Champion Microelectronic Correlations
| 3257 Stock | TWD 58.30 1.60 2.82% |
The current 90-days correlation between Champion Microelectronic and Unimicron Technology Corp is 0.18 (i.e., Average diversification). The correlation of Champion Microelectronic 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.
Champion Microelectronic Correlation With Market
Significant diversification
The correlation between Champion Microelectronic Corp and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Champion Microelectronic Corp and DJI in the same portfolio, assuming nothing else is changed.
Champion |
The ability to find closely correlated positions to Champion Microelectronic could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Champion Microelectronic 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 Champion Microelectronic - 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 Champion Microelectronic Corp to buy it.
Moving together with Champion Stock
| 0.79 | 2923 | Sino Horizon Holdings | PairCorr |
| 0.82 | 6020 | Tachan Securities | PairCorr |
| 0.74 | 6144 | Deltamac Taiwan | PairCorr |
| 0.85 | 1235 | Shin Tai Industry | PairCorr |
| 0.89 | 2227 | Yulon Nissan Motor | PairCorr |
| 0.72 | 1725 | Yuan Jen Enterprises | PairCorr |
| 0.7 | 3219 | Service Quality Tech | PairCorr |
| 0.83 | 5432 | Data International | PairCorr |
| 0.7 | 0051 | YuantaP shares Taiwan | PairCorr |
Moving against Champion Stock
Related Correlations Analysis
| 0.52 | 0.03 | -0.59 | -0.73 | 3037 | ||
| 0.52 | 0.66 | 0.14 | -0.18 | 3189 | ||
| 0.03 | 0.66 | 0.4 | 0.13 | 3034 | ||
| -0.59 | 0.14 | 0.4 | 0.86 | 2308 | ||
| -0.73 | -0.18 | 0.13 | 0.86 | 2379 | ||
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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
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Risk-Adjusted Indicators
There is a big difference between Champion Stock performing well and Champion Microelectronic 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 Champion Microelectronic'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 3037 | 1.53 | (0.23) | 0.00 | 3.23 | 0.00 | 2.91 | 11.69 | |||
| 3189 | 1.88 | (0.18) | 0.00 | 0.46 | 0.00 | 4.93 | 16.12 | |||
| 3034 | 1.05 | (0.01) | (0.07) | (0.03) | 1.30 | 2.50 | 5.34 | |||
| 2308 | 1.34 | 0.17 | 0.02 | (0.26) | 1.56 | 3.23 | 8.17 | |||
| 2379 | 1.20 | 0.17 | 0.06 | 1.37 | 1.45 | 2.40 | 7.72 |
Champion Microelectronic 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 Champion Microelectronic stock to make a market-neutral strategy. Peer analysis of Champion Microelectronic could also be used in its relative valuation, which is a method of valuing Champion Microelectronic by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |