Universal Microelectronics Correlations

2413 Stock

TWD 28.80 0.35 1.23%

The current 90-days correlation between Universal Microelectronics and Genovate Biotechnology Co is 0.16 (i.e., Average diversification). The correlation of Universal Microelectronics 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 Microelectronics Correlation With Market

Good diversification

The correlation between Universal Microelectronics 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 Microelectronics Co and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Universal Microelectronics 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 Microelectronics 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 Microelectronics - 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 Microelectronics Co to buy it.

Moving together with Universal Stock

0.62	0057	Fubon MSCI Taiwan	Pair Corr
0.66	0050	YuantaP shares Taiwan	Pair Corr

Moving against Universal Stock

0.85	5514	Sunfon Construction	Pair Corr
0.77	6461	Intech Biopharm	Pair Corr
0.71	4192	SynCore Biotechnology	Pair Corr
0.71	6620	Handa Pharmaceuticals	Pair Corr
0.67	4157	Taigen Biopharmaceutica	Pair Corr
0.64	4174	OBI Pharma	Pair Corr
0.59	6186	Shin Ruenn Development Split	Pair Corr
0.5	6541	Tanvex BioPharma	Pair Corr
0.39	1435	Chung Fu Tex	Pair Corr

Related Correlations Analysis

	4130	6121	3479	1773	4558	5269	8446	5016
4130		0.11	0.16	0.5	-0.19	0.2	0.13	0.25	4130
6121	0.11		0.02	-0.36	-0.16	0.38	-0.01	0.03	6121
3479	0.16	0.02		0.19	-0.8	-0.45	-0.63	0.36	3479
1773	0.5	-0.36	0.19		-0.01	-0.15	0.27	0.19	1773
4558	-0.19	-0.16	-0.8	-0.01		0.41	0.56	-0.38	4558
5269	0.2	0.38	-0.45	-0.15	0.41		0.32	-0.13	5269
8446	0.13	-0.01	-0.63	0.27	0.56	0.32		0.09	8446
5016	0.25	0.03	0.36	0.19	-0.38	-0.13	0.09		5016
	4130	6121	3479	1773	4558	5269	8446	5016

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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

8446	+ 0.56	4558
1773	+ 0.5	4130
5269	+ 0.41	4558
5269	+ 0.38	6121
5016	+ 0.36	3479
8446	+ 0.32	5269

High negative correlations

4558	- 0.8	3479
8446	- 0.63	3479
5269	- 0.45	3479
5016	- 0.38	4558
1773	- 0.36	6121
4558	- 0.19	4130

Risk-Adjusted Indicators

There is a big difference between Universal Stock performing well and Universal Microelectronics 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 Microelectronics' 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
4130	0.61	(0.05)	0.00	(1.58)	0.00	0.00	1.31	(1.54)	4.27
6121	1.43	(0.02)	(0.04)	0.09	1.47	(2.03)	4.08	(2.39)	9.26
3479	1.28	(0.08)	0.00	(0.24)	0.00	0.00	2.27	(2.69)	10.97
1773	1.81	0.21	0.04	(3.34)	1.84	(2.27)	3.92	(2.81)	11.02
4558	2.59	0.78	0.17	(1.52)	2.49	(3.50)	9.92	(4.68)	19.88
5269	2.42	(0.05)	(0.03)	0.06	2.92	(2.91)	6.38	(4.82)	16.21
8446	1.08	0.09	0.01	0.31	1.38	(1.34)	2.51	(2.05)	10.09
5016	0.35	(0.02)	0.00	(0.11)	0.00	0.00	0.91	(0.89)	2.73

Be your own money manager

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