Chongqing Shunbo Correlations
| 002996 Stock | 6.64 0.17 2.63% |
The current 90-days correlation between Chongqing Shunbo Aluminum and Liaoning Dingjide Petrochemical is 0.21 (i.e., Modest diversification). The correlation of Chongqing Shunbo 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.
Chongqing Shunbo Correlation With Market
Significant diversification
The correlation between Chongqing Shunbo Aluminum and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Shunbo Aluminum and DJI in the same portfolio, assuming nothing else is changed.
Chongqing |
The ability to find closely correlated positions to Chongqing Shunbo could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Chongqing Shunbo 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 Chongqing Shunbo - 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 Chongqing Shunbo Aluminum to buy it.
Moving together with Chongqing Stock
| 0.61 | 002493 | Rongsheng Petrochemical | PairCorr |
| 0.78 | 600010 | Inner Mongolia BaoTou | PairCorr |
| 0.64 | 002460 | Jiangxi Ganfeng Lithium | PairCorr |
| 0.65 | 603260 | Hoshine Silicon Ind | PairCorr |
Moving against Chongqing Stock
| 0.49 | 601988 | Bank of China Limited | PairCorr |
| 0.42 | 601398 | Industrial and Commercial | PairCorr |
| 0.41 | 600160 | Zhejiang Juhua | PairCorr |
| 0.4 | 601939 | China Construction Bank | PairCorr |
| 0.36 | 600036 | China Merchants Bank | PairCorr |
| 0.35 | 688256 | Cambricon Technologies | PairCorr |
| 0.34 | 000807 | Yunnan Aluminium | PairCorr |
Related Correlations Analysis
| 0.3 | 0.31 | 0.37 | 0.29 | 0.53 | 0.31 | 603255 | ||
| 0.3 | 0.56 | 0.34 | 0.65 | 0.69 | 0.68 | 000949 | ||
| 0.31 | 0.56 | 0.25 | 0.69 | 0.76 | 0.66 | 301376 | ||
| 0.37 | 0.34 | 0.25 | 0.33 | 0.57 | 0.53 | 603816 | ||
| 0.29 | 0.65 | 0.69 | 0.33 | 0.75 | 0.65 | 001322 | ||
| 0.53 | 0.69 | 0.76 | 0.57 | 0.75 | 0.75 | 603551 | ||
| 0.31 | 0.68 | 0.66 | 0.53 | 0.65 | 0.75 | 002258 | ||
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Risk-Adjusted Indicators
There is a big difference between Chongqing Stock performing well and Chongqing Shunbo 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 Chongqing Shunbo'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 603255 | 1.86 | (0.02) | 0.00 | (0.04) | 0.00 | 4.17 | 19.06 | |||
| 000949 | 2.57 | 0.19 | 0.06 | 0.31 | 3.10 | 9.80 | 18.88 | |||
| 301376 | 1.89 | 0.12 | 0.05 | (4.77) | 2.20 | 4.24 | 12.73 | |||
| 603816 | 1.81 | (0.06) | 0.00 | (0.19) | 0.00 | 2.94 | 11.95 | |||
| 001322 | 1.78 | 0.08 | 0.04 | 1.84 | 2.20 | 4.01 | 12.54 | |||
| 603551 | 1.35 | 0.06 | 0.04 | 0.30 | 1.72 | 3.70 | 9.08 | |||
| 002258 | 1.19 | (0.02) | 0.00 | (0.10) | 0.00 | 2.28 | 10.27 |
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