Caihong Display Correlations

Stocks . China . 
Stock . Caihong Display Devices
600707 Stock   5.59  0.22  3.79%   
The current 90-days correlation between Caihong Display Devices and Industrial and Commercial is -0.08 (i.e., Good diversification). The correlation of Caihong Display 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.

Caihong Display Correlation With Market

Good diversification

The correlation between Caihong Display Devices and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Caihong Display Devices and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Caihong Display could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Caihong Display 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 Caihong Display - 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 Caihong Display Devices to buy it.

Moving together with Caihong Stock

  0.7601658 Postal Savings BankPairCorr
  0.71601166 Industrial BankPairCorr

Moving against Caihong Stock

  0.77600988 Chifeng Jilong GoldPairCorr
  0.76600063 Anhui Wanwei UpdatedPairCorr
  0.73002062 Hongrun ConstructionPairCorr
  0.72601088 China Shenhua EnergyPairCorr
  0.67600601 Founder TechnologyPairCorr
  0.67002716 Chenzhou Jingui SilverPairCorr
  0.63301099 Shanghai Yct ElectronicsPairCorr
  0.61600029 China Southern AirlinesPairCorr
  0.57603933 Fujian Raynen TechPairCorr
  0.51601288 Agricultural BankPairCorr
  0.49601398 Industrial and CommercialPairCorr
  0.49300770 Guangdong South NewPairCorr
  0.4600130 Ningbo BirdPairCorr
  0.36601857 PetroChinaPairCorr
  0.36000692 Shenyang Huitian ThermalPairCorr
  0.83603843 Zhengping RoadBridgePairCorr
  0.81300250 Hangzhou CNCR ITPairCorr
  0.76300604 Hangzhou Chang ChuanPairCorr
  0.74605358 Hangzhou Lion ElectronicsPairCorr
  0.72600769 Wuhan Xianglong PowerPairCorr
  0.7688028 Beijing Worldia DiamondPairCorr
  0.7002169 Guangzhou ZhiguangPairCorr
  0.69600630 Shanghai Dragon CorpPairCorr
  0.67002056 Hengdian Group DMEGCPairCorr
  0.59002379 Shandong HongchuangPairCorr

Related Correlations Analysis


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

601857
+ 0.93
601398
601288
+ 0.92
601398
601166
+ 0.91
600036
601939
+ 0.9
601398
600938
+ 0.9
601398
601857
+ 0.89
601939
  

High negative correlations

601166
- 0.2
600938
601166
- 0.0
601288

Risk-Adjusted Indicators

There is a big difference between Caihong Stock performing well and Caihong Display 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 Caihong Display'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
601398  0.83  0.12  0.06 (0.28) 0.92 
(0.91)
 2.57 
(1.82)
 5.17 
601939  0.87  0.08  0.02 (0.21) 1.02 
(1.00)
 2.30 
(1.70)
 5.26 
601988  0.88  0.20  0.14 (0.52) 0.68 
(1.16)
 1.99 
(1.78)
 3.96 
601288  1.33  0.23  0.13  13.01  1.25 
(1.57)
 3.03 
(2.34)
 8.10 
601857  1.08  0.23  0.16 (1.09) 0.85 
(1.36)
 3.15 
(1.52)
 7.23 
600941  0.56 (0.01) 0.00  0.08  0.00 
 0.00 
 1.13 
(1.16)
 3.16 
601318  0.94 (0.01) 0.00  0.07  0.00 
 0.00 
 1.77 
(2.14)
 4.74 
600036  0.81 (0.02) 0.00  0.09  0.00 
 0.00 
 2.20 
(1.76)
 5.70 
600938  1.06  0.22  0.15 (1.16) 0.95 
(1.27)
 2.53 
(2.06)
 6.93 
601166  0.89 (0.08) 0.00  0.25  0.00 
 0.00 
 1.63 
(1.80)
 4.70 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Caihong Display 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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