Wuxi Chemical Correlations

001332 Stock

34.27 0.34 1.00%

The current 90-days correlation between Wuxi Chemical Equipment and Epoxy Base Electronic is 0.29 (i.e., Modest diversification). The correlation of Wuxi 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.

Wuxi Chemical Correlation With Market

Good diversification

The correlation between Wuxi Chemical Equipment and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wuxi Chemical Equipment and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Wuxi 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 Wuxi 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 Wuxi 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 Wuxi Chemical Equipment to buy it.

Moving together with Wuxi Stock

0.64	601668	China State Construction	Pair Corr
0.65	601628	China Life Insurance	Pair Corr

Moving against Wuxi Stock

0.61	601728	China Telecom Corp	Pair Corr
0.54	688256	Cambricon Technologies	Pair Corr
0.36	603259	WuXi AppTec	Pair Corr

Related Correlations Analysis

	603002	600419	605338	002348	300976	002289	301123	603711
603002		0.44	0.38	0.59	0.15	0.53	0.12	0.09	603002
600419	0.44		0.61	0.74	-0.08	0.3	-0.45	0.53	600419
605338	0.38	0.61		0.44	0.44	0.31	-0.2	0.39	605338
002348	0.59	0.74	0.44		-0.25	0.52	-0.36	0.0	002348
300976	0.15	-0.08	0.44	-0.25		0.02	0.48	0.22	300976
002289	0.53	0.3	0.31	0.52	0.02		0.09	-0.26	002289
301123	0.12	-0.45	-0.2	-0.36	0.48	0.09		-0.22	301123
603711	0.09	0.53	0.39	0.0	0.22	-0.26	-0.22		603711
	603002	600419	605338	002348	300976	002289	301123	603711

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

002348	+ 0.74	600419
605338	+ 0.61	600419
002348	+ 0.59	603002
002289	+ 0.53	603002
603711	+ 0.53	600419
002289	+ 0.52	002348

High negative correlations

301123	- 0.45	600419
301123	- 0.36	002348
603711	- 0.26	002289
300976	- 0.25	002348
603711	- 0.22	301123
301123	- 0.2	605338

Risk-Adjusted Indicators

There is a big difference between Wuxi Stock performing well and Wuxi 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 Wuxi 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
603002	3.25	0.29	0.08	1.14	3.85	(3.27)	10.00	(5.95)	20.04
600419	2.11	0.07	0.03	(0.37)	2.74	(2.19)	4.44	(4.91)	14.59
605338	1.96	0.03	0.03	(0.05)	2.52	(2.08)	3.60	(4.60)	17.55
002348	3.95	0.16	0.04	(0.20)	5.04	(4.15)	9.91	(9.96)	20.12
300976	2.46	0.18	0.07	(0.64)	3.09	(2.59)	4.13	(5.12)	19.00
002289	2.12	0.18	0.08	0.50	2.30	(2.44)	4.99	(3.65)	9.75
301123	3.21	0.29	0.09	(0.52)	3.52	(3.84)	6.75	(6.24)	31.05
603711	3.25	0.04	0.01	0.12	4.20	(3.29)	6.50	(7.73)	20.05

Be your own money manager

Our tools can tell you how much better you can do entering a position in Wuxi 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.

Did you try this?

Run Instant Ratings Now

Instant Ratings

Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC