Shijiazhuang Tonhe Correlations

Stocks . China . 
Stock . Shijiazhuang Tonhe Electronics
300491 Stock   18.14  0.72  3.82%   
The current 90-days correlation between Shijiazhuang Tonhe and PetroChina Co Ltd is 0.59 (i.e., Very weak diversification). The correlation of Shijiazhuang Tonhe 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.

Shijiazhuang Tonhe Correlation With Market

Good diversification

The correlation between Shijiazhuang Tonhe Electronics and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shijiazhuang Tonhe Electronics and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Shijiazhuang Tonhe could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shijiazhuang Tonhe 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 Shijiazhuang Tonhe - 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 Shijiazhuang Tonhe Electronics to buy it.

Moving together with Shijiazhuang Stock

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  0.67600941 China Mobile LimitedPairCorr
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  0.71601988 Bank of ChinaPairCorr
  0.92300750 Contemporary AmperexPairCorr
  0.69601628 China Life InsurancePairCorr
  0.71600036 China Merchants BankPairCorr
  0.9300880 Ningbo Jianan ElectronicsPairCorr
  0.7600719 Dalian Thermal PowerPairCorr
  0.78605388 JuneYao DairyPairCorr
  0.78688082 ACM Research ShanghaiPairCorr
  0.79603818 Qumei Furniture GroupPairCorr
  0.82002847 Yankershop FoodPairCorr
  0.85002152 GRG Banking EquipmentPairCorr
  0.73002115 Sunwave CommunicationsPairCorr
  0.74000889 ZJBC Information TecPairCorr
  0.9603313 HealthcarePairCorr
  0.73603659 Shanghai Putailai NewPairCorr
  0.74000560 5I5j Holding GroupPairCorr
  0.84300815 Eit EnvironmentalPairCorr
  0.82002303 Shenzhen MYS EnvironPairCorr
  0.77000428 Huatian Hotel GroupPairCorr
  0.77688507 Shanghai Suochen InfPairCorr
  0.8605128 Shanghai Yanpu MetalPairCorr
  0.76600515 Hainan HNA InfrastructurePairCorr
  0.87301379 Techshine ElectronicsPairCorr
  0.81300433 Lens TechnologyPairCorr
  0.93301390 Hangzhou Gisway InfoPairCorr
  0.73002400 Guangdong AdvertisingPairCorr
  0.85688325 Guangdong CellwisePairCorr
  0.61002217 Holitech TechnologyPairCorr
  0.79300608 SI TECH InformationPairCorr
  0.74000761 Bengang Steel PlatesPairCorr
  0.73600584 JCET GroupPairCorr
  0.84688119 Sinosteel Luonai MatPairCorr
  0.74601059 Cinda SecuritiesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Shijiazhuang Stock performing well and Shijiazhuang Tonhe 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 Shijiazhuang Tonhe'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
601857  1.28  0.12  0.05 (4.50) 1.83 
(1.59)
 3.55 
(2.03)
 17.17 
600941  1.05  0.17  0.14 (8.04) 0.96 
(1.37)
 3.09 
(2.04)
 8.38 
600938  1.38  0.17  0.07 (1.78) 1.90 
(1.47)
 3.25 
(2.13)
 16.49 
601318  1.80  0.35  0.14  1.10  1.95 
(2.18)
 5.83 
(2.88)
 19.77 
600028  1.14  0.06  0.02  0.47  1.58 
(1.25)
 3.23 
(1.89)
 10.77 
601728  1.48  0.24  0.11  0.85  1.69 
(1.69)
 3.49 
(2.81)
 11.12 
601668  1.87  0.33  0.12  1.08  2.16 
(2.09)
 5.25 
(3.67)
 15.78 
600519  1.71  0.17  0.07  0.61  1.81 
(2.11)
 6.55 
(2.98)
 16.71 
601088  1.53  0.19  0.10  3.97  1.57 
(1.72)
 4.28 
(2.66)
 10.24 
601628  2.13  0.35  0.11  0.90  2.54 
(2.30)
 6.42 
(3.94)
 20.00 

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Our tools can tell you how much better you can do entering a position in Shijiazhuang Tonhe 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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