Hong Leong Correlations

5819 Stock

20.48 0.08 0.39%

The current 90-days correlation between Hong Leong Bank and RHB Bank Bhd is 0.51 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hong Leong moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hong Leong Bank moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hong Leong Correlation With Market

Significant diversification

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

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

Moving together with Hong Stock

0.72	1155	Malayan Banking Bhd	Pair Corr
0.76	1066	RHB Bank Bhd	Pair Corr
0.69	3255	Heineken Bhd	Pair Corr

Moving against Hong Stock

0.72	0251	SFP Tech Holdings	Pair Corr
0.64	0208	Greatech Technology Bhd	Pair Corr
0.6	2836	Carlsberg Brewery	Pair Corr
0.6	7251	Barakah Offshore Pet	Pair Corr
0.59	5296	Mr D I	Pair Corr
0.57	0097	ViTrox Bhd	Pair Corr
0.48	5292	Uwc Bhd	Pair Corr
0.46	4707	Nestle Bhd	Pair Corr
0.34	0104	Genetec Technology Bhd	Pair Corr

Related Correlations Analysis

	0195	1066	0287	1155	5183	5139	0304	5149
0195		-0.62	-0.38	-0.61	0.69	0.26	0.82	0.63	0195
1066	-0.62		0.64	0.79	-0.82	-0.1	-0.63	-0.69	1066
0287	-0.38	0.64		0.86	-0.82	-0.69	-0.73	-0.15	0287
1155	-0.61	0.79	0.86		-0.88	-0.51	-0.83	-0.35	1155
5183	0.69	-0.82	-0.82	-0.88		0.51	0.85	0.5	5183
5139	0.26	-0.1	-0.69	-0.51	0.51		0.63	-0.21	5139
0304	0.82	-0.63	-0.73	-0.83	0.85	0.63		0.4	0304
5149	0.63	-0.69	-0.15	-0.35	0.5	-0.21	0.4		5149
	0195	1066	0287	1155	5183	5139	0304	5149

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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

1155	+ 0.86	0287
0304	+ 0.85	5183
0304	+ 0.82	0195
1155	+ 0.79	1066
5183	+ 0.69	0195
0287	+ 0.64	1066

High negative correlations

5183	- 0.88	1155
0304	- 0.83	1155
5183	- 0.82	0287
5183	- 0.82	1066
0304	- 0.73	0287
5139	- 0.69	0287

Risk-Adjusted Indicators

There is a big difference between Hong Stock performing well and Hong Leong 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 Hong Leong'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
0195	1.87	(0.38)	0.00	2.96	0.00	0.00	5.88	(5.88)	12.92
1066	0.62	0.09	0.18	(0.68)	0.68	(0.75)	1.88	(1.30)	3.94
0287	1.27	0.10	0.07	(0.27)	1.38	(3.14)	2.94	(2.86)	10.68
1155	0.54	0.05	0.18	8.93	0.47	(0.80)	1.38	(0.91)	4.10
5183	1.74	(0.44)	0.00	1.63	0.00	0.00	2.72	(4.92)	21.72
5139	0.96	0.02	0.07	0.05	1.01	(1.19)	1.97	(1.83)	6.63
0304	1.24	(0.44)	0.00	2.68	0.00	0.00	2.33	(4.35)	8.11
5149	1.44	(0.14)	0.00	1.04	0.00	0.00	3.45	(4.41)	11.11

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hong Leong 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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