Zhejiang Kingland Correlations

002443 Stock

6.11 0.05 0.81%

The current 90-days correlation between Zhejiang Kingland and Gem Year Industrial Co is 0.56 (i.e., Very weak diversification). The correlation of Zhejiang Kingland 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.

Zhejiang Kingland Correlation With Market

Average diversification

The correlation between Zhejiang Kingland Pipeline and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Zhejiang Stock

0.62	601318	Ping An Insurance	Pair Corr
0.64	600036	China Merchants Bank	Pair Corr
0.73	002594	BYD Co	Pair Corr
0.64	688327	Cloudwalk Technology	Pair Corr
0.65	002630	China Western Power	Pair Corr
0.65	600361	Beijing Hualian Hype	Pair Corr
0.76	603716	Wuhan Thalys Med	Pair Corr
0.82	300940	Shen Zhen Australis	Pair Corr
0.77	300842	Wuxi Dk Electronic	Pair Corr
0.7	688298	Zhejiang Orient Gene	Pair Corr
0.68	688003	Suzhou TZTEK Technology	Pair Corr
0.7	300895	Beijing Topnew Info	Pair Corr
0.65	300674	Yusys Technologies	Pair Corr
0.63	300530	Hunan Lead Power	Pair Corr
0.68	301226	Changzhou Xiangming	Pair Corr
0.72	002194	Wuhan Fingu Electronic	Pair Corr
0.7	002501	Jilin Liyuan Precision	Pair Corr
0.64	600301	Nanning Chemical Industry	Pair Corr
0.72	300007	Henan Hanwei Electronics	Pair Corr
0.81	300780	Sichuan Dawn Precision	Pair Corr
0.8	002616	Guangdong Chant Group	Pair Corr
0.76	688466	GreenTech Environmental	Pair Corr
0.74	002250	Lianhe Chemical Tech	Pair Corr

Moving against Zhejiang Stock

0.66

603959

Hunan Baili Engineering

Pair Corr

Related Correlations Analysis

	600259	601002	002526	601899	603979	002149	300503	003033
600259		0.71	0.61	0.82	0.81	0.89	0.67	0.85	600259
601002	0.71		0.84	0.48	0.52	0.84	0.95	0.81	601002
002526	0.61	0.84		0.51	0.57	0.7	0.84	0.65	002526
601899	0.82	0.48	0.51		0.89	0.69	0.47	0.77	601899
603979	0.81	0.52	0.57	0.89		0.75	0.5	0.72	603979
002149	0.89	0.84	0.7	0.69	0.75		0.78	0.89	002149
300503	0.67	0.95	0.84	0.47	0.5	0.78		0.76	300503
003033	0.85	0.81	0.65	0.77	0.72	0.89	0.76		003033
	600259	601002	002526	601899	603979	002149	300503	003033

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Zhejiang Stock performing well and Zhejiang Kingland 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 Zhejiang Kingland'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
600259	1.69	0.26	0.22	(0.35)	1.43	(2.05)	4.47	(2.81)	13.11
601002	1.65	0.09	0.07	(2.62)	1.92	(2.12)	4.17	(3.34)	15.89
002526	3.07	(0.01)	0.00	(0.07)	0.00	0.00	7.11	(5.49)	17.26
601899	1.44	0.25	0.16	(21.06)	1.67	(1.46)	3.07	(2.70)	7.27
603979	1.67	0.08	0.09	(0.51)	1.61	(2.23)	3.88	(2.52)	10.33
002149	2.80	0.27	0.11	(1.59)	2.79	(3.17)	6.72	(4.25)	15.94
300503	3.17	0.39	0.10	0.39	3.79	(3.34)	6.87	(7.12)	18.13
003033	3.61	0.90	0.25	1.02	3.18	(4.56)	10.00	(6.08)	19.17

Be your own money manager

Our tools can tell you how much better you can do entering a position in Zhejiang Kingland 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 Stock Screener Now

Stock Screener

Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook.

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