Chaintech Technology Correlations

2425 Stock

TWD 30.60 0.40 1.29%

The current 90-days correlation between Chaintech Technology Corp and Solid Year Co is -0.07 (i.e., Good diversification). The correlation of Chaintech Technology 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.

Chaintech Technology Correlation With Market

Poor diversification

The correlation between Chaintech Technology Corp and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chaintech Technology Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Chaintech Stock

0.69	4157	Taigen Biopharmaceutica	Pair Corr
0.77	0053	YuantaP shares Taiwan	Pair Corr
0.78	0050	YuantaP shares Taiwan	Pair Corr
0.78	0057	Fubon MSCI Taiwan	Pair Corr
0.76	0051	YuantaP shares Taiwan	Pair Corr

Moving against Chaintech Stock

0.67	6620	Handa Pharmaceuticals	Pair Corr
0.57	6186	Shin Ruenn Development	Pair Corr
0.56	1435	Chung Fu Tex	Pair Corr
0.46	4192	SynCore Biotechnology	Pair Corr
0.46	1235	Shin Tai Industry	Pair Corr
0.33	5514	Sunfon Construction	Pair Corr

Related Correlations Analysis

	6737	5386	2364	6161	3540	6591	3564	5410	6426	8088
6737		-0.26	0.44	0.76	0.15	0.53	0.56	0.7	-0.48	-0.09	6737
5386	-0.26		-0.46	-0.19	0.66	-0.55	0.01	-0.13	0.56	0.68	5386
2364	0.44	-0.46		0.29	-0.32	0.47	0.12	0.06	-0.48	-0.43	2364
6161	0.76	-0.19	0.29		0.15	0.5	0.67	0.87	-0.36	-0.2	6161
3540	0.15	0.66	-0.32	0.15		-0.28	0.39	0.27	0.25	0.83	3540
6591	0.53	-0.55	0.47	0.5	-0.28		0.5	0.45	-0.32	-0.55	6591
3564	0.56	0.01	0.12	0.67	0.39	0.5		0.66	-0.02	0.03	3564
5410	0.7	-0.13	0.06	0.87	0.27	0.45	0.66		-0.36	-0.01	5410
6426	-0.48	0.56	-0.48	-0.36	0.25	-0.32	-0.02	-0.36		0.24	6426
8088	-0.09	0.68	-0.43	-0.2	0.83	-0.55	0.03	-0.01	0.24		8088
	6737	5386	2364	6161	3540	6591	3564	5410	6426	8088

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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

5410	+ 0.87	6161
8088	+ 0.83	3540
6161	+ 0.76	6737
5410	+ 0.7	6737
8088	+ 0.68	5386
3564	+ 0.67	6161

High negative correlations

8088	- 0.55	6591
6591	- 0.55	5386
6426	- 0.48	2364
6426	- 0.48	6737
2364	- 0.46	5386
8088	- 0.43	2364

Risk-Adjusted Indicators

There is a big difference between Chaintech Stock performing well and Chaintech Technology 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 Chaintech Technology'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
6737	1.03	(0.24)	0.00	(0.63)	0.00	0.00	1.48	(2.89)	7.81
5386	2.08	0.29	0.08	1.98	2.61	(2.18)	7.65	(4.38)	13.61
2364	1.26	(0.18)	0.00	(0.21)	0.00	0.00	2.10	(2.14)	16.12
6161	1.33	(0.43)	0.00	(0.50)	0.00	0.00	2.09	(2.30)	13.35
3540	1.55	0.09	0.01	(1.94)	1.80	(1.72)	2.75	(3.15)	14.12
6591	1.53	(0.17)	0.00	0.43	0.00	0.00	3.85	(3.14)	13.61
3564	1.92	(0.09)	0.00	0.41	0.00	0.00	4.37	(4.08)	12.68
5410	1.07	(0.33)	0.00	1.66	0.00	0.00	1.49	(2.41)	11.27
6426	2.93	0.36	0.10	0.63	3.12	(3.20)	9.74	(5.78)	17.12
8088	3.39	0.44	0.11	3.04	3.23	(4.01)	9.92	(5.47)	17.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in Chaintech Technology 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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