Mechema Chemicals Correlations

4721 Stock

TWD 72.50 0.50 0.68%

The current 90-days correlation between Mechema Chemicals Int and China Steel Chemical is 0.35 (i.e., Weak diversification). The correlation of Mechema Chemicals 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.

Mechema Chemicals Correlation With Market

Significant diversification

The correlation between Mechema Chemicals Int and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mechema Chemicals Int and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Mechema Stock

0.65	1314	China Petrochemical	Pair Corr
0.63	2108	Nantex Industry	Pair Corr

Moving against Mechema Stock

0.58	2882B	Cathay Financial Holding	Pair Corr
0.58	2882A	Cathay Financial Holding Earnings Call Today	Pair Corr
0.58	2881B	Fubon Financial Holding	Pair Corr
0.53	2891B	CTBC Financial Holding	Pair Corr
0.52	2891	CTBC Financial Holding	Pair Corr
0.51	2882	Cathay Financial Holding	Pair Corr
0.51	2330	Taiwan Semiconductor	Pair Corr
0.49	2881A	Fubon Financial Holding	Pair Corr
0.45	0057	Fubon MSCI Taiwan	Pair Corr
0.4	0053	YuantaP shares Taiwan	Pair Corr
0.39	0050	YuantaP shares Taiwan	Pair Corr
0.38	2103	TSRC Corp	Pair Corr

Related Correlations Analysis

	2308	1723	1536	9945	6438	9933	6697	1777	9921	9908
2308		0.02	0.11	0.29	0.35	-0.26	0.44	0.0	-0.19	-0.02	2308
1723	0.02		-0.05	0.72	-0.32	0.47	-0.35	0.4	0.47	0.29	1723
1536	0.11	-0.05		0.27	-0.49	0.38	-0.11	-0.43	0.51	0.82	1536
9945	0.29	0.72	0.27		-0.27	0.4	-0.22	0.19	0.44	0.46	9945
6438	0.35	-0.32	-0.49	-0.27		-0.92	0.52	0.43	-0.93	-0.8	6438
9933	-0.26	0.47	0.38	0.4	-0.92		-0.61	-0.36	0.96	0.73	9933
6697	0.44	-0.35	-0.11	-0.22	0.52	-0.61		0.02	-0.52	-0.38	6697
1777	0.0	0.4	-0.43	0.19	0.43	-0.36	0.02		-0.34	-0.4	1777
9921	-0.19	0.47	0.51	0.44	-0.93	0.96	-0.52	-0.34		0.8	9921
9908	-0.02	0.29	0.82	0.46	-0.8	0.73	-0.38	-0.4	0.8		9908
	2308	1723	1536	9945	6438	9933	6697	1777	9921	9908

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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

9921	+ 0.96	9933
9908	+ 0.82	1536
9908	+ 0.8	9921
9908	+ 0.73	9933
9945	+ 0.72	1723
6697	+ 0.52	6438

High negative correlations

9921	- 0.93	6438
9933	- 0.92	6438
9908	- 0.8	6438
6697	- 0.61	9933
9921	- 0.52	6697
6438	- 0.49	1536

Risk-Adjusted Indicators

There is a big difference between Mechema Stock performing well and Mechema Chemicals 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 Mechema Chemicals' 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
2308	1.36	(0.08)	0.00	(0.05)	0.00	0.00	2.84	(3.46)	11.60
1723	0.70	(0.04)	0.00	(0.09)	0.00	0.00	1.54	(1.46)	4.42
1536	1.98	(0.16)	0.00	(0.11)	0.00	0.00	4.06	(3.79)	13.47
9945	1.04	(0.04)	0.00	(0.83)	0.00	0.00	1.89	(2.13)	7.35
6438	2.63	0.99	0.37	1.13	1.70	(3.48)	9.79	(2.88)	17.42
9933	0.75	(0.22)	0.00	1.25	0.00	0.00	1.66	(1.67)	5.01
6697	1.29	0.09	(0.01)	1.26	1.65	(1.58)	2.33	(2.68)	15.29
1777	0.63	0.06	(0.05)	1.08	0.76	(0.72)	2.04	(1.36)	5.20
9921	1.63	(0.61)	0.00	8.31	0.00	0.00	1.99	(5.13)	14.43
9908	0.18	(0.05)	0.00	(0.74)	0.00	0.00	0.33	(0.49)	1.16

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