Ching Feng Correlations

9935 Stock

TWD 32.30 0.25 0.78%

The current 90-days correlation between Ching Feng Home and Globe Union Industrial is 0.45 (i.e., Very weak diversification). The correlation of Ching Feng 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.

Ching Feng Correlation With Market

Significant diversification

The correlation between Ching Feng Home and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ching Feng Home and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Ching Stock

0.72	0053	YuantaP shares Taiwan	Pair Corr
0.71	0057	Fubon MSCI Taiwan	Pair Corr

Moving against Ching Stock

0.56	1438	SanDi Properties	Pair Corr
0.45	9902	Tidehold Development	Pair Corr
0.44	4174	OBI Pharma	Pair Corr
0.43	2504	Goldsun Building Mat	Pair Corr
0.39	1713	Cathay Chemical Works	Pair Corr
0.38	6785	Alar Pharmaceuticals	Pair Corr

Related Correlations Analysis

	9934	9924	9939	9910	9938
9934		0.3	0.62	0.59	-0.7	9934
9924	0.3		0.54	0.6	0.04	9924
9939	0.62	0.54		0.7	-0.4	9939
9910	0.59	0.6	0.7		-0.09	9910
9938	-0.7	0.04	-0.4	-0.09		9938
	9934	9924	9939	9910	9938

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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

9910	+ 0.7	9939
9939	+ 0.62	9934
9910	+ 0.6	9924
9910	+ 0.59	9934
9939	+ 0.54	9924
9924	+ 0.3	9934

High negative correlations

9938	- 0.7	9934
9938	- 0.4	9939
9938	- 0.09	9910

Risk-Adjusted Indicators

There is a big difference between Ching Stock performing well and Ching Feng 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 Ching Feng'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
9934	1.16	(0.45)	0.00	(1.07)	0.00	0.00	1.82	(2.54)	12.60
9924	1.20	(0.05)	(0.04)	0.01	2.22	(1.33)	2.46	(2.78)	15.44
9939	1.06	(0.01)	0.00	0.16	0.00	0.00	2.22	(2.23)	9.51
9910	1.41	(0.10)	0.00	1.82	0.00	0.00	2.54	(3.05)	10.05
9938	1.73	0.47	0.18	(4.15)	1.42	(2.41)	6.11	(3.35)	13.31

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ching Feng 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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