Universal Textile Correlations

1445 Stock

TWD 17.10 0.30 1.79%

The current 90-days correlation between Universal Textile and Taiwan Semiconductor Manufacturing is 0.15 (i.e., Average diversification). The correlation of Universal Textile 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Universal Textile Correlation With Market

Good diversification

The correlation between Universal Textile Co and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Universal Textile Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Universal Stock

0.65	1438	SanDi Properties	Pair Corr
0.76	1516	Falcon Power Split	Pair Corr
0.8	6785	Alar Pharmaceuticals	Pair Corr
0.66	1435	Chung Fu Tex	Pair Corr
0.81	1423	Reward Wool Industry	Pair Corr
0.83	3465	New Advanced Electronics	Pair Corr
0.72	4174	OBI Pharma	Pair Corr
0.76	1713	Cathay Chemical Works	Pair Corr

Moving against Universal Stock

0.5	0050	YuantaP shares Taiwan	Pair Corr
0.46	0057	Fubon MSCI Taiwan	Pair Corr
0.38	2504	Goldsun Building Mat	Pair Corr
0.37	0053	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	2330	2317	2454	2412	5871	2308	6505	2887E	2886
2330		0.93	0.86	-0.43	0.13	0.55	-0.51	-0.3	0.22	2330
2317	0.93		0.88	-0.57	0.08	0.51	-0.56	-0.33	0.06	2317
2454	0.86	0.88		-0.48	0.16	0.63	-0.29	-0.18	0.13	2454
2412	-0.43	-0.57	-0.48		0.2	-0.2	0.43	0.15	0.32	2412
5871	0.13	0.08	0.16	0.2		0.11	0.5	0.3	-0.25	5871
2308	0.55	0.51	0.63	-0.2	0.11		0.05	0.08	0.25	2308
6505	-0.51	-0.56	-0.29	0.43	0.5	0.05		0.44	-0.17	6505
2887E	-0.3	-0.33	-0.18	0.15	0.3	0.08	0.44		-0.01	2887E
2886	0.22	0.06	0.13	0.32	-0.25	0.25	-0.17	-0.01		2886
	2330	2317	2454	2412	5871	2308	6505	2887E	2886

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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

2317	+ 0.93	2330
2454	+ 0.88	2317
2454	+ 0.86	2330
2308	+ 0.63	2454
2308	+ 0.55	2330
2308	+ 0.51	2317

High negative correlations

2412	- 0.57	2317
6505	- 0.56	2317
6505	- 0.51	2330
2412	- 0.48	2454
2412	- 0.43	2330
2887E	- 0.33	2317

Risk-Adjusted Indicators

There is a big difference between Universal Stock performing well and Universal Textile 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 Universal Textile'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
2330	1.29	0.08	0.01	0.30	1.56	(1.52)	2.87	(2.34)	9.09
2317	1.43	0.20	0.02	(0.43)	1.65	(1.56)	3.01	(2.56)	8.59
2454	1.83	0.09	0.00	0.39	2.13	(2.29)	4.05	(2.62)	11.13
2412	0.39	(0.01)	0.00	11.25	0.00	0.00	0.82	(1.19)	2.43
5871	1.57	(0.26)	0.00	2.60	0.00	0.00	2.96	(3.37)	17.57
2308	1.37	(0.07)	0.00	(0.03)	0.00	0.00	2.84	(3.46)	11.60
6505	1.45	(0.42)	0.00	2.41	0.00	0.00	2.89	(3.51)	9.39
2887E	0.16	(0.02)	0.00	(1.22)	0.00	0.00	0.39	(0.39)	1.17
2886	0.61	0.03	(0.09)	(1.38)	0.95	(0.56)	1.15	(1.27)	3.85

Be your own money manager

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