Chipbond Technology Correlations

6147 Stock

TWD 65.80 1.00 1.54%

The current 90-days correlation between Chipbond Technology and Powertech Technology is 0.25 (i.e., Modest diversification). The correlation of Chipbond Technology 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.

Chipbond Technology Correlation With Market

Average diversification

The correlation between Chipbond Technology and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chipbond Technology and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Chipbond Stock

0.75	2303	United Microelectronics	Pair Corr
0.67	6488	GlobalWafers	Pair Corr
0.62	5347	Vanguard International	Pair Corr
0.74	6770	Powerchip Semiconductor	Pair Corr
0.67	2327	Yageo Corp	Pair Corr
0.7	4966	Parade Technologies	Pair Corr

Moving against Chipbond Stock

0.7	6669	Wiwynn Corp	Pair Corr
0.68	6510	Chunghwa Precision Test	Pair Corr
0.62	3443	Global Unichip Corp	Pair Corr
0.6	2603	Evergreen Marine Corp	Pair Corr
0.57	2357	Asustek Computer	Pair Corr
0.56	2330	Taiwan Semiconductor	Pair Corr
0.53	0057	Fubon MSCI Taiwan	Pair Corr
0.52	0050	YuantaP shares Taiwan	Pair Corr
0.47	0053	YuantaP shares Taiwan	Pair Corr
0.44	2454	MediaTek	Pair Corr

Related Correlations Analysis

	6239	2449	3034	5347	3105
6239		-0.5	0.85	0.87	0.86	6239
2449	-0.5		-0.37	-0.52	-0.55	2449
3034	0.85	-0.37		0.84	0.79	3034
5347	0.87	-0.52	0.84		0.69	5347
3105	0.86	-0.55	0.79	0.69		3105
	6239	2449	3034	5347	3105

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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

5347	+ 0.87	6239
3105	+ 0.86	6239
3034	+ 0.85	6239
5347	+ 0.84	3034
3105	+ 0.79	3034
3105	+ 0.69	5347

High negative correlations

3105	- 0.55	2449
5347	- 0.52	2449
2449	- 0.5	6239
3034	- 0.37	2449

Risk-Adjusted Indicators

There is a big difference between Chipbond Stock performing well and Chipbond Technology 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 Chipbond Technology'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
6239	1.27	(0.18)	0.00	(17.33)	0.00	0.00	2.02	(2.84)	7.94
2449	1.96	(0.06)	(0.03)	0.06	2.12	(2.55)	4.89	(3.93)	14.90
3034	1.15	(0.23)	0.00	(0.55)	0.00	0.00	1.97	(2.55)	8.21
5347	1.52	(0.46)	0.00	(0.94)	0.00	0.00	2.74	(4.66)	10.70
3105	1.56	(0.22)	0.00	(0.70)	0.00	0.00	3.47	(2.99)	11.07

Be your own money manager

Our tools can tell you how much better you can do entering a position in Chipbond Technology 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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