Daedong Steel Correlations

048470 Stock

3,590 30.00 0.83%

The current 90-days correlation between Daedong Steel and Keum Kang Steel is 0.3 (i.e., Weak diversification). The correlation of Daedong Steel 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.

Daedong Steel Correlation With Market

Significant diversification

The correlation between Daedong Steel Co and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Daedong Steel Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Daedong Stock

0.77	053260	Keum Kang Steel	Pair Corr
0.71	034220	LG Display	Pair Corr
0.67	005380	Hyundai Motor	Pair Corr
0.84	089970	Adaptive Plasma Tech	Pair Corr

Moving against Daedong Stock

0.54	023440	Jeil Steel Mfg	Pair Corr
0.4	015760	Korea Electric Power	Pair Corr

Related Correlations Analysis

	053260	081150	128660	017480	039240	023440	048470	012620
053260		0.04	0.46	0.6	-0.2	-0.64	0.77	0.56	053260
081150	0.04		0.32	0.27	-0.13	0.53	0.07	0.1	081150
128660	0.46	0.32		0.39	-0.05	0.08	0.31	0.66	128660
017480	0.6	0.27	0.39		0.12	-0.25	0.51	0.48	017480
039240	-0.2	-0.13	-0.05	0.12		0.01	-0.1	-0.17	039240
023440	-0.64	0.53	0.08	-0.25	0.01		-0.54	-0.13	023440
048470	0.77	0.07	0.31	0.51	-0.1	-0.54		0.5	048470
012620	0.56	0.1	0.66	0.48	-0.17	-0.13	0.5		012620
	053260	081150	128660	017480	039240	023440	048470	012620

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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

048470	+ 0.77	053260
012620	+ 0.66	128660
017480	+ 0.6	053260
012620	+ 0.56	053260
023440	+ 0.53	081150
048470	+ 0.51	017480

High negative correlations

023440	- 0.64	053260
048470	- 0.54	023440
023440	- 0.25	017480
039240	- 0.2	053260
012620	- 0.17	039240
012620	- 0.13	023440

Risk-Adjusted Indicators

There is a big difference between Daedong Stock performing well and Daedong Steel 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 Daedong Steel'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
053260	1.38	(0.17)	0.00	0.63	0.00	0.00	2.54	(3.94)	15.70
081150	2.36	0.06	(0.02)	0.46	2.53	(2.68)	5.83	(4.62)	22.97
128660	1.72	(0.04)	0.00	0.26	0.00	0.00	2.82	(3.75)	28.26
017480	0.61	(0.03)	0.00	(0.12)	0.00	0.00	1.29	(1.51)	4.23
039240	1.00	0.04	(0.07)	(0.06)	1.28	(1.06)	2.51	(2.15)	6.94
023440	2.76	0.33	0.07	0.72	3.47	(3.75)	10.07	(4.10)	31.25
048470	1.53	(0.24)	0.00	(0.91)	0.00	0.00	3.19	(3.66)	8.49
012620	1.00	(0.06)	0.00	(0.10)	0.00	0.00	2.69	(2.99)	6.97

Be your own money manager

Our tools can tell you how much better you can do entering a position in Daedong Steel 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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