Tongxing Environmental Correlations

003027 Stock

19.45 0.30 1.52%

The current 90-days correlation between Tongxing Environmental and Beijing Jiaman Dress is 0.33 (i.e., Weak diversification). The correlation of Tongxing Environmental 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.

Tongxing Environmental Correlation With Market

Average diversification

The correlation between Tongxing Environmental Protect and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tongxing Environmental Protect and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Tongxing Stock

0.66	601398	Industrial and Commercial	Pair Corr
0.66	601939	China Construction Bank	Pair Corr
0.79	601988	Bank of China	Pair Corr
0.7	601328	Bank of Communications	Pair Corr
0.69	600036	China Merchants Bank	Pair Corr

Related Correlations Analysis

	688639	603983	600756	301276	002688	300496	688276	301301
688639		-0.05	-0.13	0.03	0.11	-0.01	0.55	0.52	688639
603983	-0.05		-0.73	-0.16	0.86	0.9	0.29	0.43	603983
600756	-0.13	-0.73		0.49	-0.79	-0.75	-0.25	-0.52	600756
301276	0.03	-0.16	0.49		-0.36	-0.26	-0.27	-0.49	301276
002688	0.11	0.86	-0.79	-0.36		0.82	0.51	0.63	002688
300496	-0.01	0.9	-0.75	-0.26	0.82		0.27	0.48	300496
688276	0.55	0.29	-0.25	-0.27	0.51	0.27		0.83	688276
301301	0.52	0.43	-0.52	-0.49	0.63	0.48	0.83		301301
	688639	603983	600756	301276	002688	300496	688276	301301

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

300496	+ 0.9	603983
002688	+ 0.86	603983
301301	+ 0.83	688276
300496	+ 0.82	002688
301301	+ 0.63	002688
688276	+ 0.55	688639

High negative correlations

002688	- 0.79	600756
300496	- 0.75	600756
600756	- 0.73	603983
301301	- 0.52	600756
301301	- 0.49	301276
002688	- 0.36	301276

Risk-Adjusted Indicators

There is a big difference between Tongxing Stock performing well and Tongxing Environmental 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 Tongxing Environmental'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
688639	2.08	(0.09)	(0.03)	(0.01)	2.38	(2.29)	4.18	(3.79)	9.76
603983	1.26	(0.34)	0.00	(2.01)	0.00	0.00	3.09	(2.95)	8.03
600756	2.91	0.46	0.08	(0.23)	3.34	(3.26)	10.00	(5.95)	20.02
301276	1.60	0.09	0.03	0.20	2.03	(1.57)	3.41	(3.71)	10.78
002688	1.09	(0.22)	0.00	55.49	0.00	0.00	1.67	(2.18)	11.08
300496	1.84	(0.21)	0.00	(0.34)	0.00	0.00	2.97	(4.33)	11.96
688276	1.15	(0.22)	0.00	(0.73)	0.00	0.00	1.93	(2.02)	10.95
301301	1.00	(0.25)	0.00	(1.40)	0.00	0.00	1.48	(1.90)	8.36

Be your own money manager

Our tools can tell you how much better you can do entering a position in Tongxing Environmental 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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