Kangxin New Correlations

600076 Stock

2.37 0.02 0.84%

The current 90-days correlation between Kangxin New Materials and Zijin Mining Group is 0.29 (i.e., Modest diversification). The correlation of Kangxin New 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.

Kangxin New Correlation With Market

Good diversification

The correlation between Kangxin New Materials and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kangxin New Materials and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Kangxin Stock

0.84	600019	Baoshan Iron Steel	Pair Corr
0.88	002493	Rongsheng Petrochemical	Pair Corr
0.95	600010	Inner Mongolia BaoTou	Pair Corr
0.93	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.9	603260	Hoshine Silicon Ind	Pair Corr
0.92	600160	Zhejiang Juhua	Pair Corr
0.82	000807	Yunnan Aluminium	Pair Corr
0.73	600519	Kweichow Moutai	Pair Corr
0.84	601318	Ping An Insurance	Pair Corr
0.7	600000	Shanghai Pudong Deve	Pair Corr
0.85	600016	China Minsheng Banking	Pair Corr
0.93	300750	Contemporary Amperex	Pair Corr
0.96	601933	Yonghui Superstores	Pair Corr
0.91	600340	China Fortune Land	Pair Corr
0.82	002217	Holitech Technology	Pair Corr
0.94	600106	Chongqing Road Bridge	Pair Corr
0.92	300387	Hubei Forbon Technology	Pair Corr
0.93	002919	Mingchen Health	Pair Corr
0.86	603559	Zhongtong Guomai Com	Pair Corr
0.9	300439	Ningbo MedicalSystem	Pair Corr
0.98	600853	Longjian Road Bridge	Pair Corr
0.96	688293	Shanghai OPM Biosciences	Pair Corr
0.91	002156	TongFu Microelectronics	Pair Corr
0.84	688766	Puya Semiconductor	Pair Corr
0.97	600831	Shaanxi Broadcast	Pair Corr
0.87	002765	Chongqing Landai Pow	Pair Corr
0.95	900941	Eastern Communications	Pair Corr
0.96	601279	Changchun Engley Aut	Pair Corr
0.9	300450	Wuxi Lead Auto	Pair Corr
0.89	688601	Wuxi ETEK Microelect	Pair Corr
0.95	600864	Harbin Hatou Investment	Pair Corr
0.83	603132	Jinhui Mining	Pair Corr

Moving against Kangxin Stock

0.39	600547	Shandong Gold Mining	Pair Corr
0.49	600028	China Petroleum Chemical	Pair Corr

Related Correlations Analysis

	601899	600309	600019	600547	002493	600010	002460	603260	600160	000807
601899		0.73	0.71	0.59	0.54	0.32	0.22	0.42	0.61	0.73	601899
600309	0.73		0.68	0.18	0.74	0.46	0.43	0.64	0.67	0.74	600309
600019	0.71	0.68		0.05	0.9	0.8	0.76	0.8	0.91	0.9	600019
600547	0.59	0.18	0.05		-0.15	-0.39	-0.43	-0.34	-0.1	-0.04	600547
002493	0.54	0.74	0.9	-0.15		0.87	0.87	0.9	0.92	0.85	002493
600010	0.32	0.46	0.8	-0.39	0.87		0.92	0.84	0.89	0.8	600010
002460	0.22	0.43	0.76	-0.43	0.87	0.92		0.84	0.86	0.69	002460
603260	0.42	0.64	0.8	-0.34	0.9	0.84	0.84		0.87	0.84	603260
600160	0.61	0.67	0.91	-0.1	0.92	0.89	0.86	0.87		0.9	600160
000807	0.73	0.74	0.9	-0.04	0.85	0.8	0.69	0.84	0.9		000807
	601899	600309	600019	600547	002493	600010	002460	603260	600160	000807

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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

600160	+ 0.92	002493
002460	+ 0.92	600010
600160	+ 0.91	600019
002493	+ 0.9	600019
000807	+ 0.9	600019
603260	+ 0.9	002493

High negative correlations

002460	- 0.43	600547
600010	- 0.39	600547
603260	- 0.34	600547
002493	- 0.15	600547
600160	- 0.1	600547
000807	- 0.04	600547

Risk-Adjusted Indicators

There is a big difference between Kangxin Stock performing well and Kangxin New 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 Kangxin New'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
601899	1.64	0.01	0.00	0.09	0.00	0.00	3.35	(3.39)	10.10
600309	1.71	0.10	(0.01)	5.50	2.22	(1.99)	3.92	(3.47)	16.38
600019	1.59	0.16	0.01	10.28	2.05	(1.81)	4.80	(3.10)	17.37
600547	1.55	(0.32)	0.00	7.29	0.00	0.00	2.59	(3.29)	12.15
002493	1.50	0.20	0.03	(9.55)	1.87	(1.74)	4.12	(2.54)	15.52
600010	2.24	0.59	0.13	(0.60)	2.31	(3.05)	7.46	(4.00)	19.48
002460	3.51	0.78	0.16	(2.27)	3.36	(4.22)	9.99	(6.14)	20.00
603260	2.07	0.47	0.11	(1.99)	2.42	(2.39)	4.90	(3.79)	17.89
600160	2.34	0.38	0.10	1.23	2.48	(2.54)	6.09	(5.00)	15.23
000807	2.04	0.26	0.07	0.93	2.24	(2.33)	4.73	(3.27)	15.53

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Kangxin New Corporate Management

Elected by the shareholders, the Kangxin New's board of directors comprises two types of representatives: Kangxin New inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Kangxin. The board's role is to monitor Kangxin New's management team and ensure that shareholders' interests are well served. Kangxin New's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Kangxin New's outside directors are responsible for providing unbiased perspectives on the board's policies.

Chang Chen	Accounting Supervisor	Profile
Gang Yang	Deputy Mang	Profile
Li Wang	Deputy Manager	Profile
Zhixian Guo	GM MD	Profile
Liang Huang	Secretary, GM	Profile

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