Aba Chemicals Correlations

300261 Stock

6.82 0.04 0.59%

The current 90-days correlation between Aba Chemicals Corp and Hainan Haiqi Transportation is 0.55 (i.e., Very weak diversification). The correlation of Aba Chemicals 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.

Aba Chemicals Correlation With Market

Average diversification

The correlation between Aba Chemicals Corp and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aba Chemicals Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Aba Stock

0.89	600309	Wanhua Chemical Group	Pair Corr
0.93	002493	Rongsheng Petrochemical	Pair Corr
0.88	600010	Inner Mongolia BaoTou	Pair Corr
0.82	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.93	603260	Hoshine Silicon Ind	Pair Corr
0.67	300578	BizConf Telecom	Pair Corr

Moving against Aba Stock

0.74	601988	Bank of China Limited	Pair Corr
0.72	600036	China Merchants Bank	Pair Corr
0.7	601398	Industrial and Commercial	Pair Corr
0.68	600160	Zhejiang Juhua	Pair Corr
0.54	601288	Agricultural Bank	Pair Corr
0.51	601939	China Construction Bank	Pair Corr
0.46	000807	Yunnan Aluminium	Pair Corr
0.46	600938	CNOOC Limited	Pair Corr
0.36	600368	Guangxi Wuzhou Commu	Pair Corr
0.35	601899	Zijin Mining Group	Pair Corr

Related Correlations Analysis

	603069	603171	002065	603579	002919	300520	300378
603069		-0.01	-0.02	0.39	0.02	0.68	-0.02	603069
603171	-0.01		0.86	0.8	0.71	0.59	0.96	603171
002065	-0.02	0.86		0.76	0.58	0.49	0.77	002065
603579	0.39	0.8	0.76		0.69	0.76	0.72	603579
002919	0.02	0.71	0.58	0.69		0.45	0.65	002919
300520	0.68	0.59	0.49	0.76	0.45		0.56	300520
300378	-0.02	0.96	0.77	0.72	0.65	0.56		300378
	603069	603171	002065	603579	002919	300520	300378

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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

300378	+ 0.96	603171
002065	+ 0.86	603171
603579	+ 0.8	603171
300378	+ 0.77	002065
603579	+ 0.76	002065
300520	+ 0.76	603579

High negative correlations

300378	- 0.02	603069
002065	- 0.02	603069
603171	- 0.01	603069

Risk-Adjusted Indicators

There is a big difference between Aba Stock performing well and Aba Chemicals 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 Aba Chemicals' 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
603069	1.99	(0.04)	0.00	(1.43)	0.00	0.00	4.05	(3.72)	16.43
603171	3.07	0.74	0.22	2.09	2.87	(3.43)	9.85	(4.83)	14.83
002065	2.78	0.71	0.20	(1.74)	2.74	(3.37)	9.96	(4.85)	18.77
603579	1.94	0.25	0.10	(0.43)	2.40	(1.93)	3.61	(4.22)	14.24
002919	2.64	0.37	0.12	(0.52)	2.94	(3.18)	5.51	(4.97)	20.03
300520	2.69	0.43	0.12	0.35	3.02	(2.86)	6.21	(5.85)	17.00
300378	3.80	0.82	0.19	1.05	3.73	(4.46)	8.30	(6.84)	26.85

Be your own money manager

Our tools can tell you how much better you can do entering a position in Aba Chemicals 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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