Syntec Technology Correlations

7750 Stock

1,070 10.00 0.93%

The correlation of Syntec 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.

Syntec Technology Correlation With Market

Poor diversification

The correlation between Syntec Technology Co and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Syntec Technology Co and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Syntec 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 Syntec 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 Syntec 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 Syntec Technology Co to buy it.

Moving together with Syntec Stock

0.8	2330	Taiwan Semiconductor	Pair Corr
0.84	2454	MediaTek	Pair Corr
0.71	2308	Delta Electronics	Pair Corr
0.72	2882	Cathay Financial Holding	Pair Corr
0.71	2303	United Microelectronics	Pair Corr
0.81	0050	YuantaP shares Taiwan	Pair Corr
0.8	0053	YuantaP shares Taiwan	Pair Corr
0.8	0051	YuantaP shares Taiwan	Pair Corr
0.81	0057	Fubon MSCI Taiwan	Pair Corr

Moving against Syntec Stock

0.43	6505	Formosa Petrochemical	Pair Corr
0.35	2317	Hon Hai Precision	Pair Corr

Related Correlations Analysis

	4721	3416	1236	2596	1264	4533	1326	00939
4721		0.67	-0.05	0.19	-0.09	0.0	-0.25	0.29	4721
3416	0.67		0.29	0.11	0.0	0.01	-0.31	0.2	3416
1236	-0.05	0.29		0.3	-0.29	0.34	0.28	0.38	1236
2596	0.19	0.11	0.3		-0.82	0.24	0.09	0.57	2596
1264	-0.09	0.0	-0.29	-0.82		-0.62	-0.46	-0.82	1264
4533	0.0	0.01	0.34	0.24	-0.62		0.86	0.85	4533
1326	-0.25	-0.31	0.28	0.09	-0.46	0.86		0.61	1326
00939	0.29	0.2	0.38	0.57	-0.82	0.85	0.61		00939
	4721	3416	1236	2596	1264	4533	1326	00939

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

1326	+ 0.86	4533
00939	+ 0.85	4533
3416	+ 0.67	4721
00939	+ 0.61	1326
00939	+ 0.57	2596
00939	+ 0.38	1236

High negative correlations

00939	- 0.82	1264
1264	- 0.82	2596
4533	- 0.62	1264
1326	- 0.46	1264
1326	- 0.31	3416
1264	- 0.29	1236

Risk-Adjusted Indicators

There is a big difference between Syntec Stock performing well and Syntec 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 Syntec 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
4721	1.22	(0.16)	0.00	(0.70)	0.00	0.00	2.51	(2.74)	8.01
3416	1.42	(0.12)	0.00	20.95	0.00	0.00	3.37	(2.74)	11.01
1236	0.71	0.03	(0.04)	(0.53)	0.96	(0.77)	1.99	(1.72)	4.77
2596	1.39	0.25	0.09	1.30	1.67	(1.58)	3.39	(2.43)	13.94
1264	0.32	(0.06)	0.00	9.69	0.00	0.00	0.69	(0.70)	2.25
4533	2.73	0.72	0.25	1.07	2.19	(3.14)	9.91	(4.71)	16.58
1326	2.69	0.55	0.16	2.72	2.63	(3.00)	7.99	(3.99)	17.90
00939	0.70	0.09	0.00	(2.86)	0.94	(0.70)	1.19	(1.65)	4.41

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

Mechema Chemicals Int WinMate Communication INC Hunya Foods Co ReaLy Development Construction Tehmag Foods Shieh Yih Machinery Formosa Chemicals Fibre China Construction Bank American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

Risk & Return

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