Kao Fong Correlations

4510 Stock

TWD 47.85 0.75 1.59%

The current 90-days correlation between Kao Fong Machinery and Airtac International Group is 0.01 (i.e., Significant diversification). The correlation of Kao Fong 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.

Kao Fong Correlation With Market

Modest diversification

The correlation between Kao Fong Machinery and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kao Fong Machinery and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Kao Stock

0.71

2476

G Shank Enterprise

Pair Corr

Moving against Kao Stock

0.66	2330	Taiwan Semiconductor	Pair Corr
0.64	2317	Hon Hai Precision	Pair Corr
0.64	0057	Fubon MSCI Taiwan	Pair Corr
0.61	0050	YuantaP shares Taiwan	Pair Corr
0.59	2454	MediaTek	Pair Corr
0.58	0053	YuantaP shares Taiwan	Pair Corr
0.5	1590	Airtac International	Pair Corr
0.5	2002	China Steel Corp	Pair Corr
0.49	2603	Evergreen Marine Corp	Pair Corr
0.43	1504	TECO Electric Machinery	Pair Corr
0.42	2609	Yang Ming Marine	Pair Corr
0.42	2615	Wan Hai Lines	Pair Corr
0.42	3711	ASE Industrial Holding	Pair Corr

Related Correlations Analysis

	1590	1504	1513	2059	1503	1560	1519	2476	1583
1590		0.08	0.15	-0.26	0.27	0.42	0.34	-0.29	0.27	1590
1504	0.08		-0.11	0.68	-0.33	-0.12	-0.12	-0.51	-0.47	1504
1513	0.15	-0.11		-0.17	0.9	0.32	0.83	0.45	0.52	1513
2059	-0.26	0.68	-0.17		-0.5	-0.43	-0.28	-0.24	-0.26	2059
1503	0.27	-0.33	0.9	-0.5		0.47	0.83	0.47	0.56	1503
1560	0.42	-0.12	0.32	-0.43	0.47		0.41	0.24	0.26	1560
1519	0.34	-0.12	0.83	-0.28	0.83	0.41		0.41	0.41	1519
2476	-0.29	-0.51	0.45	-0.24	0.47	0.24	0.41		0.51	2476
1583	0.27	-0.47	0.52	-0.26	0.56	0.26	0.41	0.51		1583
	1590	1504	1513	2059	1503	1560	1519	2476	1583

Click cells to compare fundamentals

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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

1503	+ 0.9	1513
1519	+ 0.83	1513
1519	+ 0.83	1503
2059	+ 0.68	1504
1583	+ 0.56	1503
1583	+ 0.52	1513

High negative correlations

2476	- 0.51	1504
1503	- 0.5	2059
1583	- 0.47	1504
1560	- 0.43	2059
1503	- 0.33	1504
2476	- 0.29	1590

Risk-Adjusted Indicators

There is a big difference between Kao Stock performing well and Kao Fong 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 Kao Fong'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
1590	1.86	(0.13)	0.00	(0.21)	0.00	0.00	4.18	(4.94)	15.86
1504	1.13	0.13	0.00	(3.41)	1.30	(1.42)	2.78	(2.38)	7.72
1513	1.56	(0.21)	0.00	(0.25)	0.00	0.00	2.80	(3.12)	9.27
2059	2.52	0.08	0.04	0.18	3.21	(2.67)	5.22	(4.96)	14.06
1503	1.73	(0.21)	0.00	(0.58)	0.00	0.00	3.17	(3.52)	11.31
1560	2.04	(0.30)	0.00	(0.25)	0.00	0.00	4.12	(4.48)	16.02
1519	2.47	(0.37)	0.00	(0.26)	0.00	0.00	5.31	(4.91)	16.29
2476	1.63	(0.37)	0.00	(0.80)	0.00	0.00	3.22	(3.46)	10.04
1583	0.76	(0.09)	0.00	(1.71)	0.00	0.00	1.83	(2.12)	5.78

Be your own money manager

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