Changchun Faway Correlations

600742 Stock

9.33 0.07 0.74%

The current 90-days correlation between Changchun Faway Auto and Cultural Investment Holdings is 0.07 (i.e., Significant diversification). The correlation of Changchun Faway 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.

Changchun Faway Correlation With Market

Good diversification

The correlation between Changchun Faway Automobile and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Changchun Faway Automobile and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Changchun Stock

0.76	600519	Kweichow Moutai	Pair Corr
0.8	300760	Shenzhen Mindray Bio	Pair Corr
0.89	603688	Jiangsu Pacific Quartz	Pair Corr
0.65	688036	Shenzhen Transsion	Pair Corr
0.88	000568	Luzhou Lao Jiao	Pair Corr
0.95	300750	Contemporary Amperex	Pair Corr
0.9	000858	Wuliangye Yibin	Pair Corr
0.91	002236	Zhejiang Dahua Technology	Pair Corr
0.88	900957	Shanghai Lingyun Ind	Pair Corr

Related Correlations Analysis

	000809	600337	600715	002572	002631	600784	603008	603180
000809		0.85	0.82	0.7	0.84	0.83	0.71	0.86	000809
600337	0.85		0.87	0.84	0.87	0.93	0.86	0.96	600337
600715	0.82	0.87		0.63	0.73	0.79	0.65	0.82	600715
002572	0.7	0.84	0.63		0.82	0.92	0.99	0.88	002572
002631	0.84	0.87	0.73	0.82		0.91	0.82	0.92	002631
600784	0.83	0.93	0.79	0.92	0.91		0.94	0.96	600784
603008	0.71	0.86	0.65	0.99	0.82	0.94		0.9	603008
603180	0.86	0.96	0.82	0.88	0.92	0.96	0.9		603180
	000809	600337	600715	002572	002631	600784	603008	603180

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Changchun Stock performing well and Changchun Faway 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 Changchun Faway'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
000809	1.66	0.39	0.16	1.74	1.50	(2.19)	4.41	(2.24)	9.87
600337	2.99	0.64	0.14	(2.02)	2.95	(3.59)	7.26	(4.37)	20.22
600715	2.42	0.41	0.09	5.39	2.83	(2.59)	5.00	(4.79)	10.24
002572	2.83	0.49	0.12	(101.11)	2.61	(3.26)	7.72	(3.62)	19.97
002631	2.62	0.68	0.13	(1.08)	2.99	(2.79)	9.98	(4.93)	20.13
600784	1.63	0.44	0.17	4.74	1.59	(2.08)	4.71	(3.09)	13.87
603008	2.61	0.35	0.10	0.97	2.72	(3.10)	5.97	(4.00)	18.34
603180	1.87	0.35	0.10	1.26	2.54	(1.97)	4.55	(2.91)	19.32

Be your own money manager

Our tools can tell you how much better you can do entering a position in Changchun Faway 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.

Did you try this?

Run Equity Forecasting Now

Equity Forecasting

Use basic forecasting models to generate price predictions and determine price momentum

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC