King Polytechnic Correlations

6122 Stock

TWD 55.70 0.70 1.27%

The current 90-days correlation between King Polytechnic Eng and New Asia Construction is -0.11 (i.e., Good diversification). The correlation of King Polytechnic 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.

King Polytechnic Correlation With Market

Modest diversification

The correlation between King Polytechnic Engineering and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding King Polytechnic Engineering and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with King Stock

0.91	2404	United Integrated	Pair Corr
0.65	2597	Ruentex Engineering	Pair Corr
0.84	6139	LK Engineering	Pair Corr
0.79	0051	YuantaP shares Taiwan	Pair Corr
0.86	0050	YuantaP shares Taiwan	Pair Corr
0.78	0053	YuantaP shares Taiwan	Pair Corr
0.86	0057	Fubon MSCI Taiwan	Pair Corr

Moving against King Stock

0.66	6533	Andes Technology Corp	Pair Corr
0.45	6689	eCloudvalley Digital	Pair Corr
0.32	5348	Empower Technology	Pair Corr

Related Correlations Analysis

	2516	9906	6179	3313	6881	3484	1806	6951	3052	6750
2516		0.22	0.64	0.13	0.01	0.26	0.51	-0.27	0.14	-0.25	2516
9906	0.22		0.14	0.47	-0.46	0.07	0.57	-0.11	0.07	-0.15	9906
6179	0.64	0.14		0.3	0.11	0.63	0.25	0.13	-0.02	-0.1	6179
3313	0.13	0.47	0.3		0.02	0.2	0.38	0.25	-0.51	0.34	3313
6881	0.01	-0.46	0.11	0.02		0.09	-0.13	0.46	-0.27	0.28	6881
3484	0.26	0.07	0.63	0.2	0.09		0.18	0.31	-0.26	0.22	3484
1806	0.51	0.57	0.25	0.38	-0.13	0.18		-0.21	-0.07	0.18	1806
6951	-0.27	-0.11	0.13	0.25	0.46	0.31	-0.21		-0.12	0.2	6951
3052	0.14	0.07	-0.02	-0.51	-0.27	-0.26	-0.07	-0.12		-0.72	3052
6750	-0.25	-0.15	-0.1	0.34	0.28	0.22	0.18	0.2	-0.72		6750
	2516	9906	6179	3313	6881	3484	1806	6951	3052	6750

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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

6179	+ 0.64	2516
3484	+ 0.63	6179
1806	+ 0.57	9906
1806	+ 0.51	2516
3313	+ 0.47	9906
6951	+ 0.46	6881

High negative correlations

6750	- 0.72	3052
3052	- 0.51	3313
6881	- 0.46	9906
3052	- 0.27	6881
6951	- 0.27	2516
3052	- 0.26	3484

Risk-Adjusted Indicators

There is a big difference between King Stock performing well and King Polytechnic 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 King Polytechnic'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
2516	1.04	(0.02)	0.00	0.24	0.00	0.00	2.10	(2.01)	13.57
9906	1.64	(0.20)	0.00	(0.24)	0.00	0.00	3.65	(2.75)	12.50
6179	1.78	(0.05)	(0.02)	0.07	2.18	(1.93)	4.15	(3.19)	13.67
3313	2.31	(0.17)	0.00	(0.05)	0.00	0.00	4.70	(4.59)	17.69
6881	0.35	(0.01)	(0.16)	(0.61)	0.49	(0.61)	0.88	(0.44)	4.74
3484	0.89	(0.01)	(0.07)	0.08	1.01	(1.16)	2.24	(1.73)	6.27
1806	0.78	(0.06)	0.00	(1.03)	0.00	0.00	1.43	(1.65)	7.31
6951	0.47	0.06	(0.08)	0.98	0.35	(0.70)	0.68	(0.82)	6.09
3052	0.64	0.09	(0.01)	0.77	0.57	(0.89)	1.34	(1.30)	3.99
6750	1.32	0.35	0.17	2.85	0.95	(1.70)	5.42	(2.76)	8.49

Be your own money manager

Our tools can tell you how much better you can do entering a position in King Polytechnic 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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