Hubei Geoway Correlations

600462 Stock

1.45 0.07 5.07%

The current 90-days correlation between Hubei Geoway Investment and Ningbo David Medical is 0.05 (i.e., Significant diversification). The correlation of Hubei Geoway 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.

Hubei Geoway Correlation With Market

Weak diversification

The correlation between Hubei Geoway Investment and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hubei Stock

0.68	600309	Wanhua Chemical Group	Pair Corr
0.62	002493	Rongsheng Petrochemical	Pair Corr

Moving against Hubei Stock

0.66	600160	Zhejiang Juhua	Pair Corr
0.61	600036	China Merchants Bank	Pair Corr
0.56	603959	Hunan Baili Engineering	Pair Corr
0.44	601398	Industrial and Commercial	Pair Corr
0.43	601988	Bank of China Limited	Pair Corr
0.43	002594	BYD Co	Pair Corr
0.42	601899	Zijin Mining Group	Pair Corr
0.32	600019	Baoshan Iron Steel	Pair Corr
0.32	600547	Shandong Gold Mining	Pair Corr

Related Correlations Analysis

	002792	603236	300314	688607	688050	002173	300081	002454
002792		0.34	0.72	0.76	-0.31	0.72	0.78	0.82	002792
603236	0.34		0.2	0.57	0.41	0.3	0.24	0.61	603236
300314	0.72	0.2		0.84	-0.25	0.76	0.64	0.75	300314
688607	0.76	0.57	0.84		-0.09	0.84	0.74	0.9	688607
688050	-0.31	0.41	-0.25	-0.09		-0.16	-0.18	-0.07	688050
002173	0.72	0.3	0.76	0.84	-0.16		0.84	0.77	002173
300081	0.78	0.24	0.64	0.74	-0.18	0.84		0.75	300081
002454	0.82	0.61	0.75	0.9	-0.07	0.77	0.75		002454
	002792	603236	300314	688607	688050	002173	300081	002454

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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

002454	+ 0.9	688607
688607	+ 0.84	300314
002173	+ 0.84	688607
300081	+ 0.84	002173
002454	+ 0.82	002792
300081	+ 0.78	002792

High negative correlations

688050	- 0.31	002792
688050	- 0.25	300314
300081	- 0.18	688050
002173	- 0.16	688050
688050	- 0.09	688607
002454	- 0.07	688050

Risk-Adjusted Indicators

There is a big difference between Hubei Stock performing well and Hubei Geoway 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 Hubei Geoway'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
002792	2.01	(0.05)	0.00	(0.50)	0.00	0.00	4.05	(4.72)	12.12
603236	3.24	0.64	0.16	2.31	3.49	(3.43)	8.03	(6.18)	17.86
300314	1.81	0.05	0.03	0.09	2.05	(2.05)	2.78	(3.39)	23.31
688607	1.68	0.09	0.04	(0.67)	2.46	(1.60)	3.02	(3.48)	9.18
688050	1.65	0.03	0.02	(0.10)	1.77	(1.98)	3.73	(2.89)	10.54
002173	3.39	0.02	0.00	(0.02)	4.59	(3.52)	10.01	(8.87)	20.03
300081	3.32	(0.25)	0.00	1.22	0.00	0.00	6.48	(7.05)	16.64
002454	1.51	0.04	0.02	(0.28)	2.29	(1.39)	2.74	(3.88)	9.70

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hubei Geoway 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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