| 0.71 | NCB | Bank of America | PairCorr |
| 0.62 | CDW | CDW Corporation | PairCorr |
Moving against SINOPHARM Stock
Related Correlations Analysis
| -0.02 | 0.27 | 0.23 | 0.13 | 0.08 | ABG | ||
| -0.02 | 0.66 | 0.69 | -0.23 | -0.51 | S1R | ||
| 0.27 | 0.66 | 0.91 | 0.02 | -0.35 | X2S | ||
| 0.23 | 0.69 | 0.91 | 0.05 | -0.33 | X2S1 | ||
| 0.13 | -0.23 | 0.02 | 0.05 | 0.16 | PBV | ||
| 0.08 | -0.51 | -0.35 | -0.33 | 0.16 | 59Z | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between SINOPHARM Stock performing well and SINOPHARM GROUP 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 SINOPHARM GROUP'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| ABG | 1.35 | 0.06 | (0.05) | (0.25) | 1.82 | 3.21 | 16.82 | |||
| S1R | 1.08 | 0.17 | 0.04 | 1.30 | 0.93 | 3.13 | 7.50 | |||
| X2S | 1.11 | 0.12 | (0.03) | (0.44) | 1.26 | 2.50 | 5.92 | |||
| X2S1 | 0.90 | 0.12 | (0.02) | (1.74) | 0.87 | 1.94 | 5.90 | |||
| PBV | 1.27 | (0.16) | 0.00 | 3.14 | 0.00 | 2.72 | 9.34 | |||
| 59Z | 0.85 | 0.07 | 0.00 | 0.02 | 0.00 | 1.48 | 9.55 |
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