Ningbo Fujia Correlations

603219 Stock

15.90 0.31 1.91%

The current 90-days correlation between Ningbo Fujia Industrial and Nancal Energy Saving Tech is 0.33 (i.e., Weak diversification). The correlation of Ningbo Fujia 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.

Ningbo Fujia Correlation With Market

Average diversification

The correlation between Ningbo Fujia Industrial and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fujia Industrial and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Ningbo Stock

0.81	601288	Agricultural Bank	Pair Corr
0.79	601398	Industrial and Commercial	Pair Corr
0.79	601857	PetroChina	Pair Corr
0.71	601939	China Construction Bank	Pair Corr
0.71	601988	Bank of China	Pair Corr
0.69	600938	CNOOC Limited	Pair Corr
0.64	688670	Jiangsu GDK Biotechnology	Pair Corr
0.54	600490	Pengxin International	Pair Corr
0.53	688392	SBT Ultrasonic Technology	Pair Corr
0.33	600941	China Mobile Limited	Pair Corr

Related Correlations Analysis

	002966	508058	603859	601318	002152	603979	000820
002966		-0.55	-0.5	0.35	-0.71	-0.07	0.38	002966
508058	-0.55		0.18	-0.07	0.48	-0.02	-0.12	508058
603859	-0.5	0.18		-0.76	0.8	0.31	-0.8	603859
601318	0.35	-0.07	-0.76		-0.74	-0.09	0.73	601318
002152	-0.71	0.48	0.8	-0.74		0.14	-0.7	002152
603979	-0.07	-0.02	0.31	-0.09	0.14		-0.21	603979
000820	0.38	-0.12	-0.8	0.73	-0.7	-0.21		000820
	002966	508058	603859	601318	002152	603979	000820

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

002152	+ 0.8	603859
000820	+ 0.73	601318
002152	+ 0.48	508058
000820	+ 0.38	002966
601318	+ 0.35	002966
603979	+ 0.31	603859

High negative correlations

000820	- 0.8	603859
601318	- 0.76	603859
002152	- 0.74	601318
002152	- 0.71	002966
000820	- 0.7	002152
508058	- 0.55	002966

Risk-Adjusted Indicators

There is a big difference between Ningbo Stock performing well and Ningbo Fujia 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 Ningbo Fujia'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
002966	0.91	0.04	(0.05)	1.61	0.94	(1.05)	2.05	(1.58)	4.67
508058	0.62	(0.05)	0.00	(0.07)	0.00	0.00	1.88	(1.18)	5.00
603859	2.48	(0.18)	0.00	(0.71)	0.00	0.00	6.93	(4.17)	17.47
601318	0.93	0.08	0.02	0.33	0.92	(1.09)	2.27	(1.72)	7.37
002152	1.35	(0.20)	0.00	(2.22)	0.00	0.00	2.48	(3.26)	7.08
603979	2.49	0.02	(0.01)	0.14	3.29	(2.37)	5.12	(4.71)	16.45
000820	2.08	0.47	0.13	(0.65)	2.02	(2.57)	5.11	(4.71)	10.21

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ningbo Fujia 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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