Ningbo Fangzheng Correlations

300998 Stock

17.80 0.27 1.49%

The current 90-days correlation between Ningbo Fangzheng Aut and Zhongzhu Medical Holdings is 0.44 (i.e., Very weak diversification). The correlation of Ningbo Fangzheng 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.

Ningbo Fangzheng Correlation With Market

Good diversification

The correlation between Ningbo Fangzheng Automobile and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fangzheng Automobile and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Ningbo Stock

0.67	600519	Kweichow Moutai	Pair Corr
0.65	688169	Beijing Roborock Tec	Pair Corr
0.74	688399	Jiangsu Bioperfectus	Pair Corr
0.68	000661	Changchun High New	Pair Corr
0.7	002371	NAURA Technology	Pair Corr
0.76	002594	BYD Co	Pair Corr

Moving against Ningbo Stock

0.43

600941

China Mobile Limited

Pair Corr

Related Correlations Analysis

	600568	688626	301033	002901	600498	600345	600335
600568		0.06	0.09	-0.32	-0.14	0.38	0.48	600568
688626	0.06		0.79	0.13	0.77	0.77	0.71	688626
301033	0.09	0.79		0.53	0.75	0.66	0.72	301033
002901	-0.32	0.13	0.53		0.42	0.12	0.24	002901
600498	-0.14	0.77	0.75	0.42		0.59	0.57	600498
600345	0.38	0.77	0.66	0.12	0.59		0.83	600345
600335	0.48	0.71	0.72	0.24	0.57	0.83		600335
	600568	688626	301033	002901	600498	600345	600335

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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

600335	+ 0.83	600345
301033	+ 0.79	688626
600498	+ 0.77	688626
600345	+ 0.77	688626
600498	+ 0.75	301033
600335	+ 0.72	301033

High negative correlations

002901	- 0.32	600568
600498	- 0.14	600568

Risk-Adjusted Indicators

There is a big difference between Ningbo Stock performing well and Ningbo Fangzheng 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 Ningbo Fangzheng'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
600568	1.52	(0.06)	0.00	(0.22)	0.00	0.00	3.85	(4.62)	7.88
688626	2.44	0.01	0.05	(0.06)	2.59	(3.17)	7.37	(4.31)	19.38
301033	1.48	0.16	0.13	(0.49)	1.68	(1.59)	3.13	(3.21)	7.64
002901	1.34	0.18	0.18	(4.80)	1.14	(1.56)	3.30	(1.92)	12.25
600498	2.60	0.35	0.13	0.54	2.60	(3.08)	6.88	(4.43)	16.70
600345	2.40	(0.04)	0.00	0.31	0.00	0.00	5.19	(4.86)	15.92
600335	1.40	(0.08)	0.00	0.62	0.00	0.00	2.46	(2.98)	7.61

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ningbo Fangzheng 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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