CTBC Enhanced Correlations

00948B Etf

10.32 0.04 0.39%

The current 90-days correlation between CTBC Enhanced Yield and CTBC USD Corporate is 0.92 (i.e., Almost no diversification). The correlation of CTBC Enhanced 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.

CTBC Enhanced Correlation With Market

Average diversification

The correlation between CTBC Enhanced Yield 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 CTBC Enhanced Yield and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CTBC Etf

0.8

00711B

Fuh Hwa Emerging

Pair Corr

Moving against CTBC Etf

0.71	00881	Cathay Taiwan 5G	Pair Corr
0.66	0050	YuantaP shares Taiwan	Pair Corr
0.58	0053	YuantaP shares Taiwan	Pair Corr
0.55	00878	Cathay Sustainability	Pair Corr
0.55	0057	Fubon MSCI Taiwan	Pair Corr
0.52	00631L	Yuanta Daily Taiwan	Pair Corr
0.37	00637L	Yuanta Daily CSI	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.26	0.55	0.07	0.53	0.05	0.64	0.28	-0.53	0.73	META
MSFT	0.26		0.21	0.17	0.16	-0.01	0.03	-0.11	0.13	-0.2	MSFT
UBER	0.55	0.21		-0.06	-0.09	0.27	-0.03	-0.16	0.09	0.35	UBER
F	0.07	0.17	-0.06		0.28	-0.41	0.5	0.7	-0.37	0.32	F
T	0.53	0.16	-0.09	0.28		-0.5	0.81	0.64	-0.79	0.39	T
A	0.05	-0.01	0.27	-0.41	-0.5		-0.46	-0.6	0.63	0.0	A
CRM	0.64	0.03	-0.03	0.5	0.81	-0.46		0.86	-0.91	0.65	CRM
JPM	0.28	-0.11	-0.16	0.7	0.64	-0.6	0.86		-0.83	0.47	JPM
MRK	-0.53	0.13	0.09	-0.37	-0.79	0.63	-0.91	-0.83		-0.56	MRK
XOM	0.73	-0.2	0.35	0.32	0.39	0.0	0.65	0.47	-0.56		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.86	CRM
CRM	+ 0.81	T
XOM	+ 0.73	META
JPM	+ 0.7	F
XOM	+ 0.65	CRM
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.79	T
JPM	- 0.6	A
XOM	- 0.56	MRK
MRK	- 0.53	META

CTBC Enhanced Competition Risk-Adjusted Indicators

There is a big difference between CTBC Etf performing well and CTBC Enhanced ETF 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 CTBC Enhanced'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
META	1.07	0.07	0.02	0.23	1.41	(1.14)	2.62	(3.15)	8.02
MSFT	0.90	(0.04)	(0.05)	0.07	1.50	(0.86)	2.09	(1.85)	8.19
UBER	1.61	(0.11)	(0.04)	0.02	2.32	(1.70)	2.69	(2.53)	20.10
F	1.42	(0.15)	(0.04)	0.03	2.23	(1.39)	2.53	(2.90)	11.21
T	0.92	0.26	0.12	(7.83)	0.86	(1.06)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.06)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.31	0.23	0.18	0.34	1.08	(1.53)	3.18	(1.91)	9.98
JPM	1.12	(0.04)	0.05	0.11	1.38	(1.23)	2.05	(2.00)	15.87
MRK	0.91	(0.24)	0.00	(0.86)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.00	(0.03)	(0.07)	0.06	1.31	(1.04)	2.10	(2.09)	5.74

CTBC Enhanced Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with CTBC Enhanced etf to make a market-neutral strategy. Peer analysis of CTBC Enhanced could also be used in its relative valuation, which is a method of valuing CTBC Enhanced by comparing valuation metrics with similar companies.

CTBC USD Corporate CTBC 20 Year CTBC TIP Customized CTBC Treasury 20 CTBC 15 Developed CTBC Enhanced Yield CTBC Emerging Asia CTBC TIP Customized CTBC China Treasury American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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