Hangzhou Zhongya Correlations

Stocks . China . 
Stock . Hangzhou Zhongya Machinery
300512 Stock   7.66  0.15  2.00%   
The current 90-days correlation between Hangzhou Zhongya Mac and Industrial and Commercial is 0.07 (i.e., Significant diversification). The correlation of Hangzhou Zhongya 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.

Hangzhou Zhongya Correlation With Market

Significant diversification

The correlation between Hangzhou Zhongya Machinery and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Zhongya Machinery and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Hangzhou Zhongya could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hangzhou Zhongya 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 Hangzhou Zhongya - 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 Hangzhou Zhongya Machinery to buy it.

Moving together with Hangzhou Stock

  0.67601398 Industrial and CommercialPairCorr
  0.71601939 China Construction BankPairCorr
  0.65601988 Bank of ChinaPairCorr
  0.73601658 Postal Savings BankPairCorr
  0.63601328 Bank of CommunicationsPairCorr
  0.69601318 Ping An InsurancePairCorr
  0.73600036 China Merchants BankPairCorr
  0.8601998 China Citic BankPairCorr
  0.95300880 Ningbo Jianan ElectronicsPairCorr
  0.91603969 Tianjin Silvery DragonPairCorr
  0.86603365 Shanghai Shuixing HomePairCorr
  0.92600335 Sinomach AutomobilePairCorr
  0.8002074 Gotion High techPairCorr
  0.88601929 JiShi MediaPairCorr
  0.88600498 Fiberhome TelecommunicatioPairCorr
  0.91300825 Iat Automobile TechnologyPairCorr
  0.71002217 Holitech TechnologyPairCorr
  0.67000617 CNPC CapitalPairCorr
  0.86000560 5I5j Holding GroupPairCorr
  0.84000661 Changchun High NewPairCorr
  0.85301390 Hangzhou Gisway InfoPairCorr
  0.85000428 Huatian Hotel GroupPairCorr
  0.93605128 Shanghai Yanpu MetalPairCorr
  0.73605377 Hangzhou Huawang NewPairCorr
  0.89002303 Shenzhen MYS EnvironPairCorr
  0.83002847 Yankershop FoodPairCorr
  0.84300608 SI TECH InformationPairCorr
  0.9002893 Beijing HuaYuanYiTongPairCorr
  0.96600633 Zhejiang Daily MediaPairCorr
  0.98002382 Blue Sail MedicalPairCorr
  0.85603068 Beken CorpPairCorr
  0.91688325 Guangdong CellwisePairCorr
  0.83688082 ACM Research ShanghaiPairCorr
  0.86688507 Shanghai Suochen InfPairCorr
  0.94300815 Eit EnvironmentalPairCorr
  0.77000506 Zhongrun ResourcesPairCorr
  0.87600719 Dalian Thermal PowerPairCorr
  0.79600584 JCET GroupPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Hangzhou Stock performing well and Hangzhou Zhongya 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 Hangzhou Zhongya'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
601398  1.09  0.25  0.18  3.08  1.01 
(1.43)
 2.83 
(1.71)
 8.14 
600519  1.71  0.17  0.07  0.61  1.81 
(2.11)
 6.55 
(2.98)
 16.71 
601288  1.02  0.18  0.11  1.44  1.25 
(1.11)
 2.20 
(1.89)
 7.78 
600941  1.05  0.17  0.14 (8.04) 0.96 
(1.37)
 3.09 
(2.04)
 8.38 
601939  1.11  0.26  0.16  1.80  1.16 
(1.32)
 3.32 
(1.93)
 8.64 
601857  1.28  0.12  0.05 (4.50) 1.83 
(1.59)
 3.55 
(2.03)
 17.17 
601988  1.00  0.19  0.14  1.27  0.97 
(1.27)
 2.67 
(1.98)
 7.70 
300750  2.77  0.60  0.16 (2.47) 3.05 
(3.23)
 7.94 
(3.41)
 33.42 
601628  2.13  0.35  0.11  0.90  2.54 
(2.30)
 6.42 
(3.94)
 20.00 
600036  1.56  0.37  0.17 (3.67) 1.76 
(1.79)
 4.65 
(2.56)
 13.83 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hangzhou Zhongya 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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