Prime Oil Correlations
| 2904 Stock | TWD 17.85 0.05 0.28% |
The current 90-days correlation between Prime Oil Chemical and President Chain Store is 0.2 (i.e., Modest diversification). The correlation of Prime Oil 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.
Prime Oil Correlation With Market
Good diversification
The correlation between Prime Oil Chemical and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prime Oil Chemical and DJI in the same portfolio, assuming nothing else is changed.
Prime |
The ability to find closely correlated positions to Prime Oil could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Prime Oil 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 Prime Oil - 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 Prime Oil Chemical to buy it.
Moving together with Prime Stock
| 0.85 | 3228 | RDC Semiconductor | PairCorr |
| 0.61 | 6409 | Voltronic Power Tech | PairCorr |
| 0.89 | 5274 | Aspeed Technology | PairCorr |
| 0.74 | 0051 | YuantaP shares Taiwan | PairCorr |
Moving against Prime Stock
| 0.69 | 1432 | Trk Corp | PairCorr |
| 0.5 | 0050 | YuantaP shares Taiwan | PairCorr |
| 0.43 | 0057 | Fubon MSCI Taiwan | PairCorr |
| 0.36 | 3443 | Global Unichip Corp | PairCorr |
| 0.34 | 0053 | YuantaP shares Taiwan | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Prime Stock performing well and Prime Oil 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 Prime Oil'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 2912 | 0.59 | (0.09) | 0.00 | (3.56) | 0.00 | 1.13 | 3.27 | |||
| 2548 | 1.56 | (0.10) | 0.00 | (0.60) | 0.00 | 3.02 | 11.56 | |||
| 2707 | 0.69 | (0.05) | 0.00 | (0.85) | 0.00 | 1.55 | 5.79 | |||
| 2905 | 1.11 | (0.10) | 0.00 | (39.21) | 0.00 | 3.29 | 8.16 | |||
| 9924 | 0.86 | (0.06) | 0.00 | (0.69) | 0.00 | 2.00 | 14.34 |
Prime Oil 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 Prime Oil stock to make a market-neutral strategy. Peer analysis of Prime Oil could also be used in its relative valuation, which is a method of valuing Prime Oil by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |