Cathay Chemical Correlations
| 1713 Stock | TWD 50.40 0.40 0.80% |
The current 90-days correlation between Cathay Chemical Works and Leatec Fine Ceramics is 0.12 (i.e., Average diversification). The correlation of Cathay Chemical 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.
Cathay |
The ability to find closely correlated positions to Cathay Chemical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cathay Chemical 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 Cathay Chemical - 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 Cathay Chemical Works to buy it.
Moving together with Cathay Stock
Moving against Cathay Stock
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Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Cathay Stock performing well and Cathay Chemical 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 Cathay Chemical'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 6127 | 2.25 | (0.24) | 0.00 | (0.47) | 0.00 | 4.49 | 15.75 | |||
| 6697 | 1.59 | 0.12 | 0.02 | 0.68 | 2.03 | 4.31 | 17.29 | |||
| 6209 | 1.83 | 0.02 | (0.02) | 0.13 | 1.99 | 5.20 | 15.58 | |||
| 1777 | 0.64 | (0.05) | 0.00 | (5.77) | 0.00 | 1.55 | 4.98 | |||
| 00719B | 0.19 | 0.04 | (0.18) | (0.84) | 0.05 | 0.48 | 1.28 | |||
| 2497 | 1.19 | (0.40) | 0.00 | 3.72 | 0.00 | 1.90 | 13.43 | |||
| 2485 | 1.33 | (0.34) | 0.00 | (1.53) | 0.00 | 2.53 | 9.86 | |||
| 00787B | 0.41 | 0.00 | (0.17) | 0.12 | 0.56 | 0.85 | 2.26 | |||
| 00935 | 0.86 | 0.01 | (0.06) | 0.13 | 1.08 | 1.89 | 5.60 | |||
| 2412 | 0.34 | 0.01 | (0.15) | 0.24 | 0.34 | 0.82 | 2.02 |
Cathay Chemical 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 Cathay Chemical stock to make a market-neutral strategy. Peer analysis of Cathay Chemical could also be used in its relative valuation, which is a method of valuing Cathay Chemical by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Cathay Chemical Corporate Management
Elected by the shareholders, the Cathay Chemical's board of directors comprises two types of representatives: Cathay Chemical inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Cathay. The board's role is to monitor Cathay Chemical's management team and ensure that shareholders' interests are well served. Cathay Chemical's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Cathay Chemical's outside directors are responsible for providing unbiased perspectives on the board's policies.