Shengda Mining Correlations

Stocks . China . 
Stock . Shengda Mining Co
000603 Stock   12.76  0.17  1.35%   
The current 90-days correlation between Shengda Mining and Juewei Food Co is 0.03 (i.e., Significant diversification). The correlation of Shengda Mining 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.

Shengda Mining Correlation With Market

Good diversification

The correlation between Shengda Mining Co and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shengda Mining Co and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Shengda Mining could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shengda Mining 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 Shengda Mining - 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 Shengda Mining Co to buy it.

Moving together with Shengda Stock

  0.69601899 Zijin Mining GroupPairCorr
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  0.8002493 Rongsheng PetrochemicalPairCorr
  0.78600010 Inner Mongolia BaoTouPairCorr
  0.74002460 Jiangxi Ganfeng LithiumPairCorr
  0.81603260 Hoshine Silicon IndPairCorr
  0.92600160 Zhejiang JuhuaPairCorr
  0.92000807 Yunnan AluminiumPairCorr
  0.78600519 Kweichow MoutaiPairCorr
  0.8300760 Shenzhen Mindray BioPairCorr
  0.91603688 Jiangsu Pacific QuartzPairCorr
  0.75688036 Shenzhen TranssionPairCorr
  0.86000568 Luzhou Lao JiaoPairCorr
  0.89300750 Contemporary AmperexPairCorr
  0.9000858 Wuliangye YibinPairCorr
  0.91900957 Shanghai Lingyun IndPairCorr
  0.89002236 Zhejiang Dahua TechnologyPairCorr
  0.83600742 Changchun Faway AutoPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Shengda Stock performing well and Shengda Mining 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 Shengda Mining'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shengda Mining 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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