Konfoong Materials Correlations

300666 Stock

74.64 5.40 6.75%

The current 90-days correlation between Konfoong Materials and Quectel Wireless Solutions is 0.3 (i.e., Weak diversification). The correlation of Konfoong Materials 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.

Konfoong Materials Correlation With Market

Significant diversification

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

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

Moving together with Konfoong Stock

0.69	688103	Kunshan Guoli Electronic	Pair Corr
0.69	688013	Touchstone International	Pair Corr
0.79	688558	Nantong Guosheng Int	Pair Corr
0.68	300578	BizConf Telecom	Pair Corr

Related Correlations Analysis

	603236	605259	002822	000678	002454	300998	600984	600491
603236		0.18	-0.37	0.39	-0.05	-0.35	-0.24	-0.49	603236
605259	0.18		0.36	0.55	0.83	0.5	0.44	0.56	605259
002822	-0.37	0.36		0.38	0.58	0.66	0.58	0.72	002822
000678	0.39	0.55	0.38		0.49	0.58	0.43	0.39	000678
002454	-0.05	0.83	0.58	0.49		0.59	0.63	0.78	002454
300998	-0.35	0.5	0.66	0.58	0.59		0.65	0.74	300998
600984	-0.24	0.44	0.58	0.43	0.63	0.65		0.73	600984
600491	-0.49	0.56	0.72	0.39	0.78	0.74	0.73		600491
	603236	605259	002822	000678	002454	300998	600984	600491

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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

002454	+ 0.83	605259
600491	+ 0.78	002454
600491	+ 0.74	300998
600491	+ 0.73	600984
600491	+ 0.72	002822
300998	+ 0.66	002822

High negative correlations

600491	- 0.49	603236
002822	- 0.37	603236
300998	- 0.35	603236
600984	- 0.24	603236
002454	- 0.05	603236

Risk-Adjusted Indicators

There is a big difference between Konfoong Stock performing well and Konfoong Materials 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 Konfoong Materials' 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
603236	3.54	0.77	0.20	1.68	3.48	(3.99)	10.00	(6.18)	17.87
605259	1.30	0.01	0.02	(0.07)	1.72	(1.25)	2.39	(2.81)	7.85
002822	2.58	0.22	0.07	0.19	2.89	(2.95)	5.04	(5.01)	10.23
000678	3.26	0.62	0.15	0.87	3.82	(3.60)	6.84	(5.92)	20.00
002454	1.44	(0.04)	0.00	(0.23)	0.00	0.00	2.94	(3.54)	8.90
300998	2.14	0.05	0.03	(0.09)	2.68	(2.21)	4.90	(4.34)	12.08
600984	2.60	0.05	0.03	(40.78)	2.63	(3.64)	5.92	(4.62)	16.83
600491	1.94	(0.01)	0.00	0.18	0.00	0.00	4.97	(3.76)	15.20

Be your own money manager

Our tools can tell you how much better you can do entering a position in Konfoong Materials 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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