Sobute New Correlations

603916 Stock

7.78 0.07 0.91%

The current 90-days correlation between Sobute New Materials and Shanghai Metersbonwe FashionAccessories is -0.06 (i.e., Good diversification). The correlation of Sobute New 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.

Sobute New Correlation With Market

Good diversification

The correlation between Sobute New Materials and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sobute New Materials and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Sobute Stock

0.73	600019	Baoshan Iron Steel	Pair Corr
0.69	600010	Inner Mongolia BaoTou	Pair Corr
0.75	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.64	603260	Hoshine Silicon Ind	Pair Corr
0.84	000708	CITIC Pacific Special	Pair Corr
0.82	002594	BYD Co	Pair Corr
0.7	601728	China Telecom Corp	Pair Corr
0.77	600361	Beijing Hualian Hype	Pair Corr
0.77	688327	Cloudwalk Technology	Pair Corr
0.76	688466	GreenTech Environmental	Pair Corr
0.85	300354	DongHua Testing Tech	Pair Corr
0.71	600301	Nanning Chemical Industry	Pair Corr
0.81	300940	Shen Zhen Australis	Pair Corr
0.84	300007	Henan Hanwei Electronics	Pair Corr
0.83	603716	Wuhan Thalys Med	Pair Corr
0.83	002501	Jilin Liyuan Precision	Pair Corr
0.7	002630	China Western Power	Pair Corr
0.74	300674	Yusys Technologies	Pair Corr
0.75	002025	Guizhou Space Appliance	Pair Corr
0.89	002853	Guangdong Piano Cust	Pair Corr
0.87	001228	Yongtaiyun Chemical	Pair Corr
0.82	300530	Hunan Lead Power	Pair Corr
0.85	300163	Ningbo Xianfeng New	Pair Corr
0.78	300842	Wuxi Dk Electronic	Pair Corr

Moving against Sobute Stock

0.76	601857	PetroChina	Pair Corr
0.44	601668	China State Construction	Pair Corr
0.32	600941	China Mobile Limited	Pair Corr
0.64	603959	Hunan Baili Engineering	Pair Corr

Related Correlations Analysis

	002269	300871	300955	603615	688639	603193	688363
002269		-0.24	-0.02	-0.61	0.07	-0.49	0.48	002269
300871	-0.24		0.81	0.69	0.49	0.71	0.28	300871
300955	-0.02	0.81		0.55	0.75	0.42	0.53	300955
603615	-0.61	0.69	0.55		0.2	0.83	-0.14	603615
688639	0.07	0.49	0.75	0.2		0.02	0.7	688639
603193	-0.49	0.71	0.42	0.83	0.02		-0.3	603193
688363	0.48	0.28	0.53	-0.14	0.7	-0.3		688363
	002269	300871	300955	603615	688639	603193	688363

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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

603193	+ 0.83	603615
300955	+ 0.81	300871
688639	+ 0.75	300955
603193	+ 0.71	300871
688363	+ 0.7	688639
603615	+ 0.69	300871

High negative correlations

603615	- 0.61	002269
603193	- 0.49	002269
688363	- 0.3	603193
300871	- 0.24	002269
688363	- 0.14	603615
300955	- 0.02	002269

Risk-Adjusted Indicators

There is a big difference between Sobute Stock performing well and Sobute New 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 Sobute New'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
002269	3.26	(0.47)	0.00	5.26	0.00	0.00	9.81	(9.06)	19.33
300871	2.21	0.28	0.10	(0.82)	2.42	(2.55)	6.34	(3.89)	13.02
300955	2.07	(0.20)	0.00	0.33	0.00	0.00	4.11	(5.12)	15.21
603615	2.34	0.31	0.09	(1.48)	2.98	(2.52)	4.40	(4.00)	20.01
688639	1.69	(0.24)	0.00	0.40	0.00	0.00	3.24	(4.12)	18.91
603193	2.47	0.51	0.20	(2.49)	2.24	(2.96)	4.99	(4.52)	15.04
688363	1.46	(0.23)	0.00	0.39	0.00	0.00	2.92	(3.07)	8.17

Be your own money manager

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