Bengang Steel Correlations

Stocks . China . 
Stock . Bengang Steel Plates
000761 Stock   3.35  0.11  3.18%   
The current 90-days correlation between Bengang Steel Plates and Shandong Gold Mining is 0.46 (i.e., Very weak diversification). The correlation of Bengang Steel 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.

Bengang Steel Correlation With Market

Good diversification

The correlation between Bengang Steel Plates and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bengang Steel Plates and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Bengang Steel could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bengang Steel 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 Bengang Steel - 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 Bengang Steel Plates to buy it.

Moving together with Bengang Stock

  0.93600019 Baoshan Iron SteelPairCorr
  0.81002493 Rongsheng PetrochemicalPairCorr
  0.77600010 Inner Mongolia BaoTouPairCorr
  0.7002460 Jiangxi Ganfeng LithiumPairCorr
  0.83603260 Hoshine Silicon IndPairCorr
  0.9600160 Zhejiang JuhuaPairCorr
  0.84000807 Yunnan AluminiumPairCorr
  0.75200468 Nanjing Putian TelecPairCorr
  0.71600322 Tianjin Realty DevelPairCorr
  0.85300391 Kangyue TechnologyPairCorr
  0.72000692 Shenyang Huitian ThermalPairCorr
  0.69300301 Shenzhen Changfang LightPairCorr
  0.7300013 Jiangsu Xinning ModernPairCorr
  0.88000560 5I5j Holding GroupPairCorr
  0.83300433 Lens TechnologyPairCorr
  0.63000506 Zhongrun ResourcesPairCorr
  0.78002584 Xilong ChemicalPairCorr
  0.9301379 Techshine ElectronicsPairCorr
  0.81688047 Loongson Technology CorpPairCorr
  0.85300608 SI TECH InformationPairCorr
  0.81688325 Guangdong CellwisePairCorr
  0.83600455 ButOne Information CorpPairCorr
  0.93600633 Zhejiang Daily MediaPairCorr
  0.77300825 Iat Automobile TechnologyPairCorr
  0.78600584 JCET GroupPairCorr
  0.82000617 CNPC CapitalPairCorr
  0.79603313 HealthcarePairCorr
  0.86600335 Sinomach AutomobilePairCorr
  0.77688507 Shanghai Suochen InfPairCorr
  0.9688119 Sinosteel Luonai MatPairCorr
  0.91300359 Qtone Education GroupPairCorr
  0.9002382 Blue Sail MedicalPairCorr
  0.79002466 Sichuan Tianqi LithiumPairCorr
  0.84600719 Dalian Thermal PowerPairCorr

Related Correlations Analysis

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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   
600160
+ 0.9
600019
002460
+ 0.88
600010
600160
+ 0.88
600010
600160
+ 0.86
603260
600160
+ 0.85
002493
600160
+ 0.84
002460
  
High negative correlations   
002460
- 0.55
600547
600010
- 0.55
600547
600160
- 0.29
600547
603260
- 0.28
600547
600547
- 0.09
600019
002460
- 0.06
600309

Risk-Adjusted Indicators

There is a big difference between Bengang Stock performing well and Bengang Steel 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 Bengang Steel'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.

Be your own money manager

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