Shanghai Broadband Correlations

Stocks . China . 
Stock . Shanghai Broadband Technology
600608 Stock   4.01  0.09  2.20%   
The current 90-days correlation between Shanghai Broadband and Zijin Mining Group is 0.07 (i.e., Significant diversification). The correlation of Shanghai Broadband 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.

Shanghai Broadband Correlation With Market

Very good diversification

The correlation between Shanghai Broadband Technology and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Broadband Technology and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Shanghai Broadband could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shanghai Broadband 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 Shanghai Broadband - 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 Shanghai Broadband Technology to buy it.

Moving together with Shanghai Stock

  0.64002493 Rongsheng PetrochemicalPairCorr
  0.8600010 Inner Mongolia BaoTouPairCorr
  0.89002460 Jiangxi Ganfeng LithiumPairCorr
  0.7603260 Hoshine Silicon IndPairCorr
  0.65600160 Zhejiang JuhuaPairCorr
  0.78000572 Haima AutomobilePairCorr
  0.84000839 CITIC Guoan InformationPairCorr
  0.85002605 Shanghai Yaoji PlayingPairCorr
  0.82300074 AVCON Information TechPairCorr
  0.62900957 Shanghai Lingyun IndPairCorr
  0.84002491 Tongding InterconnectionPairCorr
  0.66000042 Shenzhen CentralconPairCorr
  0.68000555 Digital China InformationPairCorr
  0.72600030 CITIC SecuritiesPairCorr
  0.75002205 XinJiang GuoTong PipelinePairCorr
  0.65300252 Kingsignal TechnologyPairCorr
  0.95002822 Shenzhen ZhongzhuangPairCorr
  0.7688203 Zhejiang HISUN BiomaPairCorr

Moving against Shanghai Stock

  0.62600547 Shandong Gold MiningPairCorr

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   
600160
+ 0.92
002493
002460
+ 0.92
600010
600160
+ 0.91
600019
002493
+ 0.9
600019
000807
+ 0.9
600019
603260
+ 0.9
002493
  
High negative correlations   
002460
- 0.44
600547
600010
- 0.39
600547
603260
- 0.31
600547
600547
- 0.12
002493
600160
- 0.1
600547

Risk-Adjusted Indicators

There is a big difference between Shanghai Stock performing well and Shanghai Broadband 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 Shanghai Broadband'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
601899  1.66 (0.01) 0.00  0.14  0.00 
 0.00 
 3.35 
(3.39)
 10.10 
600309  1.73  0.13  0.01  13.55  2.24 
(1.98)
 3.92 
(3.47)
 16.38 
600019  1.61  0.21  0.04  28.34  2.02 
(1.82)
 4.80 
(3.10)
 17.37 
002493  1.50  0.21  0.04 (3.35) 1.87 
(1.75)
 4.12 
(2.54)
 15.52 
600547  1.55 (0.31) 0.00  6.83  0.00 
 0.00 
 2.59 
(3.29)
 12.15 
600010  2.28  0.63  0.15 (0.64) 2.33 
(3.06)
 7.46 
(4.00)
 19.48 
002460  3.46  0.82  0.18 (2.94) 3.31 
(4.10)
 9.99 
(6.14)
 20.00 
603260  2.08  0.48  0.12 (2.01) 2.46 
(2.41)
 4.90 
(3.79)
 17.89 
600160  2.35  0.42  0.12  1.37  2.47 
(2.53)
 6.09 
(5.00)
 15.23 
000807  2.02  0.30  0.09  1.00  2.25 
(2.29)
 4.73 
(3.27)
 15.53 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shanghai Broadband 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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