Tiangong International Correlations

34T1 Stock

EUR 0.24 0.01 4.00%

The current 90-days correlation between Tiangong International and Schweizer Electronic AG is -0.06 (i.e., Good diversification). The correlation of Tiangong International 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Tiangong International Correlation With Market

Average diversification

The correlation between Tiangong International and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tiangong International and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Tiangong Stock

0.79	ARRD	ArcelorMittal SA	Pair Corr
0.78	ARRJ	ArcelorMittal	Pair Corr
0.63	SD5	Steel Dynamics	Pair Corr
0.63	RS6	Reliance Steel Aluminum	Pair Corr

Moving against Tiangong Stock

0.59	HX1A	PT Hexindo Adiperkasa	Pair Corr
0.55	DBPD	Xtrackers ShortDAX	Pair Corr
0.47	BMI	BP Prudhoe Bay	Pair Corr
0.45	PKX	POSCO Holdings	Pair Corr

Related Correlations Analysis

	SCE	RE3	OIA	T6W	CEK	TSI	CEK	SGM
SCE		-0.73	0.0	-0.48	-0.73	-0.02	-0.7	0.57	SCE
RE3	-0.73		0.0	0.19	0.53	0.19	0.49	-0.46	RE3
OIA	0.0	0.0		0.0	0.0	0.0	0.0	0.0	OIA
T6W	-0.48	0.19	0.0		0.7	0.06	0.72	-0.09	T6W
CEK	-0.73	0.53	0.0	0.7		0.25	0.99	-0.16	CEK
TSI	-0.02	0.19	0.0	0.06	0.25		0.2	0.3	TSI
CEK	-0.7	0.49	0.0	0.72	0.99	0.2		-0.16	CEK
SGM	0.57	-0.46	0.0	-0.09	-0.16	0.3	-0.16		SGM
	SCE	RE3	OIA	T6W	CEK	TSI	CEK	SGM

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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

CEK	+ 0.99	CEK
CEK	+ 0.72	T6W
CEK	+ 0.7	T6W
SGM	+ 0.57	SCE
CEK	+ 0.53	RE3
CEK	+ 0.49	RE3

High negative correlations

CEK	- 0.73	SCE
RE3	- 0.73	SCE
CEK	- 0.7	SCE
T6W	- 0.48	SCE
SGM	- 0.46	RE3
SGM	- 0.16	CEK

Risk-Adjusted Indicators

There is a big difference between Tiangong Stock performing well and Tiangong International 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 Tiangong International'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
SCE	2.76	(0.27)	0.00	0.29	0.00	0.00	8.00	(7.58)	19.11
RE3	1.67	0.30	0.14	0.35	1.90	(2.08)	4.88	(2.08)	15.88
OIA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
T6W	2.52	0.24	0.01	(0.27)	2.67	(3.96)	5.71	(5.26)	14.13
CEK	2.10	0.47	0.14	(2.30)	1.72	(3.22)	6.42	(3.64)	12.14
TSI	2.49	0.31	0.09	0.43	3.09	(2.98)	7.24	(4.33)	27.71
CEK	2.10	0.44	0.12	3.42	2.31	(2.50)	5.63	(4.33)	17.96
SGM	1.66	(0.10)	0.00	(0.02)	0.00	0.00	3.29	(3.71)	10.07

Be your own money manager

Our tools can tell you how much better you can do entering a position in Tiangong International 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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