Shandong Sino-Agri Correlations

003042 Stock

15.01 0.29 1.97%

The current 90-days correlation between Shandong Sino Agri and Jiangsu GDK Biotechnology is 0.43 (i.e., Very weak diversification). The correlation of Shandong Sino-Agri 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.

Shandong Sino-Agri Correlation With Market

Significant diversification

The correlation between Shandong Sino Agri United 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 Shandong Sino Agri United and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Shandong Stock

0.4	600019	Baoshan Iron Steel	Pair Corr
0.31	600519	Kweichow Moutai	Pair Corr
0.38	603959	Hunan Baili Engineering	Pair Corr

Related Correlations Analysis

	688670	601600	688363	605128	508058	603077	688639	000612
688670		-0.2	0.66	0.12	-0.7	0.68	0.73	-0.26	688670
601600	-0.2		-0.31	0.31	0.41	-0.43	-0.33	0.54	601600
688363	0.66	-0.31		-0.25	-0.67	0.82	0.64	-0.23	688363
605128	0.12	0.31	-0.25		-0.13	-0.54	0.32	0.54	605128
508058	-0.7	0.41	-0.67	-0.13		-0.61	-0.8	0.4	508058
603077	0.68	-0.43	0.82	-0.54	-0.61		0.47	-0.57	603077
688639	0.73	-0.33	0.64	0.32	-0.8	0.47		-0.1	688639
000612	-0.26	0.54	-0.23	0.54	0.4	-0.57	-0.1		000612
	688670	601600	688363	605128	508058	603077	688639	000612

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

603077	+ 0.82	688363
688639	+ 0.73	688670
603077	+ 0.68	688670
688363	+ 0.66	688670
688639	+ 0.64	688363
000612	+ 0.54	601600

High negative correlations

688639	- 0.8	508058
508058	- 0.7	688670
508058	- 0.67	688363
603077	- 0.61	508058
000612	- 0.57	603077
603077	- 0.54	605128

Risk-Adjusted Indicators

There is a big difference between Shandong Stock performing well and Shandong Sino-Agri 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 Shandong Sino-Agri'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
688670	1.87	(0.30)	0.00	0.47	0.00	0.00	3.35	(4.39)	12.61
601600	1.37	0.06	0.05	0.49	1.52	(1.48)	3.24	(2.41)	8.51
688363	1.41	(0.19)	0.00	0.32	0.00	0.00	2.92	(2.63)	8.17
605128	1.81	0.14	0.08	(0.38)	2.05	(1.86)	3.58	(3.18)	15.38
508058	0.65	0.08	0.13	(11.82)	0.61	(0.80)	1.29	(1.30)	4.57
603077	0.93	(0.24)	0.00	1.39	0.00	0.00	1.44	(2.55)	5.71
688639	1.71	(0.22)	0.00	0.32	0.00	0.00	3.24	(4.12)	18.91
000612	1.66	0.38	0.22	3.17	1.23	(2.37)	5.78	(2.23)	14.98

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shandong Sino-Agri 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 Sync Your Broker Now

Sync Your Broker

Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.

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