Huadong Medicine Correlations

000963 Stock

35.95 0.24 0.66%

The current 90-days correlation between Huadong Medicine and Industrial and Commercial is 0.19 (i.e., Average diversification). The correlation of Huadong Medicine 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.

Huadong Medicine Correlation With Market

Significant diversification

The correlation between Huadong Medicine Co and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Huadong Medicine Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Huadong Stock

0.74	601668	China State Construction	Pair Corr
0.83	601390	China Railway Group	Pair Corr
0.87	601186	China Railway Constr	Pair Corr
0.71	601398	Industrial and Commercial	Pair Corr
0.76	601628	China Life Insurance	Pair Corr
0.68	601318	Ping An Insurance	Pair Corr
0.72	601939	China Construction Bank	Pair Corr
0.91	603416	WuXi Xinje Electric	Pair Corr
0.91	603517	Juewei Food	Pair Corr
0.72	600036	China Merchants Bank	Pair Corr
0.72	300034	Beijing Cisri Gaona	Pair Corr
0.86	002975	Zhuhai Bojay Electronics	Pair Corr
0.9	300825	Iat Automobile Technology	Pair Corr
0.86	002893	Beijing HuaYuanYiTong	Pair Corr
0.72	000973	FSPG Hi Tech	Pair Corr
0.94	688021	Aofu Environmental	Pair Corr
0.89	002517	Kingnet Network	Pair Corr
0.81	600769	Wuhan Xianglong Power	Pair Corr
0.67	301301	Yili Chuanning Biote	Pair Corr
0.88	601789	Ningbo Construction	Pair Corr
0.91	002584	Xilong Chemical	Pair Corr
0.79	002920	Huizhou Desay SV	Pair Corr
0.82	600100	Tsinghuatongfang	Pair Corr
0.94	300219	Guangzhou Hongli Opto	Pair Corr
0.84	002797	First Capital Securities	Pair Corr
0.87	002466	Sichuan Tianqi Lithium	Pair Corr
0.79	300314	Ningbo David Medical	Pair Corr
0.91	002008	HanS Laser Tech	Pair Corr
0.79	002049	Unigroup Guoxin Micr	Pair Corr
0.77	605377	Hangzhou Huawang New	Pair Corr
0.9	600076	Kangxin New Materials	Pair Corr
0.77	688396	China Resources Micr	Pair Corr
0.87	688739	Liaoning Chengda Bio	Pair Corr
0.96	002382	Blue Sail Medical	Pair Corr
0.84	600455	ButOne Information Corp	Pair Corr
0.84	000420	Jilin Chemical Fibre	Pair Corr

Related Correlations Analysis

	601398	600519	601288	600941	601857	601939	601988	300750	601628	600036
601398		0.6	0.96	0.85	0.61	0.97	0.96	0.7	0.57	0.77	601398
600519	0.6		0.44	0.45	0.66	0.65	0.48	0.79	0.87	0.86	600519
601288	0.96	0.44		0.81	0.59	0.93	0.96	0.54	0.43	0.66	601288
600941	0.85	0.45	0.81		0.66	0.77	0.87	0.52	0.3	0.48	600941
601857	0.61	0.66	0.59	0.66		0.61	0.56	0.41	0.49	0.62	601857
601939	0.97	0.65	0.93	0.77	0.61		0.91	0.74	0.66	0.86	601939
601988	0.96	0.48	0.96	0.87	0.56	0.91		0.63	0.43	0.63	601988
300750	0.7	0.79	0.54	0.52	0.41	0.74	0.63		0.86	0.83	300750
601628	0.57	0.87	0.43	0.3	0.49	0.66	0.43	0.86		0.91	601628
600036	0.77	0.86	0.66	0.48	0.62	0.86	0.63	0.83	0.91		600036
	601398	600519	601288	600941	601857	601939	601988	300750	601628	600036

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Risk-Adjusted Indicators

There is a big difference between Huadong Stock performing well and Huadong Medicine 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 Huadong Medicine'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
601398	1.09	0.25	0.18	3.08	1.01	(1.43)	2.83	(1.71)	8.14
600519	1.71	0.17	0.07	0.61	1.81	(2.11)	6.55	(2.98)	16.71
601288	1.02	0.18	0.11	1.44	1.25	(1.11)	2.20	(1.89)	7.78
600941	1.05	0.17	0.14	(8.04)	0.96	(1.37)	3.09	(2.04)	8.38
601857	1.28	0.12	0.05	(4.50)	1.83	(1.59)	3.55	(2.03)	17.17
601939	1.11	0.26	0.16	1.80	1.16	(1.32)	3.32	(1.93)	8.64
601988	1.00	0.19	0.14	1.27	0.97	(1.27)	2.67	(1.98)	7.70
300750	2.77	0.60	0.16	(2.47)	3.05	(3.23)	7.94	(3.41)	33.42
601628	2.13	0.35	0.11	0.90	2.54	(2.30)	6.42	(3.94)	20.00
600036	1.56	0.37	0.17	(3.67)	1.76	(1.79)	4.65	(2.56)	13.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in Huadong Medicine 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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Huadong Medicine Corporate Executives

Elected by the shareholders, the Huadong Medicine's board of directors comprises two types of representatives: Huadong Medicine inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Huadong. The board's role is to monitor Huadong Medicine's management team and ensure that shareholders' interests are well served. Huadong Medicine's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Huadong Medicine's outside directors are responsible for providing unbiased perspectives on the board's policies.

Renbo Qiu

CFO Department

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