China Medical Correlations

2M7C Stock

EUR 0.89 0.02 2.20%

The current 90-days correlation between China Medical System and Dr Reddys Laboratories is 0.02 (i.e., Significant diversification). The correlation of China Medical 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.

China Medical Correlation With Market

Average diversification

The correlation between China Medical System and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China Medical System and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with China Stock

0.66

EII

Eisai

Pair Corr

Moving against China Stock

0.73	MOB	Monster Beverage Corp	Pair Corr
0.62	CYL	CryoLife	Pair Corr
0.62	CYL	CRYOLIFE	Pair Corr
0.61	DV3R	DELCATH SYS NEW	Pair Corr
0.6	DTE	Deutsche Telekom	Pair Corr
0.44	0C8	Catalent	Pair Corr
0.38	SUI	Sekisui Chemical	Pair Corr
0.37	SH0	Shionogi	Pair Corr

Related Correlations Analysis

	TKD	SH0	RDDA	8SP	6NM	39O1	2DG	TLX	TM9	INVN
TKD		-0.09	0.01	0.62	0.59	0.59	0.14	-0.01	0.41	-0.12	TKD
SH0	-0.09		-0.33	-0.27	-0.02	-0.34	-0.29	0.52	-0.51	0.56	SH0
RDDA	0.01	-0.33		0.38	0.02	0.18	0.58	-0.2	0.1	-0.42	RDDA
8SP	0.62	-0.27	0.38		0.58	0.78	0.58	-0.23	0.54	-0.45	8SP
6NM	0.59	-0.02	0.02	0.58		0.62	0.06	0.13	0.2	0.03	6NM
39O1	0.59	-0.34	0.18	0.78	0.62		0.58	-0.44	0.65	-0.49	39O1
2DG	0.14	-0.29	0.58	0.58	0.06	0.58		-0.64	0.48	-0.76	2DG
TLX	-0.01	0.52	-0.2	-0.23	0.13	-0.44	-0.64		-0.63	0.85	TLX
TM9	0.41	-0.51	0.1	0.54	0.2	0.65	0.48	-0.63		-0.63	TM9
INVN	-0.12	0.56	-0.42	-0.45	0.03	-0.49	-0.76	0.85	-0.63		INVN
	TKD	SH0	RDDA	8SP	6NM	39O1	2DG	TLX	TM9	INVN

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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

INVN	+ 0.85	TLX
39O1	+ 0.78	8SP
TM9	+ 0.65	39O1
8SP	+ 0.62	TKD
39O1	+ 0.62	6NM
6NM	+ 0.59	TKD

High negative correlations

INVN	- 0.76	2DG
TLX	- 0.64	2DG
INVN	- 0.63	TM9
TM9	- 0.63	TLX
TM9	- 0.51	SH0
INVN	- 0.49	39O1

Risk-Adjusted Indicators

There is a big difference between China Stock performing well and China Medical 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 China Medical'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
TKD	0.88	(0.04)	0.00	(0.20)	0.00	0.00	2.10	(1.59)	5.14
SH0	1.48	(0.06)	0.00	0.09	0.00	0.00	1.68	(2.46)	26.16
RDDA	1.29	0.11	0.05	(0.28)	1.45	(1.44)	2.84	(2.22)	6.92
8SP	2.12	(0.14)	0.00	0.51	0.00	0.00	3.17	(4.56)	20.22
6NM	1.21	(0.06)	0.00	0.25	0.00	0.00	2.89	(3.33)	9.64
39O1	3.20	(0.36)	0.00	(0.73)	0.00	0.00	8.09	(5.63)	20.83
2DG	5.84	(0.16)	0.00	2.44	0.00	0.00	13.64	(10.53)	52.42
TLX	1.06	0.12	0.08	(1.07)	1.14	(1.12)	2.67	(1.85)	7.58
TM9	2.82	(0.01)	0.00	(0.03)	4.45	(3.10)	7.26	(6.43)	30.27
INVN	2.18	0.23	0.08	(0.25)	2.47	(2.47)	5.45	(4.00)	14.01

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Our tools can tell you how much better you can do entering a position in China Medical 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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