STMicroelectronics Correlations

STMEF Stock

USD 33.69 0.23 0.69%

The current 90-days correlation between STMicroelectronics and Microchip Technology is 0.3 (i.e., Weak diversification). The correlation of STMicroelectronics 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.

STMicroelectronics Correlation With Market

Very poor diversification

The correlation between STMicroelectronics NV and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding STMicroelectronics NV and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with STMicroelectronics Pink Sheet

0.94	TSM	Taiwan Semiconductor Sell-off Trend	Pair Corr
0.88	MU	Micron Technology Aggressive Push	Pair Corr
0.65	INTC	Intel	Pair Corr
0.89	TXN	Texas Instruments	Pair Corr
0.93	ADI	Analog Devices	Pair Corr
0.89	SLF	Sun Life Financial	Pair Corr
0.94	MT	ArcelorMittal SA ADR	Pair Corr
0.85	PNC	PNC Financial Services Downward Rally	Pair Corr
0.83	LSIIF	Lisi SA Earnings Call This Week	Pair Corr
0.92	EE	Excelerate Energy	Pair Corr
0.65	EGHAR	EGH Acquisition Corp	Pair Corr
0.85	NPKI	NPK International	Pair Corr
0.82	STLD	Steel Dynamics	Pair Corr
0.9	JOE	St Joe Company Earnings Call Tomorrow	Pair Corr
0.75	NEE-PN	Nextera Energy	Pair Corr
0.78	SRXXF	SPARX Group	Pair Corr
0.78	PSA-PJ	Public Storage	Pair Corr
0.66	WH	Wyndham Hotels Resorts	Pair Corr
0.75	CSBI	Carroll Shelby Inter	Pair Corr
0.82	JPM-PD	JPMorgan Chase	Pair Corr
0.78	KGC	Kinross Gold Buyout Trend	Pair Corr
0.63	NPXYY	Nippon Sanso Holdings	Pair Corr
0.91	OMAB	Grupo Aeroportuario del	Pair Corr

Moving against STMicroelectronics Pink Sheet

0.7	QCOM	Qualcomm Incorporated	Pair Corr
0.55	AVGO	Broadcom Aggressive Push	Pair Corr
0.32	ARM	Arm Holdings plc	Pair Corr

Related Correlations Analysis

	SLAB	POWI	DIOD	MXL	AMKR	MCHP	ON	NXPI	WOLF	LSCC
SLAB		0.78	0.88	0.5	0.57	0.71	0.86	0.55	-0.28	0.85	SLAB
POWI	0.78		0.91	0.67	0.83	0.94	0.92	0.73	-0.34	0.87	POWI
DIOD	0.88	0.91		0.66	0.75	0.87	0.96	0.73	-0.24	0.97	DIOD
MXL	0.5	0.67	0.66		0.87	0.82	0.76	0.91	0.18	0.74	MXL
AMKR	0.57	0.83	0.75	0.87		0.91	0.84	0.9	-0.06	0.82	AMKR
MCHP	0.71	0.94	0.87	0.82	0.91		0.93	0.9	-0.22	0.88	MCHP
ON	0.86	0.92	0.96	0.76	0.84	0.93		0.83	-0.21	0.97	ON
NXPI	0.55	0.73	0.73	0.91	0.9	0.9	0.83		0.0	0.81	NXPI
WOLF	-0.28	-0.34	-0.24	0.18	-0.06	-0.22	-0.21	0.0		-0.14	WOLF
LSCC	0.85	0.87	0.97	0.74	0.82	0.88	0.97	0.81	-0.14		LSCC
	SLAB	POWI	DIOD	MXL	AMKR	MCHP	ON	NXPI	WOLF	LSCC

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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

LSCC	+ 0.97	DIOD
LSCC	+ 0.97	ON
ON	+ 0.96	DIOD
MCHP	+ 0.94	POWI
ON	+ 0.93	MCHP
ON	+ 0.92	POWI

High negative correlations

WOLF	- 0.34	POWI
WOLF	- 0.28	SLAB
WOLF	- 0.24	DIOD
WOLF	- 0.22	MCHP
WOLF	- 0.21	ON
LSCC	- 0.14	WOLF

Risk-Adjusted Indicators

There is a big difference between STMicroelectronics Pink Sheet performing well and STMicroelectronics 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 STMicroelectronics' 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
SLAB	2.51	0.87	0.48	0.50	1.30	(3.33)	4.55	(3.26)	49.65
POWI	1.73	0.47	0.26	0.41	1.31	(1.97)	5.20	(3.13)	10.65
DIOD	2.22	0.64	0.30	0.47	1.65	(2.72)	5.40	(3.16)	34.01
MXL	2.70	0.39	0.13	0.25	3.21	(3.06)	7.94	(5.30)	18.71
AMKR	3.29	0.55	0.17	0.25	3.37	(3.70)	8.71	(6.31)	20.29
MCHP	2.08	0.55	0.31	0.40	1.41	(2.52)	6.14	(2.77)	16.50
ON	2.15	0.56	0.26	0.45	1.85	(2.57)	5.11	(3.71)	16.50
NXPI	1.86	0.23	0.13	0.21	1.70	(2.17)	5.55	(3.09)	14.37
WOLF	3.88	0.08	0.02	0.15	4.35	(4.57)	9.57	(7.16)	25.37
LSCC	2.37	0.63	0.30	0.44	1.73	(2.79)	6.02	(3.35)	21.94

Be your own money manager

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