Wankai New Correlations

301216 Stock

10.73 0.03 0.28%

The current 90-days correlation between Wankai New Materials and Jiangxi Ganfeng Lithium is 0.79 (i.e., Poor diversification). The correlation of Wankai New 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.

Wankai New Correlation With Market

Good diversification

The correlation between Wankai New Materials and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wankai New Materials and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Wankai Stock

0.87	600019	Baoshan Iron Steel	Pair Corr
0.87	002493	Rongsheng Petrochemical	Pair Corr
0.69	600010	Inner Mongolia BaoTou	Pair Corr
0.72	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.82	603260	Hoshine Silicon Ind	Pair Corr
0.83	600160	Zhejiang Juhua	Pair Corr
0.79	000807	Yunnan Aluminium	Pair Corr
0.66	601939	China Construction Bank	Pair Corr
0.86	600036	China Merchants Bank	Pair Corr
0.65	601328	Bank of Communications	Pair Corr
0.76	601658	Postal Savings Bank	Pair Corr
0.86	000157	Zoomlion Heavy Industry	Pair Corr
0.69	300033	Hithink RoyalFlush Info	Pair Corr
0.64	603610	Keeson Technology Corp	Pair Corr
0.67	000036	China Union Holdings	Pair Corr
0.79	002138	Shenzhen Sunlord Ele	Pair Corr
0.78	601665	Qilu Bank	Pair Corr
0.83	000792	Qinghai Salt Lake	Pair Corr
0.65	603078	Jiangyin Jianghua	Pair Corr
0.78	601138	Foxconn Industrial	Pair Corr
0.75	300378	Digiwin Software	Pair Corr
0.85	301359	Dongnan Electronics	Pair Corr
0.68	300301	Shenzhen Changfang Light	Pair Corr
0.87	600519	Kweichow Moutai	Pair Corr
0.92	900934	Shanghai Jin Jiang	Pair Corr
0.65	002293	Luolai Home Textile	Pair Corr
0.82	600079	Humanwell Healthcare	Pair Corr
0.86	002382	Blue Sail Medical	Pair Corr
0.89	601336	New China Life	Pair Corr
0.76	600000	Shanghai Pudong Deve	Pair Corr

Related Correlations Analysis

	601899	600309	600019	600547	002493	600010	002460	603260	600160	000807
601899		0.73	0.35	0.85	0.36	-0.1	-0.19	0.1	0.18	0.59	601899
600309	0.73		0.29	0.66	0.52	-0.04	-0.06	0.21	0.19	0.47	600309
600019	0.35	0.29		-0.09	0.79	0.77	0.69	0.77	0.9	0.81	600019
600547	0.85	0.66	-0.09		-0.02	-0.55	-0.55	-0.28	-0.29	0.16	600547
002493	0.36	0.52	0.79	-0.02		0.74	0.77	0.83	0.85	0.74	002493
600010	-0.1	-0.04	0.77	-0.55	0.74		0.88	0.8	0.88	0.63	600010
002460	-0.19	-0.06	0.69	-0.55	0.77	0.88		0.79	0.84	0.45	002460
603260	0.1	0.21	0.77	-0.28	0.83	0.8	0.79		0.86	0.68	603260
600160	0.18	0.19	0.9	-0.29	0.85	0.88	0.84	0.86		0.76	600160
000807	0.59	0.47	0.81	0.16	0.74	0.63	0.45	0.68	0.76		000807
	601899	600309	600019	600547	002493	600010	002460	603260	600160	000807

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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

600160	+ 0.9	600019
002460	+ 0.88	600010
600160	+ 0.88	600010
600160	+ 0.86	603260
600547	+ 0.85	601899
600160	+ 0.85	002493

High negative correlations

002460	- 0.55	600547
600010	- 0.55	600547
600160	- 0.29	600547
603260	- 0.28	600547
002460	- 0.19	601899
600010	- 0.1	601899

Risk-Adjusted Indicators

There is a big difference between Wankai Stock performing well and Wankai New 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 Wankai New'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
601899	1.64	0.10	0.03	(0.34)	2.00	(1.69)	3.35	(3.21)	10.10
600309	1.75	0.09	0.03	(0.40)	2.24	(2.02)	3.92	(3.47)	16.38
600019	1.62	0.32	0.11	(1.46)	2.00	(1.75)	4.80	(3.10)	17.37
600547	1.38	(0.10)	0.00	0.41	0.00	0.00	2.59	(2.95)	12.15
002493	1.52	0.15	0.06	(3.30)	2.00	(1.68)	4.12	(2.86)	15.52
600010	2.42	0.59	0.19	(0.77)	2.40	(3.15)	7.46	(4.00)	19.48
002460	3.25	0.52	0.14	(2.18)	3.18	(3.95)	9.99	(6.14)	20.00
603260	2.01	0.33	0.10	(0.87)	2.49	(2.14)	4.90	(3.79)	17.89
600160	2.12	0.62	0.26	11.89	1.87	(2.46)	6.09	(3.85)	15.23
000807	2.07	0.38	0.14	0.95	2.26	(2.33)	5.75	(3.27)	15.53

Be your own money manager

Our tools can tell you how much better you can do entering a position in Wankai New 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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Wankai New Corporate Management

Elected by the shareholders, the Wankai New's board of directors comprises two types of representatives: Wankai New inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Wankai. The board's role is to monitor Wankai New's management team and ensure that shareholders' interests are well served. Wankai New's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Wankai New's outside directors are responsible for providing unbiased perspectives on the board's policies.

Zengming Qiu	Deputy Engineer	Profile
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