Highlight Tech Correlations

6208 Stock

TWD 50.20 0.45 0.90%

The current 90-days correlation between Highlight Tech and Kinko Optical Co is -0.07 (i.e., Good diversification). The correlation of Highlight Tech 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.

Highlight Tech Correlation With Market

Significant diversification

The correlation between Highlight Tech and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highlight Tech and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Highlight Stock

0.72	4532	Rechi Precision	Pair Corr
0.92	2317	Hon Hai Precision	Pair Corr
0.89	1303	Nan Ya Plastics	Pair Corr
0.88	2002	China Steel Corp	Pair Corr
0.8	2002A	China Steel Corp	Pair Corr
0.88	0051	YuantaP shares Taiwan	Pair Corr

Moving against Highlight Stock

0.72	2454	MediaTek	Pair Corr
0.5	2233	Turvo International	Pair Corr
0.43	2609	Yang Ming Marine	Pair Corr
0.31	0050	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	6127	6697	6209	1777	00719B	2497	2485	00787B	00935	2412
6127		-0.14	-0.08	0.61	-0.39	0.23	0.56	0.59	-0.27	0.37	6127
6697	-0.14		-0.1	-0.14	0.03	-0.04	-0.1	0.08	0.17	0.01	6697
6209	-0.08	-0.1		-0.64	0.57	-0.59	-0.54	-0.55	0.65	0.21	6209
1777	0.61	-0.14	-0.64		-0.7	0.69	0.84	0.69	-0.65	0.04	1777
00719B	-0.39	0.03	0.57	-0.7		-0.92	-0.91	-0.37	0.52	0.08	00719B
2497	0.23	-0.04	-0.59	0.69	-0.92		0.89	0.25	-0.55	-0.22	2497
2485	0.56	-0.1	-0.54	0.84	-0.91	0.89		0.51	-0.57	-0.01	2485
00787B	0.59	0.08	-0.55	0.69	-0.37	0.25	0.51		-0.36	0.27	00787B
00935	-0.27	0.17	0.65	-0.65	0.52	-0.55	-0.57	-0.36		-0.03	00935
2412	0.37	0.01	0.21	0.04	0.08	-0.22	-0.01	0.27	-0.03		2412
	6127	6697	6209	1777	00719B	2497	2485	00787B	00935	2412

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

2485	+ 0.89	2497
2485	+ 0.84	1777
2497	+ 0.69	1777
00787B	+ 0.69	1777
00935	+ 0.65	6209
1777	+ 0.61	6127

High negative correlations

2497	- 0.92	00719B
2485	- 0.91	00719B
00719B	- 0.7	1777
00935	- 0.65	1777
1777	- 0.64	6209
2497	- 0.59	6209

Risk-Adjusted Indicators

There is a big difference between Highlight Stock performing well and Highlight Tech 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 Highlight Tech'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
6127	2.19	(0.13)	0.00	(0.51)	0.00	0.00	7.63	(5.03)	15.75
6697	1.59	0.18	0.03	(0.22)	2.03	(1.83)	4.31	(4.08)	17.29
6209	1.98	0.12	0.03	0.44	2.12	(2.53)	5.40	(4.05)	15.58
1777	0.63	(0.05)	0.00	(1.83)	0.00	0.00	1.55	(1.83)	4.98
00719B	0.19	0.00	(0.04)	0.00	0.00	(0.23)	0.51	(0.53)	1.28
2497	1.09	(0.42)	0.00	(5.87)	0.00	0.00	1.90	(2.95)	11.84
2485	1.36	(0.31)	0.00	(2.42)	0.00	0.00	3.09	(3.82)	9.86
00787B	0.41	0.02	(0.10)	(0.19)	0.52	(0.42)	0.90	(0.80)	2.26
00935	0.90	0.10	0.02	(0.37)	1.05	(0.97)	2.33	(1.85)	5.60
2412	0.34	0.01	(0.11)	0.25	0.34	(0.54)	0.82	(0.80)	2.02

Highlight Tech 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 Highlight Tech stock to make a market-neutral strategy. Peer analysis of Highlight Tech could also be used in its relative valuation, which is a method of valuing Highlight Tech by comparing valuation metrics with similar companies.

Leatec Fine Ceramics Information Technology Total Kinko Optical Co SYN Tech Chem Pharm Yuanta Treasury 1 3 E Lead Electronic Co Zinwell Yuanta 10 Investment NEXT FUNDS Chunghwa Telecom Co American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

Correlation

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC