Juneyao Airlines Correlations
| 603885 Stock | 13.10 0.02 0.15% |
The current 90-days correlation between Juneyao Airlines and Hua Hong Semiconductor is 0.15 (i.e., Average diversification). The correlation of Juneyao Airlines 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.
Juneyao Airlines Correlation With Market
Significant diversification
The correlation between Juneyao Airlines and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and DJI in the same portfolio, assuming nothing else is changed.
Juneyao |
The ability to find closely correlated positions to Juneyao Airlines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Juneyao Airlines 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 Juneyao Airlines - 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 Juneyao Airlines to buy it.
Moving together with Juneyao Stock
| 0.79 | 601318 | Ping An Insurance | PairCorr |
| 0.71 | 601998 | China Citic Bank | PairCorr |
| 0.61 | 601698 | China Satellite Comm | PairCorr |
Moving against Juneyao Stock
| 0.82 | 601166 | Industrial Bank | PairCorr |
| 0.75 | 301439 | Weihai Honglin Electronic | PairCorr |
| 0.67 | 601398 | Industrial and Commercial | PairCorr |
| 0.64 | 601988 | Bank of China Limited | PairCorr |
| 0.43 | 601288 | Agricultural Bank | PairCorr |
| 0.4 | 600036 | China Merchants Bank | PairCorr |
| 0.86 | 180101 | Bosera CMSK Industrial | PairCorr |
| 0.63 | 603306 | HMTNew Technical | PairCorr |
| 0.47 | 603636 | Linewell Software | PairCorr |
Related Correlations Analysis
| 0.33 | 0.36 | 0.41 | 0.24 | 0.33 | 688347 | ||
| 0.33 | -0.18 | 0.54 | -0.39 | 0.68 | 002054 | ||
| 0.36 | -0.18 | 0.38 | 0.47 | -0.19 | 600346 | ||
| 0.41 | 0.54 | 0.38 | -0.23 | 0.63 | 002205 | ||
| 0.24 | -0.39 | 0.47 | -0.23 | -0.67 | 603986 | ||
| 0.33 | 0.68 | -0.19 | 0.63 | -0.67 | 002443 | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Juneyao Stock performing well and Juneyao Airlines 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 Juneyao Airlines' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 688347 | 2.41 | 0.18 | 0.07 | 30.24 | 2.72 | 4.38 | 23.56 | |||
| 002054 | 2.29 | 0.15 | 0.05 | 0.56 | 3.15 | 5.91 | 19.61 | |||
| 600346 | 0.89 | 0.05 | 0.07 | (0.28) | 1.03 | 2.27 | 6.06 | |||
| 002205 | 2.47 | 0.12 | 0.04 | 0.15 | 3.39 | 5.51 | 18.41 | |||
| 603986 | 3.00 | 0.68 | 0.23 | 3.12 | 2.46 | 8.98 | 16.17 | |||
| 002443 | 0.95 | (0.09) | 0.00 | (0.53) | 0.00 | 1.69 | 5.69 |
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