Smartgiant Technology Correlations

688115 Stock

42.00 0.30 0.72%

The current 90-days correlation between Smartgiant Technology and Shenzhen MYS Environmental is 0.23 (i.e., Modest diversification). The correlation of Smartgiant Technology 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.

Smartgiant Technology Correlation With Market

Average diversification

The correlation between Smartgiant Technology Co and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smartgiant Technology Co and DJI in the same portfolio, assuming nothing else is changed.

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

Related Correlations Analysis

	002303	508096	002582	300533	000517	180401	000937	200012	605377	605368
002303		0.54	0.75	0.92	0.36	0.58	0.77	-0.72	0.33	-0.57	002303
508096	0.54		0.83	0.43	-0.27	0.93	0.43	-0.76	0.37	-0.63	508096
002582	0.75	0.83		0.66	0.04	0.8	0.61	-0.79	0.3	-0.67	002582
300533	0.92	0.43	0.66		0.39	0.47	0.72	-0.68	0.19	-0.6	300533
000517	0.36	-0.27	0.04	0.39		-0.27	0.45	0.13	0.12	0.02	000517
180401	0.58	0.93	0.8	0.47	-0.27		0.45	-0.79	0.45	-0.55	180401
000937	0.77	0.43	0.61	0.72	0.45	0.45		-0.39	0.61	-0.25	000937
200012	-0.72	-0.76	-0.79	-0.68	0.13	-0.79	-0.39		0.0	0.8	200012
605377	0.33	0.37	0.3	0.19	0.12	0.45	0.61	0.0		0.25	605377
605368	-0.57	-0.63	-0.67	-0.6	0.02	-0.55	-0.25	0.8	0.25		605368
	002303	508096	002582	300533	000517	180401	000937	200012	605377	605368

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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

180401	+ 0.93	508096
300533	+ 0.92	002303
002582	+ 0.83	508096
180401	+ 0.8	002582
605368	+ 0.8	200012
000937	+ 0.77	002303

High negative correlations

200012	- 0.79	180401
200012	- 0.79	002582
200012	- 0.76	508096
200012	- 0.72	002303
200012	- 0.68	300533
605368	- 0.67	002582

Risk-Adjusted Indicators

There is a big difference between Smartgiant Stock performing well and Smartgiant Technology 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 Smartgiant Technology'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
002303	2.68	0.19	0.04	3.84	4.00	(2.59)	6.42	(5.75)	20.06
508096	0.35	0.14	0.31	1.33	0.00	(0.48)	1.09	(0.48)	2.20
002582	3.68	0.82	0.19	1.34	3.67	(4.14)	10.02	(6.68)	19.95
300533	3.81	0.45	0.08	1.22	4.98	(3.94)	6.93	(7.96)	31.00
000517	2.49	(0.09)	0.00	(0.90)	0.00	0.00	5.06	(5.62)	19.95
180401	0.36	0.07	0.11	2.04	0.28	(0.48)	0.97	(0.51)	2.64
000937	1.58	0.13	0.05	0.71	2.22	(1.68)	3.20	(3.13)	16.15
200012	1.05	(0.08)	0.00	(1.59)	0.00	0.00	2.87	(2.26)	9.88
605377	1.89	0.09	0.03	(1.78)	2.70	(1.93)	3.33	(4.04)	16.81
605368	1.41	(0.15)	0.00	(0.40)	0.00	0.00	3.10	(3.12)	14.31

Be your own money manager

Our tools can tell you how much better you can do entering a position in Smartgiant Technology 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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