Shanghai Feilo Correlations

600651 Stock

8.06 0.07 0.88%

The current 90-days correlation between Shanghai Feilo Acoustics and Shenzhen AV Display Co is 0.21 (i.e., Modest diversification). The correlation of Shanghai Feilo 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.

Shanghai Feilo Correlation With Market

Good diversification

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

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

Moving together with Shanghai Stock

0.66

300857

Sharetronic Data Tec

Pair Corr

Moving against Shanghai Stock

0.62	002507	Chongqing Fuling Zhacai	Pair Corr
0.46	300518	Shenzhen Shengxunda	Pair Corr
0.42	000504	Nanhua Bio Medicine	Pair Corr
0.41	688351	Shanghai MicroPort	Pair Corr
0.39	601988	Bank of China	Pair Corr
0.41	601857	PetroChina	Pair Corr
0.36	300099	Uroica Mining Safety	Pair Corr
0.32	600301	Nanning Chemical Industry	Pair Corr
0.31	300189	Hainan Shennong Tech	Pair Corr

Related Correlations Analysis

	300939	600707	601377	002149	002295	300818	300141	300651
300939		0.63	-0.44	0.23	-0.22	-0.64	-0.63	0.38	300939
600707	0.63		-0.07	0.56	-0.32	-0.38	-0.5	0.39	600707
601377	-0.44	-0.07		0.43	0.03	0.76	0.55	-0.41	601377
002149	0.23	0.56	0.43		0.06	0.29	0.02	-0.08	002149
002295	-0.22	-0.32	0.03	0.06		0.38	0.48	-0.13	002295
300818	-0.64	-0.38	0.76	0.29	0.38		0.77	-0.5	300818
300141	-0.63	-0.5	0.55	0.02	0.48	0.77		-0.34	300141
300651	0.38	0.39	-0.41	-0.08	-0.13	-0.5	-0.34		300651
	300939	600707	601377	002149	002295	300818	300141	300651

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

300141	+ 0.77	300818
300818	+ 0.76	601377
600707	+ 0.63	300939
002149	+ 0.56	600707
300141	+ 0.55	601377
300141	+ 0.48	002295

High negative correlations

300818	- 0.64	300939
300141	- 0.63	300939
300651	- 0.5	300818
300141	- 0.5	600707
601377	- 0.44	300939
300651	- 0.41	601377

Risk-Adjusted Indicators

There is a big difference between Shanghai Stock performing well and Shanghai Feilo 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 Shanghai Feilo'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
300939	1.95	(0.26)	0.00	(0.42)	0.00	0.00	3.74	(4.91)	10.01
600707	1.03	0.00	(0.03)	0.06	1.12	(1.34)	1.87	(1.61)	10.66
601377	1.13	0.03	0.00	0.13	1.34	(1.32)	2.66	(2.16)	9.02
002149	1.66	0.14	0.06	0.36	1.63	(1.95)	3.53	(2.64)	9.29
002295	2.63	0.28	0.09	0.37	2.87	(3.56)	10.02	(4.98)	19.74
300818	2.76	0.41	0.18	0.33	2.19	(3.88)	7.07	(4.15)	25.69
300141	3.15	0.41	0.12	1.18	2.92	(3.90)	9.14	(4.28)	29.26
300651	2.44	0.08	0.00	(0.35)	2.87	(2.76)	4.62	(4.82)	17.63

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shanghai Feilo 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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