Chi Sheng Correlations

4111 Stock

TWD 28.25 0.15 0.53%

The current 90-days correlation between Chi Sheng Chemical and Yong Shun Chemical is 0.07 (i.e., Significant diversification). The correlation of Chi Sheng 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.

Chi Sheng Correlation With Market

Modest diversification

The correlation between Chi Sheng Chemical and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chi Sheng Chemical and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Chi Stock

0.64	5312	Formosa Optical Tech	Pair Corr
0.84	3008	LARGAN Precision	Pair Corr
0.76	2454	MediaTek	Pair Corr
0.71	6510	Chunghwa Precision Test	Pair Corr
0.68	6669	Wiwynn Corp	Pair Corr

Moving against Chi Stock

0.87	6499	Medeon Biodesign	Pair Corr
0.84	1565	StShine Optical	Pair Corr
0.74	0051	YuantaP shares Taiwan	Pair Corr
0.66	2474	Catcher Technology	Pair Corr

Related Correlations Analysis

	8028	4711	4755	1326	1727	1314	1720	4763	4722
8028		0.55	0.24	0.0	0.5	0.32	0.39	0.23	-0.38	8028
4711	0.55		0.26	0.0	0.9	0.83	0.81	0.11	-0.68	4711
4755	0.24	0.26		0.0	0.07	0.36	0.4	0.83	-0.24	4755
1326	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	1326
1727	0.5	0.9	0.07	0.0		0.85	0.82	-0.08	-0.71	1727
1314	0.32	0.83	0.36	0.0	0.85		0.89	0.19	-0.66	1314
1720	0.39	0.81	0.4	0.0	0.82	0.89		0.31	-0.65	1720
4763	0.23	0.11	0.83	0.0	-0.08	0.19	0.31		-0.24	4763
4722	-0.38	-0.68	-0.24	0.0	-0.71	-0.66	-0.65	-0.24		4722
	8028	4711	4755	1326	1727	1314	1720	4763	4722

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

1727	+ 0.9	4711
1720	+ 0.89	1314
1314	+ 0.85	1727
1314	+ 0.83	4711
4763	+ 0.83	4755
1720	+ 0.82	1727

High negative correlations

4722	- 0.71	1727
4722	- 0.68	4711
4722	- 0.66	1314
4722	- 0.65	1720
4722	- 0.38	8028
4722	- 0.24	4763

Risk-Adjusted Indicators

There is a big difference between Chi Stock performing well and Chi Sheng 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 Chi Sheng'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
8028	2.37	(0.10)	0.00	(0.52)	0.00	0.00	6.67	(5.82)	13.93
4711	0.81	(0.33)	0.00	(3.35)	0.00	0.00	1.03	(2.74)	6.37
4755	1.71	(0.04)	0.00	2.33	0.00	0.00	4.55	(3.16)	15.28
1326	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1727	1.50	(0.42)	0.00	95.14	0.00	0.00	3.23	(4.42)	9.89
1314	1.16	(0.14)	0.00	1.54	0.00	0.00	2.46	(2.65)	6.68
1720	0.57	(0.08)	0.00	(0.47)	0.00	0.00	1.57	(1.56)	4.13
4763	1.28	(0.01)	(0.05)	(0.03)	1.64	(1.24)	2.73	(2.79)	7.44
4722	0.92	0.17	0.09	0.92	0.80	(1.05)	2.80	(1.68)	5.88

Chi Sheng 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 Chi Sheng stock to make a market-neutral strategy. Peer analysis of Chi Sheng could also be used in its relative valuation, which is a method of valuing Chi Sheng by comparing valuation metrics with similar companies.

Phoenix Silicon International Yong Shun Chemical San Fu Chemical Formosa Chemicals Fibre Chung Hwa Chemical China Petrochemical Development Standard Chemical Pharmaceutical Jinan Acetate Chemical Qualipoly Chemical Corp American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

Correlation

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC