China Petroleum Correlations

Stocks . China . 
Stock . China Petroleum Chemical
600028 Stock   5.83  0.07  1.22%   
The current 90-days correlation between China Petroleum Chemical and Ping An Insurance is 0.48 (i.e., Very weak diversification). The correlation of China Petroleum 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.

China Petroleum Correlation With Market

Good diversification

The correlation between China Petroleum Chemical and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China Petroleum Chemical and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to China Petroleum could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace China Petroleum 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 China Petroleum - 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 China Petroleum Chemical to buy it.

Moving against China Stock

  0.91300007 Henan Hanwei ElectronicsPairCorr
  0.8002594 BYD CoPairCorr
  0.75200596 Anhui Gujing DistilleryPairCorr
  0.74300940 Shen Zhen AustralisPairCorr
  0.73688169 Beijing Roborock TecPairCorr
  0.73300842 Wuxi Dk ElectronicPairCorr
  0.72300895 Beijing Topnew InfoPairCorr
  0.69002371 NAURA TechnologyPairCorr
  0.69002418 Zhe Jiang KangshengPairCorr
  0.68603716 Wuhan Thalys MedPairCorr
  0.66300840 Qingdao Kutesmart CoPairCorr
  0.63605117 Ningbo Deye TechnologyPairCorr
  0.47002443 Zhejiang KinglandPairCorr
  0.32603444 G bits NetworkPairCorr
  0.87300354 DongHua Testing TechPairCorr
  0.86002630 China Western PowerPairCorr
  0.8600036 China Merchants BankPairCorr
  0.79688466 GreenTech EnvironmentalPairCorr
  0.77301226 Changzhou XiangmingPairCorr
  0.75002853 Guangdong Piano CustPairCorr
  0.74300530 Hunan Lead PowerPairCorr
  0.74300674 Yusys TechnologiesPairCorr
  0.72300163 Ningbo Xianfeng NewPairCorr
  0.68688003 Suzhou TZTEK TechnologyPairCorr
  0.67600301 Nanning Chemical IndustryPairCorr
  0.65002194 Wuhan Fingu ElectronicPairCorr
  0.65605118 Xiamen Leading OpticsPairCorr
  0.61002616 Guangdong Chant GroupPairCorr
  0.61001228 Yongtaiyun ChemicalPairCorr
  0.6002501 Jilin Liyuan PrecisionPairCorr
  0.58300780 Sichuan Dawn PrecisionPairCorr
  0.44603269 Jiangsu Seagull CoolingPairCorr
  0.39600361 Beijing Hualian HypePairCorr

Related Correlations Analysis

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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   
688261
+ 0.78
601318
300364
+ 0.76
688249
688261
+ 0.7
300364
688261
+ 0.59
688249
688766
+ 0.58
688249
688261
+ 0.51
688766
  
High negative correlations   
688261
- 0.73
508058
601318
- 0.65
508058
508058
- 0.53
688249
300364
- 0.46
508058
605098
- 0.33
688249
688766
- 0.22
508058

Risk-Adjusted Indicators

There is a big difference between China Stock performing well and China Petroleum 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 China Petroleum'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 China Petroleum 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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