Hainan Mining Correlations

601969 Stock

7.42 0.04 0.54%

The current 90-days correlation between Hainan Mining and Linewell Software Co is 0.07 (i.e., Significant diversification). The correlation of Hainan 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.

Hainan Mining Correlation With Market

Good diversification

The correlation between Hainan Mining Co 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 Hainan Mining Co and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Hainan 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 Hainan 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 Hainan 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 Hainan Mining Co to buy it.

Moving together with Hainan Stock

0.68	600309	Wanhua Chemical Group	Pair Corr
0.84	600010	Inner Mongolia BaoTou	Pair Corr
0.67	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.83	603260	Hoshine Silicon Ind	Pair Corr

Moving against Hainan Stock

0.48	600000	Shanghai Pudong Deve	Pair Corr
0.38	601988	Bank of China Limited Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	603636	688109	001286	002021	603043	000609	600110
603636		0.83	-0.32	-0.27	-0.45	0.3	0.42	603636
688109	0.83		0.09	0.08	0.02	0.19	0.74	688109
001286	-0.32	0.09		0.7	0.85	-0.54	0.27	001286
002021	-0.27	0.08	0.7		0.73	-0.19	0.46	002021
603043	-0.45	0.02	0.85	0.73		-0.49	0.41	603043
000609	0.3	0.19	-0.54	-0.19	-0.49		0.18	000609
600110	0.42	0.74	0.27	0.46	0.41	0.18		600110
	603636	688109	001286	002021	603043	000609	600110

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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

603043	+ 0.85	001286
688109	+ 0.83	603636
600110	+ 0.74	688109
603043	+ 0.73	002021
002021	+ 0.7	001286
600110	+ 0.46	002021

High negative correlations

000609	- 0.54	001286
000609	- 0.49	603043
603043	- 0.45	603636
001286	- 0.32	603636
002021	- 0.27	603636
000609	- 0.19	002021

Risk-Adjusted Indicators

There is a big difference between Hainan Stock performing well and Hainan 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 Hainan 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
603636	2.61	0.20	0.07	31.51	3.06	(2.89)	9.96	(5.45)	17.88
688109	2.16	(0.09)	0.00	(1.26)	0.00	0.00	5.62	(4.99)	14.38
001286	0.62	(0.08)	0.00	(0.60)	0.00	0.00	1.44	(1.54)	4.19
002021	2.03	(0.43)	0.00	(8.76)	0.00	0.00	3.60	(4.84)	11.06
603043	0.98	(0.15)	0.00	(40.41)	0.00	0.00	2.16	(2.65)	6.73
000609	2.36	(0.07)	0.00	(0.13)	0.00	0.00	5.02	(4.98)	10.33
600110	1.61	(0.25)	0.00	(5.07)	0.00	0.00	2.87	(3.34)	12.21

Be your own money manager

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