Hoshine Silicon Correlations

603260 Stock

59.10 0.92 1.58%

The current 90-days correlation between Hoshine Silicon Ind and Mingchen Health Co is 0.4 (i.e., Very weak diversification). The correlation of Hoshine Silicon 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.

Hoshine Silicon Correlation With Market

Good diversification

The correlation between Hoshine Silicon Ind 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 Hoshine Silicon Ind and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hoshine Stock

0.64	600309	Wanhua Chemical Group	Pair Corr
0.8	600019	Baoshan Iron Steel	Pair Corr
0.9	002493	Rongsheng Petrochemical	Pair Corr
0.84	600010	Inner Mongolia BaoTou	Pair Corr
0.84	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.87	600160	Zhejiang Juhua	Pair Corr
0.84	000807	Yunnan Aluminium	Pair Corr
0.82	688525	Biwin Storage Technology	Pair Corr
0.75	600036	China Merchants Bank	Pair Corr
0.85	601318	Ping An Insurance	Pair Corr
0.91	900957	Shanghai Lingyun Ind	Pair Corr
0.91	002236	Zhejiang Dahua Technology	Pair Corr

Moving against Hoshine Stock

0.44	600028	China Petroleum Chemical	Pair Corr
0.34	600547	Shandong Gold Mining	Pair Corr

Related Correlations Analysis

	002919	000813	002432	002446	300597	002792	001323	002941
002919		0.91	0.82	0.93	0.9	0.87	0.89	0.85	002919
000813	0.91		0.74	0.96	0.94	0.89	0.93	0.88	000813
002432	0.82	0.74		0.78	0.72	0.65	0.68	0.73	002432
002446	0.93	0.96	0.78		0.96	0.9	0.93	0.9	002446
300597	0.9	0.94	0.72	0.96		0.89	0.88	0.9	300597
002792	0.87	0.89	0.65	0.9	0.89		0.88	0.85	002792
001323	0.89	0.93	0.68	0.93	0.88	0.88		0.87	001323
002941	0.85	0.88	0.73	0.9	0.9	0.85	0.87		002941
	002919	000813	002432	002446	300597	002792	001323	002941

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Risk-Adjusted Indicators

There is a big difference between Hoshine Stock performing well and Hoshine Silicon 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 Hoshine Silicon'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
002919	2.68	0.21	0.03	0.86	3.60	(2.58)	4.75	(5.50)	20.00
000813	2.14	0.51	0.14	(4.00)	2.25	(2.52)	4.33	(3.81)	17.04
002432	1.74	0.08	(0.03)	(0.45)	2.17	(1.98)	2.98	(3.18)	16.96
002446	2.51	0.49	0.11	24.63	2.69	(2.84)	5.22	(4.62)	18.81
300597	2.75	0.45	0.08	1.46	3.83	(2.67)	6.00	(5.15)	28.63
002792	3.03	0.75	0.17	(6.28)	3.34	(3.43)	9.98	(6.12)	17.25
001323	1.91	0.62	0.19	(4.71)	1.86	(2.12)	4.56	(3.57)	15.94
002941	2.83	0.60	0.16	2.16	2.83	(3.36)	9.95	(4.98)	19.30

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hoshine Silicon 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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