Qiaoyin Environmental Correlations

002973 Stock

12.34 0.08 0.64%

The current 90-days correlation between Qiaoyin Environmental and Zhengping RoadBridge Constr is 0.2 (i.e., Modest diversification). The correlation of Qiaoyin Environmental 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.

Qiaoyin Environmental Correlation With Market

Good diversification

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

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

Moving together with Qiaoyin Stock

0.76

601728

China Telecom Corp

Pair Corr

Moving against Qiaoyin Stock

0.93	601857	PetroChina	Pair Corr
0.85	600028	China Petroleum Chemical	Pair Corr
0.79	600938	CNOOC Limited	Pair Corr
0.76	601088	China Shenhua Energy	Pair Corr
0.69	601668	China State Construction	Pair Corr
0.47	600941	China Mobile Limited	Pair Corr
0.31	601628	China Life Insurance	Pair Corr

Related Correlations Analysis

	603843	603712	002044	508058	002682	301267	002307	603979
603843		0.04	-0.4	-0.03	0.34	0.27	-0.16	0.19	603843
603712	0.04		0.52	-0.63	0.7	0.89	0.78	0.25	603712
002044	-0.4	0.52		-0.22	0.44	0.46	0.69	0.34	002044
508058	-0.03	-0.63	-0.22		-0.23	-0.54	-0.61	0.34	508058
002682	0.34	0.7	0.44	-0.23		0.79	0.49	0.46	002682
301267	0.27	0.89	0.46	-0.54	0.79		0.69	0.37	301267
002307	-0.16	0.78	0.69	-0.61	0.49	0.69		0.14	002307
603979	0.19	0.25	0.34	0.34	0.46	0.37	0.14		603979
	603843	603712	002044	508058	002682	301267	002307	603979

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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

301267	+ 0.89	603712
301267	+ 0.79	002682
002307	+ 0.78	603712
002682	+ 0.7	603712
002307	+ 0.69	002044
002307	+ 0.69	301267

High negative correlations

508058	- 0.63	603712
002307	- 0.61	508058
301267	- 0.54	508058
002044	- 0.4	603843
002682	- 0.23	508058
508058	- 0.22	002044

Risk-Adjusted Indicators

There is a big difference between Qiaoyin Stock performing well and Qiaoyin Environmental 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 Qiaoyin Environmental'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
603843	2.60	0.14	0.05	0.22	3.08	(3.00)	7.60	(6.03)	16.84
603712	2.14	(0.05)	0.00	0.07	0.00	0.00	4.94	(4.90)	13.65
002044	2.60	0.24	0.12	(0.39)	2.26	(3.57)	9.92	(3.50)	17.06
508058	0.65	0.08	0.13	(11.82)	0.61	(0.80)	1.29	(1.30)	4.57
002682	2.26	0.12	0.04	0.17	3.11	(2.24)	4.55	(4.59)	14.92
301267	1.52	(0.05)	0.00	0.04	0.00	0.00	3.23	(3.57)	9.87
002307	2.57	0.06	0.02	0.04	2.96	(3.30)	9.97	(5.28)	18.56
603979	1.67	0.09	0.07	(0.37)	1.60	(2.23)	3.88	(2.52)	10.17

Be your own money manager

Our tools can tell you how much better you can do entering a position in Qiaoyin Environmental 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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