Western Mining Correlations

601168 Stock   15.93  0.24  1.48%   
The current 90-days correlation between Western Mining and Kidswant Children Products is -0.01 (i.e., Good diversification). The correlation of Western Mining 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.

Western Mining Correlation With Market

Modest diversification

The correlation between Western Mining Co and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Mining Co and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Western Mining could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Western Mining 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 Western Mining - 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 Western Mining Co to buy it.

Moving together with Western Stock

  0.72601899 Zijin Mining GroupPairCorr
  0.71600547 Shandong Gold MiningPairCorr
  0.63000807 Yunnan AluminiumPairCorr

Moving against Western Stock

  0.6600519 Kweichow MoutaiPairCorr
  0.54002304 Jiangsu Yanghe BreweryPairCorr
  0.48603260 Hoshine Silicon IndPairCorr
  0.48300760 Shenzhen Mindray BioPairCorr
  0.46000858 Wuliangye YibinPairCorr
  0.44301589 NovastarPairCorr
  0.43000568 Luzhou Lao JiaoPairCorr
  0.43603819 Changzhou Shenli ElePairCorr
  0.39603688 Jiangsu Pacific QuartzPairCorr
  0.36600309 Wanhua Chemical GroupPairCorr
  0.54688103 Kunshan Guoli ElectronicPairCorr
  0.46301365 Matrix DesignPairCorr
  0.45600386 Beijing Bashi MediaPairCorr
  0.39000425 XCMG ConstructionPairCorr

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   
600106000917
600106603818
603818000917
603818600853
600106600853
000917600853
  
High negative correlations   
688111600853

Risk-Adjusted Indicators

There is a big difference between Western Stock performing well and Western Mining 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 Western Mining'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 Western Mining 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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Western Mining Corporate Executives

Elected by the shareholders, the Western Mining's board of directors comprises two types of representatives: Western Mining inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Western. The board's role is to monitor Western Mining's management team and ensure that shareholders' interests are well served. Western Mining'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, Western Mining's outside directors are responsible for providing unbiased perspectives on the board's policies.