Shandong Mining Correlations

002526 Stock

4.10 0.17 3.98%

The correlation of Shandong Mining 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.

Shandong Mining Correlation With Market

Average diversification

The correlation between Shandong Mining Machinery and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Mining Machinery and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Shandong Stock

0.67	600036	China Merchants Bank	Pair Corr
0.78	002594	BYD Co	Pair Corr
0.62	002418	Zhe Jiang Kangsheng	Pair Corr
0.77	300674	Yusys Technologies	Pair Corr
0.69	300840	Qingdao Kutesmart Co	Pair Corr
0.73	002501	Jilin Liyuan Precision	Pair Corr
0.79	300354	DongHua Testing Tech	Pair Corr
0.72	300530	Hunan Lead Power	Pair Corr
0.67	002630	China Western Power	Pair Corr
0.74	300940	Shen Zhen Australis	Pair Corr
0.85	300780	Sichuan Dawn Precision	Pair Corr

Moving against Shandong Stock

0.79	601857	PetroChina	Pair Corr
0.56	603959	Hunan Baili Engineering	Pair Corr
0.51	600941	China Mobile Limited	Pair Corr

Related Correlations Analysis

	000609	600711	601061	002597	600259	001286	002761	601020
000609		0.01	-0.42	0.1	0.09	-0.67	-0.09	0.05	000609
600711	0.01		0.54	0.86	0.86	0.01	-0.1	0.86	600711
601061	-0.42	0.54		0.53	0.52	0.68	0.41	0.61	601061
002597	0.1	0.86	0.53		0.83	0.0	-0.12	0.77	002597
600259	0.09	0.86	0.52	0.83		-0.13	0.07	0.88	600259
001286	-0.67	0.01	0.68	0.0	-0.13		0.25	-0.05	001286
002761	-0.09	-0.1	0.41	-0.12	0.07	0.25		0.24	002761
601020	0.05	0.86	0.61	0.77	0.88	-0.05	0.24		601020
	000609	600711	601061	002597	600259	001286	002761	601020

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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

601020	+ 0.88	600259
002597	+ 0.86	600711
600259	+ 0.86	600711
601020	+ 0.86	600711
600259	+ 0.83	002597
601020	+ 0.77	002597

High negative correlations

001286	- 0.67	000609
601061	- 0.42	000609
001286	- 0.13	600259
002761	- 0.12	002597
002761	- 0.1	600711
002761	- 0.09	000609

Risk-Adjusted Indicators

There is a big difference between Shandong Stock performing well and Shandong Mining 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 Shandong Mining'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
000609	2.20	(0.06)	0.00	(0.11)	0.00	0.00	5.02	(4.92)	10.33
600711	1.58	0.32	0.15	0.58	1.69	(1.93)	4.57	(3.95)	9.98
601061	0.84	0.02	0.05	(0.14)	1.01	(0.90)	1.79	(1.84)	3.85
002597	1.42	0.20	0.14	(1.56)	1.45	(1.62)	3.89	(2.19)	9.56
600259	1.65	0.24	0.17	(0.31)	1.49	(1.96)	4.47	(2.81)	13.11
001286	0.62	(0.05)	0.00	(0.66)	0.00	0.00	1.63	(1.18)	4.19
002761	1.40	(0.16)	0.00	1.09	0.00	0.00	2.50	(3.61)	13.85
601020	2.59	0.77	0.31	(2.85)	2.09	(3.06)	7.84	(3.56)	18.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shandong Mining 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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