Wangneng Environment Correlations

002034 Stock

15.66 0.30 1.88%

The current 90-days correlation between Wangneng Environment and Tianjin Realty Development is 0.54 (i.e., Very weak diversification). The correlation of Wangneng Environment 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.

Wangneng Environment Correlation With Market

Good diversification

The correlation between Wangneng Environment Co and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wangneng Environment Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Wangneng Stock

0.83	601398	Industrial and Commercial	Pair Corr
0.82	600519	Kweichow Moutai	Pair Corr
0.72	601288	Agricultural Bank	Pair Corr
0.85	601939	China Construction Bank	Pair Corr
0.77	601988	Bank of China	Pair Corr
0.96	300750	Contemporary Amperex	Pair Corr
0.89	601628	China Life Insurance	Pair Corr
0.88	600036	China Merchants Bank	Pair Corr
0.62	688656	HOB Biotech Group	Pair Corr

Related Correlations Analysis

	200468	600322	300391	002168	300301	000692	300013	600462
200468		0.86	0.92	0.49	0.91	0.91	0.9	0.32	200468
600322	0.86		0.84	0.5	0.91	0.9	0.89	0.39	600322
300391	0.92	0.84		0.43	0.9	0.93	0.9	0.29	300391
002168	0.49	0.5	0.43		0.64	0.57	0.69	0.87	002168
300301	0.91	0.91	0.9	0.64		0.94	0.96	0.54	300301
000692	0.91	0.9	0.93	0.57	0.94		0.95	0.46	000692
300013	0.9	0.89	0.9	0.69	0.96	0.95		0.54	300013
600462	0.32	0.39	0.29	0.87	0.54	0.46	0.54		600462
	200468	600322	300391	002168	300301	000692	300013	600462

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Risk-Adjusted Indicators

There is a big difference between Wangneng Stock performing well and Wangneng Environment 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 Wangneng Environment'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
200468	3.48	1.30	0.31	(4.34)	2.92	(4.35)	9.69	(4.58)	20.07
600322	4.07	1.46	0.26	(1.33)	3.83	(4.68)	10.11	(7.19)	20.26
300391	5.27	1.46	0.21	(2.15)	5.14	(5.94)	20.05	(9.89)	35.52
002168	2.62	0.30	0.09	0.42	2.82	(2.93)	5.09	(4.93)	14.88
300301	2.77	0.68	0.17	2.60	3.06	(3.76)	7.69	(4.07)	24.85
000692	2.54	0.43	0.14	0.55	2.70	(2.83)	7.18	(4.16)	17.12
300013	3.50	0.91	0.20	1.70	3.56	(4.12)	8.58	(6.04)	23.57
600462	2.47	0.20	0.04	1.03	2.82	(2.70)	5.20	(5.00)	10.56

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Our tools can tell you how much better you can do entering a position in Wangneng Environment 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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