Changzhou Evergreen Correlations

001324 Stock

16.82 0.23 1.35%

The current 90-days correlation between Changzhou Evergreen and Qiaoyin Environmental Tech is 0.44 (i.e., Very weak diversification). The correlation of Changzhou Evergreen 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.

Changzhou Evergreen Correlation With Market

Significant diversification

The correlation between Changzhou Evergreen Technology and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Changzhou Evergreen Technology and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Changzhou Stock

0.62

000719

Central China Land

Pair Corr

Moving against Changzhou Stock

0.31

688169

Beijing Roborock Tec

Pair Corr

Related Correlations Analysis

	000969	600307	002973	300398	301059	002108	000544	688466
000969		0.32	-0.32	0.64	0.13	0.58	0.35	0.78	000969
600307	0.32		0.32	0.45	0.49	0.64	0.76	0.46	600307
002973	-0.32	0.32		-0.12	0.29	0.13	0.17	-0.1	002973
300398	0.64	0.45	-0.12		0.32	0.7	0.7	0.75	300398
301059	0.13	0.49	0.29	0.32		0.43	0.52	0.21	301059
002108	0.58	0.64	0.13	0.7	0.43		0.54	0.8	002108
000544	0.35	0.76	0.17	0.7	0.52	0.54		0.46	000544
688466	0.78	0.46	-0.1	0.75	0.21	0.8	0.46		688466
	000969	600307	002973	300398	301059	002108	000544	688466

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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

688466	+ 0.8	002108
688466	+ 0.78	000969
000544	+ 0.76	600307
688466	+ 0.75	300398
002108	+ 0.7	300398
000544	+ 0.7	300398

High negative correlations

002973	- 0.32	000969
300398	- 0.12	002973
688466	- 0.1	002973

Risk-Adjusted Indicators

There is a big difference between Changzhou Stock performing well and Changzhou Evergreen 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 Changzhou Evergreen'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
000969	2.30	0.29	0.10	0.71	2.57	(2.63)	5.78	(3.68)	20.03
600307	2.67	0.19	0.05	(1.52)	2.75	(3.54)	7.95	(3.72)	19.98
002973	1.90	0.04	0.01	0.09	2.48	(2.05)	4.92	(4.46)	15.26
300398	2.53	0.04	0.02	0.04	3.00	(2.65)	5.72	(5.00)	26.02
301059	3.17	0.21	0.05	0.49	4.18	(3.35)	5.86	(6.08)	34.16
002108	1.69	0.06	0.02	0.50	1.91	(1.91)	2.94	(3.28)	14.96
000544	1.20	0.04	0.02	0.13	1.57	(1.20)	2.86	(2.76)	9.03
688466	2.00	0.06	0.01	0.63	2.32	(2.47)	4.17	(4.36)	26.28

Be your own money manager

Our tools can tell you how much better you can do entering a position in Changzhou Evergreen 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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