Penghua Shenzhen Correlations

180401 Stock   6.35  0.01  0.16%   
The current 90-days correlation between Penghua Shenzhen Energy and Linktel Technologies Co is 0.05 (i.e., Significant diversification). The correlation of Penghua Shenzhen 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.

Penghua Shenzhen Correlation With Market

Good diversification

The correlation between Penghua Shenzhen Energy and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Penghua Shenzhen Energy and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Penghua Shenzhen could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Penghua Shenzhen 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 Penghua Shenzhen - 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 Penghua Shenzhen Energy to buy it.

Moving together with Penghua Stock

  0.87601398 Industrial and CommercialPairCorr
  0.8601288 Agricultural BankPairCorr
  0.67600941 China Mobile LimitedPairCorr
  0.78601939 China Construction BankPairCorr
  0.86601988 Bank of China LimitedPairCorr
  0.73600036 China Merchants BankPairCorr
  0.72508096 AVIC Fund ManagementPairCorr
  0.69601169 Bank of Beijing Co LtdPairCorr

Moving against Penghua Stock

  0.67000517 Rongan PropertyPairCorr
  0.64002303 Shenzhen MYS EnvironPairCorr
  0.55605368 Henan Lantian GasPairCorr
  0.51000937 Jizhong Energy ResourcesPairCorr
  0.49200012 CSG HoldingPairCorr
  0.42600519 Kweichow MoutaiPairCorr
  0.36300533 Shenzhen BingchuanPairCorr
  0.41601698 China Satellite CommPairCorr

Related Correlations Analysis

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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   
002261002987
000555300609
000555002987
002987301205
002261301205
000555002261
  
High negative correlations   
300609688041
000555688041

Risk-Adjusted Indicators

There is a big difference between Penghua Stock performing well and Penghua Shenzhen 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 Penghua Shenzhen'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Penghua Shenzhen 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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