Sunder Biomedical Correlations

4115 Stock

8.42 0.32 3.95%

The current 90-days correlation between Sunder Biomedical Tech and TaiwanJ Pharmaceuticals Co is 0.22 (i.e., Modest diversification). The correlation of Sunder Biomedical 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.

Sunder Biomedical Correlation With Market

Good diversification

The correlation between Sunder Biomedical Tech and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sunder Biomedical Tech and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Sunder Stock

0.36	2303	United Microelectronics Earnings Call This Week	Pair Corr
0.36	1301	Formosa Plastics Corp	Pair Corr
0.35	2330	Taiwan Semiconductor	Pair Corr
0.35	0051	YuantaP shares Taiwan	Pair Corr
0.33	2308	Delta Electronics	Pair Corr
0.33	0053	YuantaP shares Taiwan	Pair Corr
0.33	0050	YuantaP shares Taiwan	Pair Corr
0.33	0057	Fubon MSCI Taiwan	Pair Corr

Related Correlations Analysis

	6797	7607	7595	4183	1781	6621	6758	6661	4170	6549
6797		0.16	0.3	-0.1	-0.16	-0.25	0.2	-0.1	0.18	-0.16	6797
7607	0.16		0.61	0.29	-0.17	0.07	0.3	0.06	0.0	0.37	7607
7595	0.3	0.61		0.18	-0.32	-0.21	0.47	-0.05	-0.15	0.29	7595
4183	-0.1	0.29	0.18		0.49	0.59	0.2	0.32	-0.31	0.71	4183
1781	-0.16	-0.17	-0.32	0.49		0.56	-0.15	0.5	-0.09	0.41	1781
6621	-0.25	0.07	-0.21	0.59	0.56		-0.16	0.49	-0.23	0.43	6621
6758	0.2	0.3	0.47	0.2	-0.15	-0.16		-0.02	0.12	0.51	6758
6661	-0.1	0.06	-0.05	0.32	0.5	0.49	-0.02		-0.05	0.4	6661
4170	0.18	0.0	-0.15	-0.31	-0.09	-0.23	0.12	-0.05		-0.19	4170
6549	-0.16	0.37	0.29	0.71	0.41	0.43	0.51	0.4	-0.19		6549
	6797	7607	7595	4183	1781	6621	6758	6661	4170	6549

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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

6549	+ 0.71	4183
7595	+ 0.61	7607
6621	+ 0.59	4183
6621	+ 0.56	1781
6549	+ 0.51	6758
6661	+ 0.5	1781

High negative correlations

1781	- 0.32	7595
4170	- 0.31	4183
6621	- 0.25	6797
4170	- 0.23	6621
6621	- 0.21	7595
6549	- 0.19	4170

Risk-Adjusted Indicators

There is a big difference between Sunder Stock performing well and Sunder Biomedical 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 Sunder Biomedical'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
6797	2.23	0.04	(0.01)	(0.19)	3.35	(2.50)	4.65	(7.10)	22.74
7607	1.72	(0.08)	0.00	0.77	0.00	0.00	4.63	(4.65)	13.34
7595	1.50	(0.10)	0.00	(0.29)	0.00	0.00	4.12	(3.82)	7.95
4183	1.00	(0.20)	0.00	(0.43)	0.00	0.00	2.64	(2.35)	8.43
1781	0.76	(0.02)	0.00	(0.06)	0.00	0.00	0.91	(1.33)	10.60
6621	1.16	0.17	0.08	0.48	1.32	(1.44)	2.81	(2.02)	9.14
6758	0.64	(0.07)	0.00	(0.48)	0.00	0.00	1.62	(3.97)	8.78
6661	0.89	(0.05)	0.00	0.24	0.00	0.00	2.33	(2.05)	7.33
4170	2.28	0.06	(0.02)	(0.01)	2.96	(2.52)	4.44	(3.81)	12.49
6549	1.27	0.25	0.11	(1.30)	1.16	(1.85)	4.07	(2.74)	7.70

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

Taiwan Advanced Nanotech 7607 Pharmigene EPS Bio Technology Health Life Co UniPharma Co A SPINE Asia Co Welgene Biotech CoLtd 4170 TaiwanJ Pharmaceuticals Co American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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