Hangzhou Zhongya Correlations

300512 Stock

7.40 0.03 0.40%

The current 90-days correlation between Hangzhou Zhongya Mac and Industrial and Commercial is 0.08 (i.e., Significant diversification). The correlation of Hangzhou Zhongya 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.

Hangzhou Zhongya Correlation With Market

Significant diversification

The correlation between Hangzhou Zhongya Machinery and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Zhongya Machinery and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hangzhou Stock

0.7	601398	Industrial and Commercial	Pair Corr
0.67	601988	Bank of China	Pair Corr
0.75	601658	Postal Savings Bank	Pair Corr
0.81	601728	China Telecom Corp	Pair Corr
0.73	601816	Beijing Shanghai High	Pair Corr

Related Correlations Analysis

	601398	600519	601288	600941	601939	601857	601988	300750	601628	600036
601398		0.67	0.96	0.84	0.98	0.65	0.95	0.74	0.67	0.81	601398
600519	0.67		0.51	0.54	0.71	0.68	0.55	0.82	0.87	0.86	600519
601288	0.96	0.51		0.81	0.93	0.62	0.96	0.58	0.51	0.69	601288
600941	0.84	0.54	0.81		0.76	0.7	0.87	0.55	0.39	0.53	600941
601939	0.98	0.71	0.93	0.76		0.64	0.9	0.78	0.74	0.89	601939
601857	0.65	0.68	0.62	0.7	0.64		0.59	0.45	0.54	0.64	601857
601988	0.95	0.55	0.96	0.87	0.9	0.59		0.65	0.5	0.65	601988
300750	0.74	0.82	0.58	0.55	0.78	0.45	0.65		0.89	0.86	300750
601628	0.67	0.87	0.51	0.39	0.74	0.54	0.5	0.89		0.93	601628
600036	0.81	0.86	0.69	0.53	0.89	0.64	0.65	0.86	0.93		600036
	601398	600519	601288	600941	601939	601857	601988	300750	601628	600036

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Risk-Adjusted Indicators

There is a big difference between Hangzhou Stock performing well and Hangzhou Zhongya 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 Hangzhou Zhongya'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	1.11	0.25	0.17	(22.29)	1.06	(1.44)	2.83	(2.29)	8.14
600519	1.68	0.22	0.10	0.80	1.75	(1.94)	6.55	(2.98)	16.71
601288	1.07	0.18	0.10	7.20	1.38	(1.13)	2.20	(2.19)	7.78
600941	1.07	0.20	0.16	(4.34)	0.97	(1.38)	3.09	(2.04)	8.38
601939	1.16	0.28	0.16	4.84	1.24	(1.35)	3.32	(2.12)	8.64
601857	1.29	0.14	0.06	(2.21)	1.86	(1.57)	3.55	(2.03)	17.17
601988	1.07	0.18	0.12	14.57	1.15	(1.33)	2.67	(2.33)	7.70
300750	2.78	0.66	0.18	(10.97)	3.07	(3.22)	7.94	(3.41)	33.42
601628	2.13	0.35	0.11	0.89	2.54	(2.29)	6.42	(3.94)	20.00
600036	1.55	0.38	0.18	(3.88)	1.71	(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 Hangzhou Zhongya 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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