Hangzhou Coco Correlations

301009 Stock

9.79 0.07 0.71%

The current 90-days correlation between Hangzhou Coco Healthcare and China Petroleum Chemical is 0.25 (i.e., Modest diversification). The correlation of Hangzhou Coco 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 Coco Correlation With Market

Good diversification

The correlation between Hangzhou Coco Healthcare and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Coco Healthcare and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Hangzhou Coco 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 Coco 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 Coco - 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 Coco Healthcare to buy it.

Moving together with Hangzhou Stock

0.83	601668	China State Construction	Pair Corr
0.89	601390	China Railway Group	Pair Corr
0.91	601186	China Railway Constr	Pair Corr
0.75	601398	Industrial and Commercial	Pair Corr
0.85	601628	China Life Insurance	Pair Corr
0.82	601318	Ping An Insurance	Pair Corr
0.79	601939	China Construction Bank	Pair Corr

Related Correlations Analysis

	600028	601857	601668	601390	601186	600941	601398	601628	601318	601939
600028		0.85	0.07	-0.02	-0.09	0.54	0.24	-0.08	-0.01	0.12	600028
601857	0.85		0.42	0.35	0.27	0.61	0.49	0.28	0.35	0.42	601857
601668	0.07	0.42		0.98	0.96	0.6	0.89	0.94	0.97	0.93	601668
601390	-0.02	0.35	0.98		0.99	0.59	0.87	0.95	0.96	0.9	601390
601186	-0.09	0.27	0.96	0.99		0.57	0.86	0.94	0.94	0.9	601186
600941	0.54	0.61	0.6	0.59	0.57		0.78	0.51	0.55	0.72	600941
601398	0.24	0.49	0.89	0.87	0.86	0.78		0.78	0.82	0.98	601398
601628	-0.08	0.28	0.94	0.95	0.94	0.51	0.78		0.97	0.84	601628
601318	-0.01	0.35	0.97	0.96	0.94	0.55	0.82	0.97		0.89	601318
601939	0.12	0.42	0.93	0.9	0.9	0.72	0.98	0.84	0.89		601939
	600028	601857	601668	601390	601186	600941	601398	601628	601318	601939

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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

601186	+ 0.99	601390
601390	+ 0.98	601668
601939	+ 0.98	601398
601318	+ 0.97	601668
601318	+ 0.97	601628
601186	+ 0.96	601668

High negative correlations

601186	- 0.09	600028
601628	- 0.08	600028
601390	- 0.02	600028
601318	- 0.01	600028

Risk-Adjusted Indicators

There is a big difference between Hangzhou Stock performing well and Hangzhou Coco 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 Coco'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
600028	1.34	(0.09)	0.00	(0.71)	0.00	0.00	3.23	(3.26)	10.77
601857	1.39	(0.07)	0.00	0.50	0.00	0.00	3.55	(3.33)	17.17
601668	2.01	0.19	0.04	0.73	2.35	(2.23)	5.25	(3.67)	15.78
601390	1.94	0.22	0.05	2.66	2.25	(2.37)	5.32	(3.57)	17.45
601186	2.23	0.31	0.07	11.28	2.44	(2.60)	6.73	(3.95)	17.07
600941	0.98	0.05	(0.05)	0.47	1.08	(1.23)	2.05	(2.04)	8.38
601398	1.10	0.11	0.00	4.17	1.20	(1.37)	2.83	(2.53)	8.14
601628	2.07	0.42	0.13	1.22	2.36	(2.38)	6.42	(3.18)	20.00
601318	1.79	0.35	0.12	1.26	1.89	(2.20)	5.83	(2.83)	19.77
601939	1.17	0.15	0.03	2.25	1.31	(1.38)	3.32	(2.14)	8.64

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hangzhou Coco 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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