Daoming OpticsChemical Correlations

002632 Stock

9.00 0.36 3.85%

The current 90-days correlation between Daoming OpticsChemical and Huizhou Speed Wireless is 0.65 (i.e., Poor diversification). The correlation of Daoming OpticsChemical 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.

Daoming OpticsChemical Correlation With Market

Average diversification

The correlation between Daoming OpticsChemical Co and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Daoming OpticsChemical Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Daoming Stock

0.64	600019	Baoshan Iron Steel	Pair Corr
0.73	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.77	000708	CITIC Pacific Special	Pair Corr
0.61	603260	Hoshine Silicon Ind	Pair Corr
0.8	300530	Hunan Lead Power	Pair Corr
0.69	300354	DongHua Testing Tech	Pair Corr

Moving against Daoming Stock

0.51

603959

Hunan Baili Engineering

Pair Corr

Related Correlations Analysis

	600131	600258	601187	601318	300322	601818	002929	300597
600131		0.27	0.58	0.72	0.91	0.3	0.6	0.9	600131
600258	0.27		0.43	0.68	0.1	-0.02	-0.47	0.16	600258
601187	0.58	0.43		0.81	0.51	0.58	0.32	0.59	601187
601318	0.72	0.68	0.81		0.58	0.41	0.17	0.61	601318
300322	0.91	0.1	0.51	0.58		0.27	0.69	0.95	300322
601818	0.3	-0.02	0.58	0.41	0.27		0.46	0.38	601818
002929	0.6	-0.47	0.32	0.17	0.69	0.46		0.66	002929
300597	0.9	0.16	0.59	0.61	0.95	0.38	0.66		300597
	600131	600258	601187	601318	300322	601818	002929	300597

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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

300597	+ 0.95	300322
300322	+ 0.91	600131
300597	+ 0.9	600131
601318	+ 0.81	601187
601318	+ 0.72	600131
002929	+ 0.69	300322

High negative correlations

002929	- 0.47	600258
601818	- 0.02	600258

Risk-Adjusted Indicators

There is a big difference between Daoming Stock performing well and Daoming OpticsChemical 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 Daoming OpticsChemical'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
600131	1.89	(0.17)	0.00	18.17	0.00	0.00	4.28	(3.30)	12.64
600258	1.09	(0.21)	0.00	(5.14)	0.00	0.00	2.13	(3.07)	6.88
601187	0.97	0.05	0.06	0.15	1.20	(1.05)	2.00	(1.89)	6.27
601318	1.00	(0.09)	0.00	(0.34)	0.00	0.00	1.58	(2.40)	7.48
300322	2.67	(0.19)	0.00	(0.39)	0.00	0.00	5.68	(5.68)	13.86
601818	0.95	0.05	0.07	(0.28)	1.15	(1.08)	2.39	(1.63)	8.35
002929	3.90	0.98	0.26	(5.16)	3.45	(4.62)	10.00	(6.25)	18.41
300597	1.81	(0.16)	0.00	0.92	0.00	0.00	3.90	(4.95)	12.54

Be your own money manager

Our tools can tell you how much better you can do entering a position in Daoming OpticsChemical 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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