Anhui Tongguan Correlations

301217 Stock

11.63 0.40 3.56%

The current 90-days correlation between Anhui Tongguan Copper and Tibet Huayu Mining is 0.32 (i.e., Weak diversification). The correlation of Anhui Tongguan 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.

Anhui Tongguan Correlation With Market

Significant diversification

The correlation between Anhui Tongguan Copper and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Tongguan Copper and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Anhui Stock

0.68	002371	NAURA Technology	Pair Corr
0.66	688103	Kunshan Guoli Electronic	Pair Corr
0.64	300001	Qingdao TGOOD Electric	Pair Corr
0.63	688013	Touchstone International	Pair Corr
0.63	301236	iSoftStone Information	Pair Corr
0.7	688558	Nantong Guosheng Int	Pair Corr

Moving against Anhui Stock

0.42

600368

Guangxi Wuzhou Commu

Pair Corr

Related Correlations Analysis

	508058	601020	508096	688335	600711	002173	508068
508058		-0.4	0.68	-0.8	0.39	0.02	0.95	508058
601020	-0.4		0.07	0.71	-0.12	0.53	-0.2	601020
508096	0.68	0.07		-0.5	0.2	0.39	0.76	508096
688335	-0.8	0.71	-0.5		-0.29	0.35	-0.71	688335
600711	0.39	-0.12	0.2	-0.29		-0.32	0.49	600711
002173	0.02	0.53	0.39	0.35	-0.32		0.07	002173
508068	0.95	-0.2	0.76	-0.71	0.49	0.07		508068
	508058	601020	508096	688335	600711	002173	508068

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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

508068	+ 0.95	508058
508068	+ 0.76	508096
688335	+ 0.71	601020
508096	+ 0.68	508058
002173	+ 0.53	601020
508068	+ 0.49	600711

High negative correlations

688335	- 0.8	508058
508068	- 0.71	688335
688335	- 0.5	508096
601020	- 0.4	508058
002173	- 0.32	600711
600711	- 0.29	688335

Risk-Adjusted Indicators

There is a big difference between Anhui Stock performing well and Anhui Tongguan 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 Anhui Tongguan'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
508058	0.79	0.24	0.37	(2.21)	0.44	(1.05)	2.92	(1.30)	6.41
601020	1.96	0.25	0.14	0.70	1.98	(2.14)	3.93	(3.56)	10.03
508096	0.65	0.21	0.38	(0.63)	0.34	(0.86)	2.03	(1.09)	5.69
688335	1.77	(0.16)	0.00	1.48	0.00	0.00	2.85	(3.85)	9.68
600711	1.17	0.00	0.00	(0.05)	0.00	0.00	2.77	(3.02)	9.48
002173	3.24	0.22	0.07	(1.73)	4.02	(3.48)	10.00	(6.82)	20.03
508068	0.92	0.34	0.36	5.90	0.55	(1.20)	2.89	(1.50)	7.66

Be your own money manager

Our tools can tell you how much better you can do entering a position in Anhui Tongguan 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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