Sichuan Qiaoyuan Correlations

301286 Stock   34.36  1.06  3.18%   
The current 90-days correlation between Sichuan Qiaoyuan Gas and Heilongjiang Transport Development is -0.19 (i.e., Good diversification). The correlation of Sichuan Qiaoyuan 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.

Sichuan Qiaoyuan Correlation With Market

Significant diversification

The correlation between Sichuan Qiaoyuan Gas and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Qiaoyuan Gas and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Sichuan Qiaoyuan could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Sichuan Qiaoyuan 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 Sichuan Qiaoyuan - 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 Sichuan Qiaoyuan Gas to buy it.

Moving together with Sichuan Stock

  0.61002460 Jiangxi Ganfeng LithiumPairCorr
  0.61600608 Shanghai BroadbandPairCorr

Moving against Sichuan Stock

  0.59601899 Zijin Mining GroupPairCorr
  0.58600547 Shandong Gold MiningPairCorr
  0.49000807 Yunnan AluminiumPairCorr
  0.46601318 Ping An InsurancePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
002084601188
300498002322
300498603345
603345002322
603336002084
603336601188
  
High negative correlations   
002322601188
002322002084
300498002084
300498601188
002322603336
603345603336

Risk-Adjusted Indicators

There is a big difference between Sichuan Stock performing well and Sichuan Qiaoyuan 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 Sichuan Qiaoyuan'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Sichuan Qiaoyuan 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.

Did you try this?

Run Portfolio Anywhere Now

   

Portfolio Anywhere

Track or share privately all of your investments from the convenience of any device
All  Next Launch Module