Alpha Microelectronics Correlations

8024 Stock

TWD 12.65 0.25 2.02%

The current 90-days correlation between Alpha Microelectronics and Polylite Taiwan Co is -0.01 (i.e., Good diversification). The correlation of Alpha Microelectronics 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.

Alpha Microelectronics Correlation With Market

Average diversification

The correlation between Alpha Microelectronics and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alpha Microelectronics and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Alpha Stock

0.87	2357	Asustek Computer	Pair Corr
0.63	6732	Sensortek Technology Corp	Pair Corr
0.77	5269	Asmedia Technology	Pair Corr

Moving against Alpha Stock

0.81	5274	Aspeed Technology	Pair Corr
0.8	3443	Global Unichip Corp	Pair Corr
0.66	6770	Powerchip Semiconductor	Pair Corr
0.64	2303	United Microelectronics	Pair Corr
0.57	2454	MediaTek	Pair Corr
0.37	0057	Fubon MSCI Taiwan	Pair Corr
0.36	2330	Taiwan Semiconductor Earnings Call Today	Pair Corr
0.35	0050	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	1813	3268	5468	6241	8119	6103	9912	3672	6210	3623
1813		-0.45	-0.11	0.47	0.5	0.35	-0.53	0.14	-0.18	0.27	1813
3268	-0.45		0.32	-0.46	-0.18	-0.38	0.16	0.11	0.27	-0.49	3268
5468	-0.11	0.32		-0.16	-0.07	-0.48	-0.02	-0.05	-0.08	-0.13	5468
6241	0.47	-0.46	-0.16		-0.19	-0.12	0.24	0.1	0.35	0.68	6241
8119	0.5	-0.18	-0.07	-0.19		0.58	-0.68	0.38	-0.71	-0.51	8119
6103	0.35	-0.38	-0.48	-0.12	0.58		-0.39	0.08	-0.5	-0.23	6103
9912	-0.53	0.16	-0.02	0.24	-0.68	-0.39		0.15	0.59	0.32	9912
3672	0.14	0.11	-0.05	0.1	0.38	0.08	0.15		-0.08	-0.35	3672
6210	-0.18	0.27	-0.08	0.35	-0.71	-0.5	0.59	-0.08		0.52	6210
3623	0.27	-0.49	-0.13	0.68	-0.51	-0.23	0.32	-0.35	0.52		3623
	1813	3268	5468	6241	8119	6103	9912	3672	6210	3623

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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

3623	+ 0.68	6241
6210	+ 0.59	9912
6103	+ 0.58	8119
3623	+ 0.52	6210
8119	+ 0.5	1813
6241	+ 0.47	1813

High negative correlations

6210	- 0.71	8119
9912	- 0.68	8119
9912	- 0.53	1813
3623	- 0.51	8119
6210	- 0.5	6103
3623	- 0.49	3268

Risk-Adjusted Indicators

There is a big difference between Alpha Stock performing well and Alpha Microelectronics 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 Alpha Microelectronics' 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
1813	0.65	(0.05)	0.00	(0.09)	0.00	0.00	1.15	(1.13)	11.49
3268	1.10	0.01	0.00	0.09	0.00	0.00	1.81	(1.99)	8.90
5468	3.61	0.06	0.03	0.15	3.94	(4.51)	9.83	(7.03)	19.95
6241	1.60	0.09	0.00	1.04	1.71	(2.07)	4.76	(2.71)	9.93
8119	1.06	(0.41)	0.00	(1.53)	0.00	0.00	2.09	(2.02)	7.64
6103	1.16	(0.21)	0.00	(1.52)	0.00	0.00	3.05	(4.63)	15.64
9912	0.71	0.01	(0.09)	0.18	0.82	(1.01)	1.69	(1.25)	6.17
3672	1.74	(0.27)	0.00	(64.60)	0.00	0.00	3.77	(3.27)	16.00
6210	1.19	0.21	0.05	(1.11)	1.33	(1.51)	3.84	(2.68)	13.99
3623	2.32	0.45	0.19	0.64	1.80	(3.14)	9.95	(3.61)	15.43

Be your own money manager

Our tools can tell you how much better you can do entering a position in Alpha Microelectronics 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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