Double Medical Correlations

Stocks . China . 
Stock . Double Medical Technology
002901 Stock   47.00  1.24  2.57%   
The current 90-days correlation between Double Medical Technology and PetroChina Co Ltd is 0.1 (i.e., Average diversification). The correlation of Double Medical 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.

Double Medical Correlation With Market

Significant diversification

The correlation between Double Medical Technology and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Double Medical Technology and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Double Medical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Double Medical 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 Double Medical - 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 Double Medical Technology to buy it.

Moving together with Double Stock

  0.67000851 Gohigh Data NetworksPairCorr

Moving against Double Stock

  0.84600029 China Southern AirlinesPairCorr
  0.82002379 Shandong HongchuangPairCorr
  0.8603843 Zhengping RoadBridgePairCorr
  0.78600408 Shanxi Antai GroupPairCorr
  0.76688028 Beijing Worldia DiamondPairCorr
  0.72601088 China Shenhua EnergyPairCorr
  0.71688599 Trina SolarPairCorr
  0.63002169 Guangzhou ZhiguangPairCorr
  0.55600108 Gansu Yasheng IndustrialPairCorr
  0.55600971 Anhui Hengyuan CoalPairCorr
  0.55688390 Jiangsu Goodwe PowerPairCorr
  0.54600917 Chongqing Gas GrpPairCorr
  0.53605358 Hangzhou Lion ElectronicsPairCorr
  0.53301307 Chongqing MillisonPairCorr
  0.53300268 Joyvio AgriculturePairCorr
  0.52300118 Risen EnergyPairCorr
  0.52600063 Anhui Wanwei UpdatedPairCorr
  0.51002056 Hengdian Group DMEGCPairCorr
  0.51002258 Lier ChemicalPairCorr
  0.51600988 Chifeng Jilong GoldPairCorr
  0.5301099 Shanghai Yct ElectronicsPairCorr
  0.47601369 XiAn Shaangu PowerPairCorr
  0.67600130 Ningbo BirdPairCorr
  0.67300626 Huarui ElectricalPairCorr
  0.67000663 Fujian Yongan ForestryPairCorr
  0.66002333 ZYF Lopsking AluminumPairCorr
  0.64600177 Youngor GroupPairCorr
  0.64600601 Founder TechnologyPairCorr
  0.6000692 Shenyang Huitian ThermalPairCorr
  0.59300052 Shenzhen ZqgamePairCorr
  0.57300250 Hangzhou CNCR ITPairCorr
  0.57002459 JA Solar TechnologyPairCorr
  0.56600630 Shanghai Dragon CorpPairCorr
  0.52002062 Hongrun ConstructionPairCorr
  0.51600929 Snowsky Salt IndustryPairCorr
  0.5600769 Wuhan Xianglong PowerPairCorr

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

600938
+ 0.87
601857
600028
+ 0.84
601318
600028
+ 0.77
601857
601628
+ 0.76
601857
601318
+ 0.71
601857
601628
+ 0.71
601318
  

High negative correlations

002594
- 0.88
600938
002594
- 0.83
601857
002594
- 0.56
601628
601728
- 0.54
600938
002594
- 0.46
600028
002594
- 0.34
601318

Risk-Adjusted Indicators

There is a big difference between Double Stock performing well and Double Medical 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 Double Medical'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 Double Medical 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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