PlayNitride Correlations

Summary

6854 Stock

213.00 1.50 0.70%

The current 90-days correlation between PlayNitride and Leatec Fine Ceramics is 0.15 (i.e., Average diversification). The correlation of PlayNitride 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.

PlayNitride Correlation With Market

Good diversification

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

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

Moving together with PlayNitride Stock

0.83	2330	Taiwan Semiconductor	Pair Corr
0.85	2454	MediaTek	Pair Corr
0.74	2308	Delta Electronics	Pair Corr
0.71	0050	YuantaP shares Taiwan	Pair Corr
0.67	0057	Fubon MSCI Taiwan	Pair Corr

Moving against PlayNitride Stock

0.79	1303	Nan Ya Plastics	Pair Corr
0.76	1301	Formosa Plastics Corp	Pair Corr
0.71	2317	Hon Hai Precision	Pair Corr
0.66	6505	Formosa Petrochemical	Pair Corr
0.54	2303	United Microelectronics	Pair Corr
0.43	0051	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	6127	6697	6209	1777	00719B	2497	2485	00787B	00935	2412
6127		-0.02	-0.11	0.53	-0.47	0.38	0.62	0.51	-0.22	0.03	6127
6697	-0.02		-0.14	-0.15	-0.13	0.11	0.04	0.08	0.22	0.01	6697
6209	-0.11	-0.14		-0.58	0.56	-0.54	-0.53	-0.51	0.66	0.36	6209
1777	0.53	-0.15	-0.58		-0.48	0.42	0.64	0.69	-0.6	0.01	1777
00719B	-0.47	-0.13	0.56	-0.48		-0.93	-0.93	-0.24	0.42	0.52	00719B
2497	0.38	0.11	-0.54	0.42	-0.93		0.91	0.11	-0.39	-0.64	2497
2485	0.62	0.04	-0.53	0.64	-0.93	0.91		0.38	-0.48	-0.4	2485
00787B	0.51	0.08	-0.51	0.69	-0.24	0.11	0.38		-0.38	0.26	00787B
00935	-0.22	0.22	0.66	-0.6	0.42	-0.39	-0.48	-0.38		0.24	00935
2412	0.03	0.01	0.36	0.01	0.52	-0.64	-0.4	0.26	0.24		2412
	6127	6697	6209	1777	00719B	2497	2485	00787B	00935	2412

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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

2485	+ 0.91	2497
00787B	+ 0.69	1777
00935	+ 0.66	6209
2485	+ 0.64	1777
2485	+ 0.62	6127
00719B	+ 0.56	6209

High negative correlations

2485	- 0.93	00719B
2497	- 0.93	00719B
2412	- 0.64	2497
00935	- 0.6	1777
1777	- 0.58	6209
2497	- 0.54	6209

Risk-Adjusted Indicators

There is a big difference between PlayNitride Stock performing well and PlayNitride 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 PlayNitride'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	2.25	(0.24)	0.00	(0.47)	0.00	0.00	4.49	(4.08)	15.75
6697	1.59	0.12	0.02	0.68	2.03	(1.83)	4.31	(4.08)	17.29
6209	1.83	0.02	(0.02)	0.13	1.99	(2.48)	5.20	(4.04)	15.58
1777	0.64	(0.05)	0.00	(5.77)	0.00	0.00	1.55	(1.51)	4.98
00719B	0.19	0.04	(0.18)	(0.84)	0.05	(0.21)	0.48	(0.52)	1.28
2497	1.19	(0.40)	0.00	3.72	0.00	0.00	1.90	(2.95)	13.43
2485	1.33	(0.34)	0.00	(1.53)	0.00	0.00	2.53	(3.41)	9.86
00787B	0.41	0.00	(0.17)	0.12	0.56	(0.40)	0.85	(0.89)	2.26
00935	0.86	0.01	(0.06)	0.13	1.08	(0.95)	1.89	(1.85)	5.60
2412	0.34	0.01	(0.15)	0.24	0.34	(0.54)	0.82	(0.80)	2.02

PlayNitride 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 PlayNitride stock to make a market-neutral strategy. Peer analysis of PlayNitride could also be used in its relative valuation, which is a method of valuing PlayNitride 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

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