Ardentec Correlations

3264 Stock

TWD 54.30 2.10 3.72%

The current 90-days correlation between Ardentec and Formosa Sumco Technology is 0.55 (i.e., Very weak diversification). The correlation of Ardentec 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.

Ardentec Correlation With Market

Modest diversification

The correlation between Ardentec and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ardentec and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Ardentec Stock

0.95	5483	Sino American Silicon	Pair Corr
0.88	6239	Powertech Technology	Pair Corr
0.9	3532	Formosa Sumco Technology	Pair Corr
0.88	3035	Faraday Technology Corp	Pair Corr
0.61	6271	Tong Hsing Electronic	Pair Corr
0.61	2441	Greatek Electronics	Pair Corr

Moving against Ardentec Stock

0.86	2891	CTBC Financial Holding	Pair Corr
0.83	2881A	Fubon Financial Holding	Pair Corr
0.82	2882B	Cathay Financial Holding	Pair Corr
0.74	5434	Topco Scientific	Pair Corr
0.74	2330	Taiwan Semiconductor	Pair Corr
0.69	0057	Fubon MSCI Taiwan	Pair Corr
0.67	0050	YuantaP shares Taiwan	Pair Corr
0.63	2885	Yuanta Financial Holdings	Pair Corr
0.61	0053	YuantaP shares Taiwan	Pair Corr
0.6	2882A	Cathay Financial Holding	Pair Corr
0.43	2458	Elan Microelectronics	Pair Corr
0.37	6176	Radiant Opto Electro	Pair Corr

Related Correlations Analysis

	5483	6239	3532	6176	3035	6271	5434	2458	2441
5483		0.85	0.84	-0.44	0.79	0.52	-0.79	-0.51	0.49	5483
6239	0.85		0.9	-0.22	0.91	0.77	-0.7	-0.45	0.67	6239
3532	0.84	0.9		-0.38	0.94	0.79	-0.79	-0.49	0.72	3532
6176	-0.44	-0.22	-0.38		-0.21	-0.08	0.56	0.4	-0.02	6176
3035	0.79	0.91	0.94	-0.21		0.83	-0.65	-0.36	0.82	3035
6271	0.52	0.77	0.79	-0.08	0.83		-0.54	-0.26	0.76	6271
5434	-0.79	-0.7	-0.79	0.56	-0.65	-0.54		0.73	-0.27	5434
2458	-0.51	-0.45	-0.49	0.4	-0.36	-0.26	0.73		-0.08	2458
2441	0.49	0.67	0.72	-0.02	0.82	0.76	-0.27	-0.08		2441
	5483	6239	3532	6176	3035	6271	5434	2458	2441

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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

3035	+ 0.94	3532
3035	+ 0.91	6239
3532	+ 0.9	6239
6239	+ 0.85	5483
3532	+ 0.84	5483
6271	+ 0.83	3035

High negative correlations

5434	- 0.79	3532
5434	- 0.79	5483
5434	- 0.7	6239
5434	- 0.65	3035
5434	- 0.54	6271
2458	- 0.51	5483

Risk-Adjusted Indicators

There is a big difference between Ardentec Stock performing well and Ardentec 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 Ardentec'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
5483	1.13	(0.36)	0.00	(2.58)	0.00	0.00	1.62	(2.41)	7.29
6239	1.27	(0.18)	0.00	(17.33)	0.00	0.00	2.02	(2.84)	7.94
3532	1.41	(0.33)	0.00	(0.53)	0.00	0.00	2.71	(2.85)	9.23
6176	1.30	0.11	(0.02)	(0.32)	1.63	(1.40)	2.55	(2.50)	10.57
3035	1.80	(0.47)	0.00	(0.54)	0.00	0.00	3.90	(3.73)	13.18
6271	1.38	(0.15)	0.00	(0.18)	0.00	0.00	3.17	(2.91)	7.48
5434	1.18	0.12	0.01	1.52	1.35	(1.29)	2.62	(2.10)	7.25
2458	1.36	(0.05)	(0.03)	0.06	1.78	(1.47)	2.75	(2.95)	8.92
2441	0.74	(0.10)	0.00	(0.24)	0.00	0.00	1.59	(1.52)	5.03

Be your own money manager

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