Shanghai Shuixing Correlations

603365 Stock

15.50 0.18 1.17%

The current 90-days correlation between Shanghai Shuixing Home and Queclink Wireless Solutions is 0.17 (i.e., Average diversification). The correlation of Shanghai Shuixing 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.

Shanghai Shuixing Correlation With Market

Very good diversification

The correlation between Shanghai Shuixing Home and DJI is -0.22 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Shuixing Home and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Shanghai Stock

0.67	601857	PetroChina	Pair Corr
0.61	600938	CNOOC Limited	Pair Corr

Moving against Shanghai Stock

0.57	002630	China Western Power	Pair Corr
0.51	600036	China Merchants Bank	Pair Corr
0.42	002418	Zhe Jiang Kangsheng	Pair Corr
0.35	300530	Hunan Lead Power	Pair Corr

Related Correlations Analysis

	300590	600794	000548	900932	002269	002761	600259	603236
300590		0.09	0.29	0.13	-0.41	0.63	0.11	0.49	300590
600794	0.09		0.62	0.78	0.34	0.4	-0.25	-0.51	600794
000548	0.29	0.62		0.56	0.11	0.61	0.18	-0.07	000548
900932	0.13	0.78	0.56		0.32	0.59	-0.34	-0.64	900932
002269	-0.41	0.34	0.11	0.32		-0.07	-0.38	-0.56	002269
002761	0.63	0.4	0.61	0.59	-0.07		0.06	-0.07	002761
600259	0.11	-0.25	0.18	-0.34	-0.38	0.06		0.47	600259
603236	0.49	-0.51	-0.07	-0.64	-0.56	-0.07	0.47		603236
	300590	600794	000548	900932	002269	002761	600259	603236

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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

900932	+ 0.78	600794
002761	+ 0.63	300590
000548	+ 0.62	600794
002761	+ 0.61	000548
002761	+ 0.59	900932
900932	+ 0.56	000548

High negative correlations

603236	- 0.64	900932
603236	- 0.56	002269
603236	- 0.51	600794
002269	- 0.41	300590
600259	- 0.38	002269
600259	- 0.34	900932

Risk-Adjusted Indicators

There is a big difference between Shanghai Stock performing well and Shanghai Shuixing 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 Shanghai Shuixing'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
300590	2.84	(0.01)	0.00	0.13	0.00	0.00	5.76	(5.95)	20.74
600794	1.13	(0.14)	0.00	0.80	0.00	0.00	2.05	(3.29)	8.64
000548	1.35	(0.10)	0.00	0.48	0.00	0.00	2.64	(3.19)	7.50
900932	1.06	(0.21)	0.00	0.58	0.00	0.00	2.13	(2.13)	8.25
002269	3.22	(0.52)	0.00	5.47	0.00	0.00	9.81	(9.06)	19.33
002761	1.46	(0.21)	0.00	0.90	0.00	0.00	2.50	(3.78)	13.85
600259	1.64	0.27	0.16	(0.32)	1.48	(1.96)	4.47	(2.81)	13.11
603236	3.24	0.64	0.16	2.31	3.49	(3.43)	8.03	(6.18)	17.86

Be your own money manager

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