China Publishing Correlations

601949 Stock

7.09 0.01 0.14%

The current 90-days correlation between China Publishing Media and Nuode Investment Co is 0.13 (i.e., Average diversification). The correlation of China Publishing 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.

China Publishing Correlation With Market

Good diversification

The correlation between China Publishing Media 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 China Publishing Media and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with China Stock

0.77	688047	Loongson Technology Corp	Pair Corr
0.89	600106	Chongqing Road Bridge	Pair Corr
0.73	688558	Nantong Guosheng Int	Pair Corr
0.68	300578	BizConf Telecom	Pair Corr
0.78	601698	China Satellite Comm	Pair Corr
0.75	600386	Beijing Bashi Media	Pair Corr
0.67	301365	Matrix Design	Pair Corr

Moving against China Stock

0.74	688256	Cambricon Technologies	Pair Corr
0.67	603306	HMTNew Technical	Pair Corr
0.55	688981	Semiconductor Manufacturing	Pair Corr
0.45	300561	SGSG Sciencetechnology	Pair Corr
0.41	600368	Guangxi Wuzhou Commu	Pair Corr
0.66	180101	Bosera CMSK Industrial	Pair Corr
0.53	301439	Weihai Honglin Electronic	Pair Corr
0.5	601169	Bank of Beijing Co Ltd	Pair Corr

Related Correlations Analysis

	002021	600110	600462	600498	688387	603958	000609
002021		0.45	0.77	-0.21	0.66	0.14	-0.12	002021
600110	0.45		0.39	-0.08	0.83	-0.13	0.07	600110
600462	0.77	0.39		-0.24	0.58	0.17	-0.12	600462
600498	-0.21	-0.08	-0.24		0.02	0.19	0.32	600498
688387	0.66	0.83	0.58	0.02		0.13	-0.18	688387
603958	0.14	-0.13	0.17	0.19	0.13		-0.34	603958
000609	-0.12	0.07	-0.12	0.32	-0.18	-0.34		000609
	002021	600110	600462	600498	688387	603958	000609

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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

688387	+ 0.83	600110
600462	+ 0.77	002021
688387	+ 0.66	002021
688387	+ 0.58	600462
600110	+ 0.45	002021
600462	+ 0.39	600110

High negative correlations

000609	- 0.34	603958
600498	- 0.24	600462
600498	- 0.21	002021
000609	- 0.18	688387
603958	- 0.13	600110
000609	- 0.12	600462

Risk-Adjusted Indicators

There is a big difference between China Stock performing well and China Publishing 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 China Publishing'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
002021	2.58	0.04	0.01	(0.50)	3.35	(2.71)	4.92	(5.49)	18.75
600110	1.82	(0.02)	0.00	(0.16)	0.00	0.00	3.48	(3.34)	16.35
600462	2.70	(0.02)	0.00	(0.03)	0.00	0.00	5.04	(5.06)	10.42
600498	2.36	0.56	0.18	0.61	2.41	(2.50)	6.88	(4.43)	16.70
688387	1.60	(0.02)	0.00	(0.16)	0.00	0.00	3.33	(2.93)	8.45
603958	2.90	0.32	0.08	0.64	3.58	(3.75)	10.00	(7.47)	20.05
000609	2.55	0.12	0.04	0.12	2.95	(2.75)	5.04	(4.92)	10.19

Be your own money manager

Our tools can tell you how much better you can do entering a position in China Publishing 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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