CHINA SHENHUA Correlations

IKFC Stock

EUR 14.60 0.10 0.69%

The current 90-days correlation between CHINA SHENHUA ENA and DISTRICT METALS is 0.04 (i.e., Significant diversification). The correlation of CHINA SHENHUA 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.

CHINA SHENHUA Correlation With Market

Significant diversification

The correlation between CHINA SHENHUA ENA and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CHINA SHENHUA ENA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CHINA Stock

0.85	CVV	China Coal Energy	Pair Corr
0.82	NVAC	Banpu PCL	Pair Corr
0.8	C9X	CONSOL Energy	Pair Corr
0.73	T9Q	TOTAL BANGUN PERSAD	Pair Corr
0.67	HX1A	HEXINDO ADIPERKASA	Pair Corr
0.68	HX1A	HEXINDO ADIPERKASA	Pair Corr
0.65	3IB	PT Indo Tambangraya	Pair Corr
0.71	TBA	TAMBANG BATUBARA-B-	Pair Corr

Moving against CHINA Stock

0.58	HMU	HMS Bergbau AG	Pair Corr
0.8	PNE3	PNE AG	Pair Corr
0.78	7SU	Summit Materials	Pair Corr
0.77	AEP	American Electric Power	Pair Corr
0.69	4VK	Aon PLC	Pair Corr
0.67	C3F	Caprice Resources	Pair Corr
0.66	WUW	Wstenrot Wrttembergische	Pair Corr
0.64	GUV	Graphisoft Park SE	Pair Corr
0.64	I4F	StoneX Group Split	Pair Corr
0.64	3U2	DR MARTENS PLC	Pair Corr
0.63	WUW	WUESTENROT WUERTT	Pair Corr
0.63	HEI	Heidelberg Materials	Pair Corr
0.49	GRU	GEELY AUTOMOBILE	Pair Corr
0.46	MO9	MONRIF SPA EO	Pair Corr
0.41	VCT	Yunhong Green CTI	Pair Corr
0.39	MEX	MELEXIS	Pair Corr
0.38	PHM7	Altria Group	Pair Corr
0.31	3SD	Sino Ocean Group Earnings Call This Week	Pair Corr
0.86	3YB0	POSBO UNSPADRS/20YC1 Earnings Call This Week	Pair Corr
0.71	I8A	ILIKA PLC LS	Pair Corr
0.68	49Z	Cellink AB	Pair Corr
0.67	FRE	Fresenius SE	Pair Corr

Related Correlations Analysis

	DFPP	SW6	WN6	3FNA	GRU	HP3A	7JZ
DFPP		-0.48	0.74	-0.46	-0.62	-0.06	0.2	DFPP
SW6	-0.48		-0.14	0.62	0.69	-0.01	-0.06	SW6
WN6	0.74	-0.14		-0.19	-0.46	0.0	0.12	WN6
3FNA	-0.46	0.62	-0.19		0.64	0.17	-0.28	3FNA
GRU	-0.62	0.69	-0.46	0.64		-0.19	-0.26	GRU
HP3A	-0.06	-0.01	0.0	0.17	-0.19		-0.24	HP3A
7JZ	0.2	-0.06	0.12	-0.28	-0.26	-0.24		7JZ
	DFPP	SW6	WN6	3FNA	GRU	HP3A	7JZ

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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

WN6	+ 0.74	DFPP
GRU	+ 0.69	SW6
GRU	+ 0.64	3FNA
3FNA	+ 0.62	SW6
7JZ	+ 0.2	DFPP
HP3A	+ 0.17	3FNA

High negative correlations

GRU	- 0.62	DFPP
SW6	- 0.48	DFPP
GRU	- 0.46	WN6
3FNA	- 0.46	DFPP
7JZ	- 0.28	3FNA
7JZ	- 0.26	GRU

Risk-Adjusted Indicators

There is a big difference between CHINA Stock performing well and CHINA SHENHUA 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 CHINA SHENHUA'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
DFPP	2.93	0.00	0.00	(0.09)	0.00	0.00	8.70	(5.00)	22.29
SW6	0.80	(0.06)	0.00	0.35	0.00	0.00	1.46	(2.03)	5.12
WN6	1.23	(0.27)	0.00	(1.36)	0.00	0.00	2.45	(2.66)	10.80
3FNA	3.44	0.13	0.05	(1.96)	3.92	(4.35)	9.60	(7.35)	19.97
GRU	2.26	0.18	0.08	0.44	2.75	(2.72)	4.86	(4.62)	19.23
HP3A	2.66	0.09	0.06	(0.33)	3.41	(2.88)	6.84	(6.03)	17.74
7JZ	2.72	(0.05)	0.00	(0.13)	0.00	0.00	7.11	(6.69)	26.48

Be your own money manager

Our tools can tell you how much better you can do entering a position in CHINA SHENHUA 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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