Shanghai Correlations

688317 Stock

20.25 0.59 3.00%

The current 90-days correlation between Shanghai ZJ Bio and Hubei Tech Semiconductors is -0.24 (i.e., Very good diversification). The correlation of Shanghai 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 Correlation With Market

Average diversification

The correlation between Shanghai ZJ Bio Tech 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 Shanghai ZJ Bio Tech and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Shanghai 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 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 - 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 ZJ Bio Tech to buy it.

Moving together with Shanghai Stock

0.72	600519	Kweichow Moutai	Pair Corr
0.91	600325	Huafa Industrial	Pair Corr

Moving against Shanghai Stock

0.8	300448	Guangzhou Haoyun Security	Pair Corr
0.8	002787	Suzhou Hycan Holdings	Pair Corr
0.77	601628	China Life Insurance	Pair Corr
0.67	300548	Broadex Technologies	Pair Corr
0.66	300390	Suzhou TAA Ultra	Pair Corr
0.66	001203	Inner Mongolia Dazhong	Pair Corr
0.64	601600	Aluminum Corp	Pair Corr
0.56	000070	Shenzhen SDG Information	Pair Corr
0.53	600938	CNOOC Limited	Pair Corr
0.45	600053	Kunwu Jiuding Investment	Pair Corr
0.44	601328	Bank of Communications	Pair Corr
0.42	000962	Ningxia Orient Tantalum	Pair Corr
0.35	688148	Guangdong Fangyuan	Pair Corr
0.81	688607	CareRay Digital Medical	Pair Corr
0.78	002967	Grg Metrology	Pair Corr
0.78	603308	Anhui Yingliu	Pair Corr
0.76	000829	Telling Telecommunicatio	Pair Corr
0.74	002899	Impulse Qingdao Health	Pair Corr
0.72	300300	Strait Innovation	Pair Corr
0.69	300774	BGT Group	Pair Corr
0.68	603043	Guangzhou Restaurants	Pair Corr
0.66	300285	Shandong Sinocera Func	Pair Corr
0.65	603049	Zhongce Rubber Group	Pair Corr

Related Correlations Analysis

	300046	688261	603615	002269	600132	300894	603501	603986
300046		0.8	0.55	0.74	0.2	0.52	0.92	0.07	300046
688261	0.8		0.5	0.64	0.0	0.3	0.85	0.22	688261
603615	0.55	0.5		0.81	0.37	0.81	0.45	0.1	603615
002269	0.74	0.64	0.81		0.52	0.83	0.65	-0.06	002269
600132	0.2	0.0	0.37	0.52		0.66	0.13	-0.3	600132
300894	0.52	0.3	0.81	0.83	0.66		0.36	-0.15	300894
603501	0.92	0.85	0.45	0.65	0.13	0.36		0.05	603501
603986	0.07	0.22	0.1	-0.06	-0.3	-0.15	0.05		603986
	300046	688261	603615	002269	600132	300894	603501	603986

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

603501	+ 0.92	300046
603501	+ 0.85	688261
300894	+ 0.83	002269
002269	+ 0.81	603615
300894	+ 0.81	603615
688261	+ 0.8	300046

High negative correlations

603986	- 0.3	600132
603986	- 0.15	300894
603986	- 0.06	002269
600132	- 0.0	688261

Risk-Adjusted Indicators

There is a big difference between Shanghai Stock performing well and Shanghai 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'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
300046	1.93	(0.16)	0.00	(1.23)	0.00	0.00	4.20	(4.44)	12.44
688261	2.92	0.07	0.00	(2.13)	3.40	(2.91)	5.89	(5.69)	13.98
603615	1.53	(0.30)	0.00	(0.33)	0.00	0.00	4.21	(3.40)	10.08
002269	1.80	(0.54)	0.00	(1.67)	0.00	0.00	3.03	(4.35)	14.06
600132	0.54	(0.06)	0.00	0.38	0.00	0.00	1.30	(1.16)	3.23
300894	1.17	(0.22)	0.00	1.71	0.00	0.00	1.52	(2.72)	8.11
603501	1.41	(0.23)	0.00	(0.21)	0.00	0.00	2.67	(2.47)	9.38
603986	3.20	0.31	0.09	0.41	3.34	(3.68)	6.82	(5.17)	19.55

Be your own money manager

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