Xinxiang Chemical Correlations

000949 Stock   4.54  0.15  3.20%   
The current 90-days correlation between Xinxiang Chemical Fiber and Zijin Mining Group is 0.34 (i.e., Weak diversification). The correlation of Xinxiang Chemical 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.

Xinxiang Chemical Correlation With Market

Good diversification

The correlation between Xinxiang Chemical Fiber and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Xinxiang Chemical Fiber and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Xinxiang Chemical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Xinxiang Chemical 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 Xinxiang Chemical - 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 Xinxiang Chemical Fiber to buy it.

Moving together with Xinxiang Stock

  0.66600019 Baoshan Iron SteelPairCorr
  0.67002493 Rongsheng PetrochemicalPairCorr
  0.8600010 Inner Mongolia BaoTouPairCorr
  0.86002460 Jiangxi Ganfeng LithiumPairCorr
  0.68603260 Hoshine Silicon IndPairCorr
  0.67600160 Zhejiang JuhuaPairCorr
  0.62601988 Bank of ChinaPairCorr
  0.65601728 China Telecom CorpPairCorr
  0.64601816 Beijing Shanghai HighPairCorr
  0.67002371 NAURA TechnologyPairCorr
  0.84688656 HOB Biotech GroupPairCorr

Moving against Xinxiang Stock

  0.5600547 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   
600160600019
600160002493
002460600010
603260002493
002493600019
600160600010
  
High negative correlations   
002460600547
600010600547
603260600547
600160600547
002493600547

Risk-Adjusted Indicators

There is a big difference between Xinxiang Stock performing well and Xinxiang Chemical 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 Xinxiang Chemical'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  1.64  0.12  0.00 (0.39) 2.08 
 3.35 
 10.10 
600309  1.73  0.13  0.01 (0.65) 2.25 
 3.92 
 16.38 
600019  1.60  0.25  0.06 (2.42) 2.04 
 4.80 
 17.37 
600547  1.41 (0.03) 0.00  0.25  0.00 
 2.59 
 12.15 
002493  1.52  0.17  0.03 (0.80) 1.99 
 4.12 
 15.52 
600010  2.38  0.66  0.17 (0.66) 2.34 
 7.46 
 19.48 
002460  3.40  0.66  0.15 (4.23) 3.21 
 9.99 
 20.00 
603260  2.02  0.31  0.07 (1.25) 2.54 
 4.90 
 17.89 
600160  2.17  0.60  0.20  58.51  2.05 
 6.09 
 15.23 
000807  2.07  0.35  0.12  0.92  2.19 
 5.75 
 15.53 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Xinxiang Chemical 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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