Beijing HuaYuanYiTong Correlations
| 002893 Stock | 10.52 0.51 4.62% |
The current 90-days correlation between Beijing HuaYuanYiTong and Qiaoyin Environmental Tech is 0.27 (i.e., Modest diversification). The correlation of Beijing HuaYuanYiTong 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.
Beijing HuaYuanYiTong Correlation With Market
Significant diversification
The correlation between Beijing HuaYuanYiTong Thermal and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Beijing HuaYuanYiTong Thermal and DJI in the same portfolio, assuming nothing else is changed.
Beijing |
The ability to find closely correlated positions to Beijing HuaYuanYiTong could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong - 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 Beijing HuaYuanYiTong Thermal to buy it.
Moving together with Beijing Stock
| 0.69 | 301365 | Matrix Design | PairCorr |
| 0.72 | 300171 | Shanghai Tofflon Science | PairCorr |
| 0.61 | 688013 | Touchstone International | PairCorr |
| 0.62 | 688103 | Kunshan Guoli Electronic | PairCorr |
Moving against Beijing Stock
| 0.73 | 600000 | Shanghai Pudong Deve | PairCorr |
| 0.64 | 601988 | Bank of China Limited | PairCorr |
| 0.56 | 601166 | Industrial Bank | PairCorr |
| 0.55 | 601398 | Industrial and Commercial | PairCorr |
| 0.54 | 600036 | China Merchants Bank | PairCorr |
| 0.48 | 603306 | HMTNew Technical | PairCorr |
| 0.44 | 601288 | Agricultural Bank | PairCorr |
| 0.43 | 600368 | Guangxi Wuzhou Commu | PairCorr |
| 0.42 | 688123 | Giantec Semiconductor | PairCorr |
| 0.41 | 601939 | China Construction Bank | PairCorr |
| 0.85 | 508058 | CICC Fund Management | PairCorr |
| 0.56 | 180201 | Ping An Guangzhou | PairCorr |
| 0.56 | 000933 | Henan Shenhuo Coal | PairCorr |
| 0.53 | 180101 | Bosera CMSK Industrial | PairCorr |
| 0.51 | 300811 | Poco Holding Co | PairCorr |
| 0.5 | 601169 | Bank of Beijing Co Ltd | PairCorr |
| 0.49 | 688256 | Cambricon Technologies | PairCorr |
| 0.39 | 301439 | Weihai Honglin Electronic | PairCorr |
Related Correlations Analysis
| 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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Beijing Stock performing well and Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 000928 | 1.36 | 0.00 | 0.01 | (0.01) | 1.83 | 2.18 | 15.40 | |||
| 002973 | 2.09 | 0.37 | 0.17 | (0.65) | 1.98 | 4.94 | 10.21 | |||
| 300815 | 1.57 | (0.04) | 0.00 | 0.22 | 0.00 | 3.52 | 8.78 | |||
| 300339 | 2.79 | (0.15) | 0.00 | (0.29) | 0.00 | 5.68 | 21.22 | |||
| 300786 | 3.03 | (0.07) | 0.00 | 0.10 | 0.00 | 4.76 | 36.56 | |||
| 603615 | 2.29 | (0.06) | 0.00 | 0.80 | 0.00 | 4.27 | 20.01 | |||
| 002034 | 1.38 | 0.10 | 0.07 | (0.72) | 1.69 | 2.84 | 14.21 |
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