Huadong Medicine Correlations

000963 Stock   35.95  0.24  0.66%   
The current 90-days correlation between Huadong Medicine and Industrial and Commercial is 0.19 (i.e., Average diversification). The correlation of Huadong Medicine 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.

Huadong Medicine Correlation With Market

Significant diversification

The correlation between Huadong Medicine Co and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Huadong Medicine Co and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Huadong Medicine could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Huadong Medicine 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 Huadong Medicine - 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 Huadong Medicine Co to buy it.

Moving together with Huadong Stock

  0.74601668 China State ConstructionPairCorr
  0.83601390 China Railway GroupPairCorr
  0.87601186 China Railway ConstrPairCorr
  0.71601398 Industrial and CommercialPairCorr
  0.76601628 China Life InsurancePairCorr
  0.68601318 Ping An InsurancePairCorr
  0.72601939 China Construction BankPairCorr
  0.91603416 WuXi Xinje ElectricPairCorr
  0.91603517 Juewei FoodPairCorr
  0.72600036 China Merchants BankPairCorr
  0.72300034 Beijing Cisri GaonaPairCorr
  0.86002975 Zhuhai Bojay ElectronicsPairCorr
  0.9300825 Iat Automobile TechnologyPairCorr
  0.86002893 Beijing HuaYuanYiTongPairCorr
  0.72000973 FSPG Hi TechPairCorr
  0.94688021 Aofu EnvironmentalPairCorr
  0.89002517 Kingnet NetworkPairCorr
  0.81600769 Wuhan Xianglong PowerPairCorr
  0.67301301 Yili Chuanning BiotePairCorr
  0.88601789 Ningbo ConstructionPairCorr
  0.91002584 Xilong ChemicalPairCorr
  0.79002920 Huizhou Desay SVPairCorr
  0.82600100 TsinghuatongfangPairCorr
  0.94300219 Guangzhou Hongli OptoPairCorr
  0.84002797 First Capital SecuritiesPairCorr
  0.87002466 Sichuan Tianqi LithiumPairCorr
  0.79300314 Ningbo David MedicalPairCorr
  0.91002008 HanS Laser TechPairCorr
  0.79002049 Unigroup Guoxin MicrPairCorr
  0.77605377 Hangzhou Huawang NewPairCorr
  0.9600076 Kangxin New MaterialsPairCorr
  0.77688396 China Resources MicrPairCorr
  0.87688739 Liaoning Chengda BioPairCorr
  0.96002382 Blue Sail MedicalPairCorr
  0.84600455 ButOne Information CorpPairCorr
  0.84000420 Jilin Chemical FibrePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Huadong Stock performing well and Huadong Medicine 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 Huadong Medicine'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
601398  1.09  0.25  0.18  3.08  1.01 
 2.83 
 8.14 
600519  1.71  0.17  0.07  0.61  1.81 
 6.55 
 16.71 
601288  1.02  0.18  0.11  1.44  1.25 
 2.20 
 7.78 
600941  1.05  0.17  0.14 (8.04) 0.96 
 3.09 
 8.38 
601939  1.11  0.26  0.16  1.80  1.16 
 3.32 
 8.64 
601857  1.28  0.12  0.05 (4.50) 1.83 
 3.55 
 17.17 
601988  1.00  0.19  0.14  1.27  0.97 
 2.67 
 7.70 
300750  2.77  0.60  0.16 (2.47) 3.05 
 7.94 
 33.42 
601628  2.13  0.35  0.11  0.90  2.54 
 6.42 
 20.00 
600036  1.56  0.37  0.17 (3.67) 1.76 
 4.65 
 13.83 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Huadong Medicine 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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Huadong Medicine Corporate Executives

Elected by the shareholders, the Huadong Medicine's board of directors comprises two types of representatives: Huadong Medicine inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Huadong. The board's role is to monitor Huadong Medicine's management team and ensure that shareholders' interests are well served. Huadong Medicine's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Huadong Medicine's outside directors are responsible for providing unbiased perspectives on the board's policies.
Renbo QiuCFO DepartmentProfile