BYD Co Correlations

BYDDY Stock

USD 93.38 5.03 5.69%

The current 90-days correlation between BYD Co and Li Auto is 0.7 (i.e., Poor diversification). The correlation of BYD Co 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. If the correlation is 0, the equities are not correlated; they are entirely random.

BYD Co Correlation With Market

Good diversification

The correlation between BYD Co Ltd and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BYD Co Ltd and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with BYD Pink Sheet

0.7	EC	Ecopetrol SA ADR	Pair Corr
0.68	IBM	International Business	Pair Corr
0.69	JPM	JPMorgan Chase	Pair Corr
0.68	GE	GE Aerospace Sell-off Trend	Pair Corr
0.69	WMT	Walmart Earnings Call This Week	Pair Corr

Moving against BYD Pink Sheet

0.88	MRK	Merck Company	Pair Corr
0.6	TLK	Telkom Indonesia Tbk	Pair Corr
0.59	PPERY	Bank Mandiri Persero	Pair Corr
0.56	PPERF	Bank Mandiri Persero	Pair Corr
0.53	PTAIY	Astra International Tbk	Pair Corr
0.37	CAT	Caterpillar Sell-off Trend	Pair Corr
0.34	AA	Alcoa Corp	Pair Corr
0.32	BKRKY	Bank Rakyat	Pair Corr

Related Correlations Analysis

	LI	XPEV	PSNY	FSR	NIO	LCID	RIVN	TSLA	RIDE	GOEV
LI		0.54	0.07	0.0	0.0	0.47	0.18	-0.06	0.0	-0.41	LI
XPEV	0.54		-0.05	0.0	-0.28	0.24	-0.06	-0.13	0.0	-0.42	XPEV
PSNY	0.07	-0.05		0.0	0.23	-0.09	-0.19	-0.53	0.0	0.31	PSNY
FSR	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	FSR
NIO	0.0	-0.28	0.23	0.0		-0.4	-0.18	-0.16	0.0	0.64	NIO
LCID	0.47	0.24	-0.09	0.0	-0.4		0.77	0.61	0.0	-0.79	LCID
RIVN	0.18	-0.06	-0.19	0.0	-0.18	0.77		0.75	0.0	-0.53	RIVN
TSLA	-0.06	-0.13	-0.53	0.0	-0.16	0.61	0.75		0.0	-0.46	TSLA
RIDE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	RIDE
GOEV	-0.41	-0.42	0.31	0.0	0.64	-0.79	-0.53	-0.46	0.0		GOEV
	LI	XPEV	PSNY	FSR	NIO	LCID	RIVN	TSLA	RIDE	GOEV

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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

RIVN	+ 0.77	LCID
TSLA	+ 0.75	RIVN
GOEV	+ 0.64	NIO
TSLA	+ 0.61	LCID
XPEV	+ 0.54	LI
LCID	+ 0.47	LI

High negative correlations

GOEV	- 0.79	LCID
GOEV	- 0.53	RIVN
TSLA	- 0.53	PSNY
GOEV	- 0.46	TSLA
GOEV	- 0.42	XPEV
GOEV	- 0.41	LI

Risk-Adjusted Indicators

There is a big difference between BYD Pink Sheet performing well and BYD Co 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 BYD Co'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
LI	2.53	0.17	0.06	1.87	2.90	(2.71)	5.99	(4.92)	13.04
XPEV	3.20	0.29	0.07	6.37	3.69	(3.40)	6.77	(6.02)	19.98
PSNY	3.18	(0.10)	0.00	(0.04)	0.00	0.00	6.38	(7.22)	21.56
FSR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NIO	2.82	(0.15)	0.00	(0.55)	0.00	0.00	4.81	(6.70)	20.28
LCID	3.47	0.71	0.17	(23.31)	3.80	(3.89)	10.05	(6.84)	21.67
RIVN	3.69	0.56	0.13	0.56	3.76	(4.43)	11.15	(4.95)	30.93
TSLA	3.15	0.22	0.06	1.33	3.31	(3.57)	7.36	(6.08)	17.24
RIDE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GOEV	11.78	(4.79)	0.00	9.93	0.00	0.00	33.20	(29.17)	107.21

Be your own money manager

Our tools can tell you how much better you can do entering a position in BYD Co 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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