| 4174 Stock | | | TWD 57.20 0.40 0.70% |
The current 90-days correlation between OBI Pharma and TaiMed Biologics is 0.21 (i.e., Modest diversification). The correlation of OBI Pharma 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.
OBI Pharma Correlation With Market
Average diversification
The correlation between OBI Pharma and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding OBI Pharma and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to OBI Pharma could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace OBI Pharma 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 OBI Pharma - 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 OBI Pharma to buy it.
Moving together with OBI Stock
Moving against OBI Stock
Related Correlations Analysis
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 | 3176 | | 4162 | | 4162 | | 4147 | | 4105 | | 4147 | | 4105 | | 4162 | | 4105 | | 3176 |
| | High negative correlations | 3176 | | 4147 | | 4105 | | 3176 | | 4105 | | 4162 | | 4105 | | 4147 |
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Risk-Adjusted IndicatorsThere is a big difference between OBI Stock performing well and OBI Pharma 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 OBI Pharma'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.
OBI Pharma 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 OBI Pharma stock to make a market-neutral strategy. Peer analysis of OBI Pharma could also be used in its relative valuation, which is a method of valuing OBI Pharma by comparing valuation metrics with similar companies.