Ningbo Homelink Correlations

301193 Stock

17.70 0.80 4.73%

The current 90-days correlation between Ningbo Homelink Eco and Touchstone International Medical is 0.77 (i.e., Poor diversification). The correlation of Ningbo Homelink 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.

The ability to find closely correlated positions to Ningbo Homelink 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 Homelink 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 Homelink - 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 Homelink Eco iTech to buy it.

Moving together with Ningbo Stock

0.66	600309	Wanhua Chemical Group	Pair Corr
0.9	600019	Baoshan Iron Steel	Pair Corr
0.92	002493	Rongsheng Petrochemical	Pair Corr
0.85	600010	Inner Mongolia BaoTou	Pair Corr
0.9	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.89	603260	Hoshine Silicon Ind	Pair Corr
0.93	600160	Zhejiang Juhua	Pair Corr
0.84	000807	Yunnan Aluminium	Pair Corr
0.86	600036	China Merchants Bank	Pair Corr
0.79	601166	Industrial Bank	Pair Corr
0.79	600000	Shanghai Pudong Deve	Pair Corr
0.9	601628	China Life Insurance	Pair Corr
0.89	601318	Ping An Insurance	Pair Corr
0.93	002236	Zhejiang Dahua Technology	Pair Corr
0.89	900957	Shanghai Lingyun Ind	Pair Corr

Related Correlations Analysis

	688013	002054	002246	002895	000516	603122	600691	688626
688013		0.82	0.94	0.96	0.97	0.94	0.94	0.92	688013
002054	0.82		0.85	0.81	0.81	0.78	0.77	0.8	002054
002246	0.94	0.85		0.87	0.92	0.89	0.88	0.92	002246
002895	0.96	0.81	0.87		0.92	0.88	0.91	0.83	002895
000516	0.97	0.81	0.92	0.92		0.91	0.93	0.94	000516
603122	0.94	0.78	0.89	0.88	0.91		0.9	0.88	603122
600691	0.94	0.77	0.88	0.91	0.93	0.9		0.84	600691
688626	0.92	0.8	0.92	0.83	0.94	0.88	0.84		688626
	688013	002054	002246	002895	000516	603122	600691	688626

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Risk-Adjusted Indicators

There is a big difference between Ningbo Stock performing well and Ningbo Homelink 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 Homelink'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
688013	2.17	0.56	0.14	(19.91)	2.57	(2.36)	4.51	(4.19)	21.44
002054	2.25	0.41	0.11	0.96	2.75	(2.52)	8.28	(3.39)	19.61
002246	2.85	0.50	0.12	1.02	3.28	(3.00)	6.61	(5.69)	18.82
002895	2.28	0.59	0.16	(3.46)	2.21	(2.68)	6.34	(2.90)	18.27
000516	2.95	0.62	0.17	2.58	2.68	(3.47)	9.98	(4.94)	17.24
603122	3.09	0.41	0.06	(1.55)	3.86	(3.13)	9.98	(6.38)	20.07
600691	2.66	0.91	0.20	(1.06)	2.46	(3.05)	9.87	(3.38)	19.82
688626	2.90	0.41	0.07	19.89	3.53	(3.05)	8.87	(5.40)	28.78

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