Hang Xiao Correlations

600477 Stock

2.46 0.02 0.82%

The current 90-days correlation between Hang Xiao Steel and Easyhome New Retail is 0.04 (i.e., Significant diversification). The correlation of Hang Xiao 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.

Hang Xiao Correlation With Market

Good diversification

The correlation between Hang Xiao Steel and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hang Xiao Steel and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hang Stock

0.71	002306	Cloud Live Technology	Pair Corr
0.66	200468	Nanjing Putian Telec	Pair Corr
0.84	300391	Kangyue Technology	Pair Corr
0.75	000692	Shenyang Huitian Thermal	Pair Corr
0.81	600568	Zhongzhu Medical Holdings	Pair Corr
0.87	603069	Hainan Haiqi Transpo	Pair Corr
0.68	600666	Aurora Optoelectronics	Pair Corr
0.61	600608	Shanghai Broadband	Pair Corr
0.76	002124	Ningbo Tech Bank	Pair Corr

Moving against Hang Stock

0.56	603236	Quectel Wireless Sol	Pair Corr
0.5	300866	Anker Innovations	Pair Corr
0.34	600368	Guangxi Wuzhou Commu	Pair Corr
0.31	002052	Shenzhen Coship Elec	Pair Corr

Related Correlations Analysis

	000785	600568	002551	301193	000799	688111	300981	603216
000785		0.2	0.23	0.38	-0.1	0.33	0.07	0.82	000785
600568	0.2		0.86	0.69	0.8	0.74	0.73	0.42	600568
002551	0.23	0.86		0.76	0.76	0.76	0.77	0.56	002551
301193	0.38	0.69	0.76		0.68	0.73	0.65	0.57	301193
000799	-0.1	0.8	0.76	0.68		0.75	0.72	0.27	000799
688111	0.33	0.74	0.76	0.73	0.75		0.74	0.54	688111
300981	0.07	0.73	0.77	0.65	0.72	0.74		0.37	300981
603216	0.82	0.42	0.56	0.57	0.27	0.54	0.37		603216
	000785	600568	002551	301193	000799	688111	300981	603216

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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

002551	+ 0.86	600568
603216	+ 0.82	000785
000799	+ 0.8	600568
300981	+ 0.77	002551
301193	+ 0.76	002551
000799	+ 0.76	002551

High negative correlations

000799

- 0.1

000785

Risk-Adjusted Indicators

There is a big difference between Hang Stock performing well and Hang Xiao 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 Hang Xiao'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
000785	3.52	0.55	0.11	(31.18)	4.07	(3.66)	9.95	(7.68)	20.09
600568	1.96	0.07	0.02	(0.62)	2.61	(1.98)	4.58	(4.62)	9.87
002551	2.23	0.09	0.02	0.72	3.16	(2.21)	4.14	(4.72)	18.30
301193	2.07	0.07	0.02	0.30	2.45	(2.29)	4.73	(3.92)	12.89
000799	2.19	0.02	0.01	0.03	3.04	(2.06)	4.59	(5.73)	16.24
688111	2.82	0.12	0.04	0.18	2.60	(4.01)	8.44	(4.31)	17.07
300981	2.17	0.08	0.02	(0.55)	2.78	(2.33)	3.97	(4.37)	28.43
603216	2.01	0.16	0.04	0.50	3.14	(2.01)	4.03	(4.25)	20.05

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hang Xiao 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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