Jinhui Mining Correlations

603132 Stock

11.83 0.09 0.77%

The current 90-days correlation between Jinhui Mining and State Grid InformationCommunication is 0.04 (i.e., Significant diversification). The correlation of Jinhui 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.

Jinhui Mining Correlation With Market

Good diversification

The correlation between Jinhui Mining Co and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Jinhui Stock

0.81	600019	Baoshan Iron Steel	Pair Corr
0.66	600010	Inner Mongolia BaoTou	Pair Corr
0.66	000708	CITIC Pacific Special	Pair Corr
0.66	600519	Kweichow Moutai	Pair Corr
0.69	688399	Jiangsu Bioperfectus	Pair Corr
0.67	300530	Hunan Lead Power	Pair Corr

Moving against Jinhui Stock

0.53	600941	China Mobile Limited	Pair Corr
0.33	603959	Hunan Baili Engineering	Pair Corr

Related Correlations Analysis

	688021	600131	300555	002454	000898	300565	301203
688021		0.79	0.83	0.83	0.84	0.7	-0.05	688021
600131	0.79		0.54	0.69	0.74	0.51	-0.31	600131
300555	0.83	0.54		0.62	0.69	0.66	0.12	300555
002454	0.83	0.69	0.62		0.66	0.66	0.22	002454
000898	0.84	0.74	0.69	0.66		0.51	-0.28	000898
300565	0.7	0.51	0.66	0.66	0.51		0.23	300565
301203	-0.05	-0.31	0.12	0.22	-0.28	0.23		301203
	688021	600131	300555	002454	000898	300565	301203

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

000898	+ 0.84	688021
300555	+ 0.83	688021
002454	+ 0.83	688021
600131	+ 0.79	688021
000898	+ 0.74	600131
300565	+ 0.7	688021

High negative correlations

301203	- 0.31	600131
301203	- 0.28	000898
301203	- 0.05	688021

Risk-Adjusted Indicators

There is a big difference between Jinhui Stock performing well and Jinhui 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 Jinhui 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
688021	1.89	0.11	0.06	(0.55)	2.31	(1.87)	3.85	(4.05)	11.30
600131	1.87	(0.04)	0.00	0.24	0.00	0.00	5.24	(3.30)	12.64
300555	1.78	0.20	0.11	(0.46)	1.99	(2.03)	4.62	(3.88)	13.74
002454	1.45	0.11	0.06	0.69	2.17	(1.41)	3.44	(4.18)	9.70
000898	1.28	0.03	0.04	0.35	1.32	(1.61)	2.36	(2.07)	9.96
300565	2.83	0.06	0.03	(0.43)	3.36	(3.16)	5.47	(6.49)	25.18
301203	1.20	0.10	0.07	1.15	1.54	(1.21)	4.38	(3.04)	11.00

Be your own money manager

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

Did you try this?

Run Portfolio Comparator Now

Portfolio Comparator

Compare the composition, asset allocations and performance of any two portfolios in your account

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