Xiamen Jihong Correlations

002803 Stock

13.78 0.08 0.58%

The current 90-days correlation between Xiamen Jihong Package and Gem Year Industrial Co is 0.54 (i.e., Very weak diversification). The correlation of Xiamen Jihong 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.

Xiamen Jihong Correlation With Market

Average diversification

The correlation between Xiamen Jihong Package and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Jihong Package and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Xiamen Stock

0.78	600309	Wanhua Chemical Group	Pair Corr
0.83	002493	Rongsheng Petrochemical	Pair Corr
0.87	600010	Inner Mongolia BaoTou	Pair Corr
0.86	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.88	603260	Hoshine Silicon Ind	Pair Corr
0.81	600898	Gome Telecom Equipment	Pair Corr
0.7	600715	Cultural Investment	Pair Corr
0.92	002188	Bus Online	Pair Corr
0.76	000980	Zotye Automobile	Pair Corr
0.8	300578	BizConf Telecom	Pair Corr
0.84	600386	Beijing Bashi Media	Pair Corr
0.71	301365	Matrix Design	Pair Corr
0.68	688013	Touchstone International	Pair Corr
0.91	601698	China Satellite Comm	Pair Corr
0.9	300171	Shanghai Tofflon Science	Pair Corr
0.64	688558	Nantong Guosheng Int	Pair Corr

Moving against Xiamen Stock

0.75	600160	Zhejiang Juhua	Pair Corr
0.52	000807	Yunnan Aluminium	Pair Corr
0.37	301439	Weihai Honglin Electronic	Pair Corr
0.58	688256	Cambricon Technologies	Pair Corr
0.54	180101	Bosera CMSK Industrial	Pair Corr
0.53	601169	Bank of Beijing Co Ltd	Pair Corr
0.45	603306	HMTNew Technical	Pair Corr
0.39	600368	Guangxi Wuzhou Commu	Pair Corr

Related Correlations Analysis

	601002	603355	601899	600490	601319	508027	002261
601002		0.66	0.08	0.26	0.2	0.19	0.58	601002
603355	0.66		0.4	0.23	-0.1	0.58	0.83	603355
601899	0.08	0.4		-0.01	-0.52	0.74	0.41	601899
600490	0.26	0.23	-0.01		0.44	0.04	0.19	600490
601319	0.2	-0.1	-0.52	0.44		-0.6	-0.24	601319
508027	0.19	0.58	0.74	0.04	-0.6		0.69	508027
002261	0.58	0.83	0.41	0.19	-0.24	0.69		002261
	601002	603355	601899	600490	601319	508027	002261

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

002261	+ 0.83	603355
508027	+ 0.74	601899
002261	+ 0.69	508027
603355	+ 0.66	601002
002261	+ 0.58	601002
508027	+ 0.58	603355

High negative correlations

508027	- 0.6	601319
601319	- 0.52	601899
002261	- 0.24	601319
601319	- 0.1	603355
600490	- 0.01	601899

Risk-Adjusted Indicators

There is a big difference between Xiamen Stock performing well and Xiamen Jihong 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 Xiamen Jihong'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
601002	1.59	0.24	0.13	0.97	1.58	(2.05)	4.17	(3.31)	11.49
603355	1.33	0.16	0.09	0.36	1.60	(1.46)	3.94	(3.15)	7.97
601899	1.31	0.02	0.01	0.03	1.85	(1.20)	2.57	(2.70)	7.31
600490	2.78	0.24	0.08	0.22	2.83	(3.64)	9.87	(4.85)	18.25
601319	1.21	(0.09)	0.00	(0.57)	0.00	0.00	2.75	(3.33)	8.60
508027	0.75	0.12	0.16	22.22	0.58	(1.16)	2.45	(1.11)	6.41
002261	3.40	0.86	0.27	(3.39)	2.64	(4.13)	10.01	(4.29)	20.01

Be your own money manager

Our tools can tell you how much better you can do entering a position in Xiamen Jihong 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 Global Markets Map Now

Global Markets Map

Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes

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