Easywell Biomedicals Correlations

1799 Stock

TWD 68.60 3.30 4.59%

The current 90-days correlation between Easywell Biomedicals and Universal Vision Biotechnology is -0.04 (i.e., Good diversification). The correlation of Easywell Biomedicals 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.

Easywell Biomedicals Correlation With Market

Significant diversification

The correlation between Easywell Biomedicals and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Easywell Biomedicals and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Easywell Stock

0.85

2072

Century Wind Power

Pair Corr

Moving against Easywell Stock

0.79	0057	Fubon MSCI Taiwan	Pair Corr
0.77	0050	YuantaP shares Taiwan	Pair Corr
0.7	0053	YuantaP shares Taiwan	Pair Corr
0.64	6763	Green World Fintech Split	Pair Corr
0.57	4126	Pacific Hospital Supply	Pair Corr

Related Correlations Analysis

	3218	4104	6762	1788	4126	6747	9103	4129	4155
3218		0.48	0.71	-0.1	0.13	0.68	0.52	-0.43	0.53	3218
4104	0.48		0.59	0.09	-0.25	0.48	0.63	0.04	0.47	4104
6762	0.71	0.59		0.0	-0.04	0.77	0.65	-0.32	0.71	6762
1788	-0.1	0.09	0.0		-0.07	-0.01	0.14	0.23	0.08	1788
4126	0.13	-0.25	-0.04	-0.07		-0.01	-0.3	-0.23	-0.08	4126
6747	0.68	0.48	0.77	-0.01	-0.01		0.82	-0.46	0.87	6747
9103	0.52	0.63	0.65	0.14	-0.3	0.82		-0.04	0.74	9103
4129	-0.43	0.04	-0.32	0.23	-0.23	-0.46	-0.04		-0.31	4129
4155	0.53	0.47	0.71	0.08	-0.08	0.87	0.74	-0.31		4155
	3218	4104	6762	1788	4126	6747	9103	4129	4155

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

4155	+ 0.87	6747
9103	+ 0.82	6747
6747	+ 0.77	6762
4155	+ 0.74	9103
6762	+ 0.71	3218
4155	+ 0.71	6762

High negative correlations

4129	- 0.46	6747
4129	- 0.43	3218
4129	- 0.32	6762
4155	- 0.31	4129
9103	- 0.3	4126
4126	- 0.25	4104

Risk-Adjusted Indicators

There is a big difference between Easywell Stock performing well and Easywell Biomedicals 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 Easywell Biomedicals' 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
3218	1.26	(0.15)	0.00	(0.17)	0.00	0.00	2.77	(2.14)	13.49
4104	0.30	(0.01)	(0.30)	(0.43)	0.36	(0.36)	0.68	(0.57)	2.92
6762	0.74	(0.07)	0.00	(1.50)	0.00	0.00	1.42	(1.41)	5.54
1788	0.23	0.01	(0.21)	(0.03)	0.28	(0.45)	0.72	(0.72)	1.79
4126	0.43	0.04	(0.13)	(0.42)	0.48	(0.51)	1.13	(0.89)	3.40
6747	0.65	(0.19)	0.00	(5.02)	0.00	0.00	1.32	(1.63)	4.35
9103	0.71	(0.19)	0.00	(3.80)	0.00	0.00	2.45	(1.51)	5.01
4129	0.95	(0.03)	0.00	(0.67)	0.00	0.00	1.94	(2.06)	6.38
4155	0.77	(0.23)	0.00	(0.64)	0.00	0.00	1.66	(1.78)	7.43

Be your own money manager

Our tools can tell you how much better you can do entering a position in Easywell Biomedicals 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.

Did you try this?

Run Equity Search Now

Equity Search

Search for actively traded equities including funds and ETFs from over 30 global markets

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC