Gansu Yasheng Correlations

600108 Stock   3.21  0.13  4.22%   
The current 90-days correlation between Gansu Yasheng Industrial and Hunan Nanling Industrial is 0.61 (i.e., Poor diversification). The correlation of Gansu Yasheng 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.

Gansu Yasheng Correlation With Market

Good diversification

The correlation between Gansu Yasheng Industrial and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Yasheng Industrial and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Gansu Yasheng could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Gansu Yasheng 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 Gansu Yasheng - 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 Gansu Yasheng Industrial to buy it.

Moving together with Gansu Stock

  0.67688235 BeiGenePairCorr
  0.69600519 Kweichow MoutaiPairCorr
  0.89000661 Changchun High NewPairCorr
  0.9002371 NAURA TechnologyPairCorr
  0.9300750 Contemporary AmperexPairCorr

Related Correlations Analysis

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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   
516220159681
688618159681
600895300243
688618516220
688618603269
600895159681
  
High negative correlations   
300049159005
000665300049
300049300243

Risk-Adjusted Indicators

There is a big difference between Gansu Stock performing well and Gansu Yasheng 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 Gansu Yasheng'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
159681  2.98  0.78  0.14 (5.41) 3.12 
 8.99 
 36.32 
159005  0.02  0.00 (12.27) 0.21  0.00 
 0.12 
 0.14 
516220  1.73  0.31  0.06 (2.27) 1.75 
 5.26 
 17.74 
002096  2.06  0.13  0.01  0.54  2.34 
 4.30 
 13.27 
300243  3.20  0.85  0.13 (0.66) 3.78 
 10.41 
 31.77 
603269  2.62  0.53  0.13 (2.36) 2.53 
 5.98 
 16.65 
300049  3.43 (0.11) 0.00 (0.14) 0.00 
 7.57 
 28.09 
600895  3.41  1.13  0.22 (0.79) 3.18 
 10.01 
 19.00 
688618  3.31  0.40  0.06 (10.95) 4.13 
 9.39 
 29.46 
000665  2.36  0.61  0.12 (9.94) 3.14 
 5.15 
 19.82 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Gansu Yasheng 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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