Highbroad Advanced Correlations

301321 Stock

13.42 0.81 5.69%

The current 90-days correlation between Highbroad Advanced and Cinda Securities Co is 0.52 (i.e., Very weak diversification). The correlation of Highbroad Advanced 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.

Highbroad Advanced Correlation With Market

Good diversification

The correlation between Highbroad Advanced Material and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highbroad Advanced Material and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Highbroad Stock

0.69

601318

Ping An Insurance

Pair Corr

Moving against Highbroad Stock

0.67	601988	Bank of China	Pair Corr
0.65	600941	China Mobile Limited	Pair Corr
0.62	601398	Industrial and Commercial	Pair Corr
0.62	601288	Agricultural Bank	Pair Corr
0.51	601939	China Construction Bank	Pair Corr
0.47	000729	Beijing Yanjing Brewery	Pair Corr
0.36	601857	PetroChina	Pair Corr
0.33	600938	CNOOC Limited	Pair Corr

Related Correlations Analysis

	601628	601059	688072	601198	688293	688126	603993	000504	600383	000061
601628		0.79	0.4	0.59	0.18	0.67	0.5	0.31	0.62	-0.08	601628
601059	0.79		0.27	0.64	0.12	0.45	0.44	0.16	0.42	-0.02	601059
688072	0.4	0.27		0.68	0.88	0.5	-0.27	0.67	0.38	0.61	688072
601198	0.59	0.64	0.68		0.65	0.33	-0.09	0.53	0.43	0.48	601198
688293	0.18	0.12	0.88	0.65		0.28	-0.41	0.74	0.3	0.79	688293
688126	0.67	0.45	0.5	0.33	0.28		0.36	0.54	0.6	-0.02	688126
603993	0.5	0.44	-0.27	-0.09	-0.41	0.36		-0.03	0.6	-0.63	603993
000504	0.31	0.16	0.67	0.53	0.74	0.54	-0.03		0.63	0.57	000504
600383	0.62	0.42	0.38	0.43	0.3	0.6	0.6	0.63		-0.02	600383
000061	-0.08	-0.02	0.61	0.48	0.79	-0.02	-0.63	0.57	-0.02		000061
	601628	601059	688072	601198	688293	688126	603993	000504	600383	000061

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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

688293	+ 0.88	688072
601059	+ 0.79	601628
000061	+ 0.79	688293
000504	+ 0.74	688293
601198	+ 0.68	688072
688126	+ 0.67	601628

High negative correlations

000061	- 0.63	603993
603993	- 0.41	688293
603993	- 0.27	688072
603993	- 0.09	601198
000061	- 0.08	601628
000504	- 0.03	603993

Risk-Adjusted Indicators

There is a big difference between Highbroad Stock performing well and Highbroad Advanced 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 Highbroad Advanced'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
601628	2.10	0.04	0.01	0.10	2.91	(2.15)	6.42	(4.53)	20.00
601059	2.47	0.00	0.00	0.01	3.19	(2.82)	7.43	(4.74)	20.10
688072	3.52	0.56	0.15	1.76	3.34	(4.37)	11.70	(5.86)	30.46
601198	2.83	0.17	0.04	(1.24)	3.57	(2.93)	9.99	(5.79)	20.42
688293	3.38	0.54	0.13	(0.55)	3.58	(3.77)	11.13	(5.59)	29.27
688126	3.46	0.42	0.13	1.38	2.98	(4.97)	14.22	(5.02)	29.35
603993	1.67	(0.26)	0.00	(60.42)	0.00	0.00	3.94	(3.73)	12.05
000504	2.81	0.12	0.03	(0.38)	3.44	(3.03)	7.29	(5.46)	18.20
600383	2.85	(0.01)	0.00	(0.42)	3.78	(2.95)	5.23	(5.77)	20.10
000061	1.78	0.21	0.09	0.53	2.09	(2.00)	4.90	(3.34)	15.40

Be your own money manager

Our tools can tell you how much better you can do entering a position in Highbroad Advanced 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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