Allied Machinery Correlations

605060 Stock

16.33 0.05 0.31%

The current 90-days correlation between Allied Machinery and Loctek Ergonomic Technology is 0.66 (i.e., Poor diversification). The correlation of Allied Machinery 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.

Allied Machinery Correlation With Market

Good diversification

The correlation between Allied Machinery Co and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allied Machinery Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Allied Stock

0.95	200468	Nanjing Putian Telec	Pair Corr
0.68	300391	Kangyue Technology	Pair Corr
0.9	600322	Tianjin Realty Devel	Pair Corr
0.92	000692	Shenyang Huitian Thermal	Pair Corr
0.62	300301	Shenzhen Changfang Light	Pair Corr
0.94	300013	Jiangsu Xinning Modern	Pair Corr
0.86	002236	Zhejiang Dahua Technology	Pair Corr
0.84	900957	Shanghai Lingyun Ind	Pair Corr

Related Correlations Analysis

	601336	601615	159681	159005	300729	516220	002096	300243	603269	300049
601336		0.88	0.97	0.89	0.89	0.96	0.89	0.87	0.88	0.29	601336
601615	0.88		0.9	0.91	0.92	0.91	0.73	0.92	0.91	0.04	601615
159681	0.97	0.9		0.87	0.95	0.99	0.86	0.87	0.9	0.31	159681
159005	0.89	0.91	0.87		0.87	0.87	0.73	0.93	0.81	-0.09	159005
300729	0.89	0.92	0.95	0.87		0.94	0.78	0.84	0.88	0.22	300729
516220	0.96	0.91	0.99	0.87	0.94		0.84	0.88	0.89	0.24	516220
002096	0.89	0.73	0.86	0.73	0.78	0.84		0.72	0.79	0.46	002096
300243	0.87	0.92	0.87	0.93	0.84	0.88	0.72		0.85	0.0	300243
603269	0.88	0.91	0.9	0.81	0.88	0.89	0.79	0.85		0.33	603269
300049	0.29	0.04	0.31	-0.09	0.22	0.24	0.46	0.0	0.33		300049
	601336	601615	159681	159005	300729	516220	002096	300243	603269	300049

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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

516220	+ 0.99	159681
159681	+ 0.97	601336
516220	+ 0.96	601336
300729	+ 0.95	159681
516220	+ 0.94	300729
300243	+ 0.93	159005

High negative correlations

300049	- 0.09	159005
300049	- 0.0	300243

Risk-Adjusted Indicators

There is a big difference between Allied Stock performing well and Allied Machinery 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 Allied Machinery'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
601336	2.53	0.66	0.29	0.90	1.65	(3.22)	9.69	(3.97)	16.01
601615	2.64	0.80	0.23	(3.10)	2.31	(3.20)	7.78	(4.15)	18.14
159681	2.96	0.72	0.13	(10.51)	3.01	(4.96)	8.99	(4.00)	36.32
159005	0.01	0.00	0.00	(0.75)	0.00	0.00	0.01	0.00	0.14
300729	2.09	0.41	0.09	6.59	2.84	(2.42)	6.27	(3.09)	24.80
516220	1.66	0.31	0.06	(3.82)	1.68	(2.92)	5.26	(3.03)	17.74
002096	2.09	0.14	0.01	0.91	2.38	(2.19)	4.30	(3.86)	13.27
300243	3.14	0.75	0.12	(0.67)	3.62	(3.47)	10.41	(4.71)	31.77
603269	2.61	0.40	0.08	(1.16)	2.73	(3.05)	5.98	(4.63)	16.65
300049	3.32	(0.16)	0.00	(0.19)	0.00	0.00	7.57	(7.51)	28.09

Be your own money manager

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