Beijing-Shanghai Correlations

601816 Stock

5.62 0.02 0.36%

The current 90-days correlation between Beijing Shanghai High and Bank of Communications is 0.38 (i.e., Weak diversification). The correlation of Beijing-Shanghai 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.

Beijing-Shanghai Correlation With Market

Good diversification

The correlation between Beijing Shanghai High Speed and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Shanghai High Speed and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Beijing-Shanghai Stock

0.78	002630	China Western Power	Pair Corr
0.76	688169	Beijing Roborock Tec	Pair Corr
0.71	300354	DongHua Testing Tech	Pair Corr
0.7	002418	Zhe Jiang Kangsheng	Pair Corr
0.67	002594	BYD Co	Pair Corr
0.59	300940	Shen Zhen Australis	Pair Corr
0.54	688111	Beijing Kingsoft Office	Pair Corr
0.53	605118	Xiamen Leading Optics	Pair Corr
0.5	002371	NAURA Technology	Pair Corr
0.49	300530	Hunan Lead Power	Pair Corr
0.36	300780	Sichuan Dawn Precision	Pair Corr
0.35	688617	APT Medical	Pair Corr
0.35	002501	Jilin Liyuan Precision	Pair Corr
0.34	002616	Guangdong Chant Group	Pair Corr

Related Correlations Analysis

	601988	601328	600519	601857	600941	601318	601398	600000	600016	002594
601988		0.54	0.15	0.14	0.21	0.19	0.75	0.45	0.23	0.2	601988
601328	0.54		0.19	0.65	0.74	0.47	0.26	-0.09	-0.13	-0.35	601328
600519	0.15	0.19		-0.29	-0.25	0.74	0.21	0.24	0.14	0.53	600519
601857	0.14	0.65	-0.29		0.61	-0.13	-0.31	-0.15	-0.54	-0.83	601857
600941	0.21	0.74	-0.25	0.61		0.25	0.13	-0.3	0.01	-0.53	600941
601318	0.19	0.47	0.74	-0.13	0.25		0.41	0.15	0.41	0.36	601318
601398	0.75	0.26	0.21	-0.31	0.13	0.41		0.52	0.68	0.59	601398
600000	0.45	-0.09	0.24	-0.15	-0.3	0.15	0.52		0.4	0.42	600000
600016	0.23	-0.13	0.14	-0.54	0.01	0.41	0.68	0.4		0.54	600016
002594	0.2	-0.35	0.53	-0.83	-0.53	0.36	0.59	0.42	0.54		002594
	601988	601328	600519	601857	600941	601318	601398	600000	600016	002594

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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

601398	+ 0.75	601988
600941	+ 0.74	601328
601318	+ 0.74	600519
600016	+ 0.68	601398
601857	+ 0.65	601328
600941	+ 0.61	601857

High negative correlations

002594	- 0.83	601857
600016	- 0.54	601857
002594	- 0.53	600941
002594	- 0.35	601328
601398	- 0.31	601857
600000	- 0.3	600941

Risk-Adjusted Indicators

There is a big difference between Beijing-Shanghai Stock performing well and Beijing-Shanghai 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 Beijing-Shanghai'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
601988	0.90	0.07	0.10	0.32	1.03	(1.06)	2.09	(1.89)	5.28
601328	0.87	(0.02)	0.00	(0.11)	0.00	0.00	1.82	(1.76)	5.49
600519	0.93	0.05	0.08	0.10	1.08	(1.00)	1.76	(1.94)	7.81
601857	0.98	(0.08)	0.00	3.07	0.00	0.00	2.33	(2.54)	5.82
600941	0.93	(0.11)	0.00	(5.79)	0.00	0.00	1.79	(2.41)	6.39
601318	0.95	(0.02)	0.00	(0.20)	0.00	0.00	1.58	(2.32)	7.48
601398	0.88	0.07	0.10	0.36	1.06	(0.98)	2.25	(1.68)	6.36
600000	0.98	0.15	0.15	0.51	1.02	(1.09)	2.24	(1.72)	6.93
600016	0.71	(0.01)	0.00	(0.13)	0.00	0.00	1.25	(1.43)	5.10
002594	1.83	0.50	0.25	0.85	1.81	(2.17)	5.09	(3.64)	17.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Beijing-Shanghai 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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