Sungrow Power Correlations

300274 Stock

72.00 5.16 7.72%

The current 90-days correlation between Sungrow Power Supply and Baoshan Iron Steel is 0.23 (i.e., Modest diversification). The correlation of Sungrow Power 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.

Sungrow Power Correlation With Market

Good diversification

The correlation between Sungrow Power Supply and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sungrow Power Supply and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Sungrow Stock

0.75	601166	Industrial Bank Earnings Call Tomorrow	Pair Corr
0.7	600036	China Merchants Bank	Pair Corr
0.45	601398	Industrial and Commercial	Pair Corr
0.34	600000	Shanghai Pudong Deve	Pair Corr

Related Correlations Analysis

	600507	603999	688737	601811	002607	600019	000928	688021
600507		0.42	0.48	-0.53	0.23	0.69	0.75	0.72	600507
603999	0.42		0.89	0.21	0.82	0.26	0.55	0.72	603999
688737	0.48	0.89		0.05	0.77	0.31	0.63	0.82	688737
601811	-0.53	0.21	0.05		0.36	-0.28	-0.32	-0.24	601811
002607	0.23	0.82	0.77	0.36		0.0	0.35	0.52	002607
600019	0.69	0.26	0.31	-0.28	0.0		0.64	0.72	600019
000928	0.75	0.55	0.63	-0.32	0.35	0.64		0.79	000928
688021	0.72	0.72	0.82	-0.24	0.52	0.72	0.79		688021
	600507	603999	688737	601811	002607	600019	000928	688021

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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

688737	+ 0.89	603999
002607	+ 0.82	603999
688021	+ 0.82	688737
688021	+ 0.79	000928
002607	+ 0.77	688737
000928	+ 0.75	600507

High negative correlations

601811	- 0.53	600507
000928	- 0.32	601811
600019	- 0.28	601811
688021	- 0.24	601811
600019	- 0.0	002607

Risk-Adjusted Indicators

There is a big difference between Sungrow Stock performing well and Sungrow Power 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 Sungrow Power'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
600507	1.24	0.05	0.04	(3.56)	1.14	(1.92)	2.90	(2.11)	12.96
603999	1.73	(0.16)	0.00	(3.71)	0.00	0.00	3.57	(5.19)	10.31
688737	2.74	(0.26)	0.00	0.88	0.00	0.00	7.45	(5.61)	15.18
601811	1.11	(0.06)	0.00	0.37	0.00	0.00	2.60	(2.63)	7.46
002607	2.55	(0.20)	0.00	(1.59)	0.00	0.00	5.32	(5.85)	16.91
600019	1.24	0.17	0.11	(0.40)	1.23	(1.54)	3.10	(1.98)	8.10
000928	1.32	0.05	0.03	0.25	1.60	(1.56)	2.22	(2.48)	15.40
688021	2.04	(0.06)	0.00	0.45	0.00	0.00	3.33	(4.26)	11.30

Be your own money manager

Our tools can tell you how much better you can do entering a position in Sungrow Power 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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