United Microelectronics Correlations

UMC Stock

USD 10.51 0.07 0.67%

The current 90-days correlation between United Microelectronics and Globalfoundries is 0.6 (i.e., Poor diversification). The correlation of United 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.

United Microelectronics Correlation With Market

Poor diversification

The correlation between United Microelectronics and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding United Microelectronics and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with United Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in United Microelectronics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

For information on how to trade United Stock refer to our How to Trade United Stock guide.

Moving together with United Stock

0.79	DIOD	Diodes Incorporated	Pair Corr
0.74	AIX2	AIXTRON SE	Pair Corr
0.91	MU	Micron Technology	Pair Corr
0.82	ON	ON Semiconductor	Pair Corr
0.67	AMK	Amkor Technology	Pair Corr
0.91	ASM	ASM International Earnings Call Tomorrow	Pair Corr
0.85	ALKAL	Kalray SA	Pair Corr
0.88	TWA	TOWA	Pair Corr
0.75	TEY	Teradyne	Pair Corr
0.73	INL	Intel	Pair Corr
0.77	CTNK	Centrotherm International	Pair Corr
0.78	ENPH	Enphase Energy	Pair Corr
0.79	ANL	Analog Devices	Pair Corr
0.89	ENTG	Entegris	Pair Corr
0.63	WAF	Siltronic AG	Pair Corr
0.9	ROM	ROHM Co	Pair Corr
0.9	ASME	ASML Holding NV	Pair Corr
0.73	AIXA	AIXTRON SE	Pair Corr
0.9	ASMF	ASML HOLDING NY	Pair Corr
0.85	BSI	BE Semiconductor Ind	Pair Corr
0.98	UMCB	United Microelectronics	Pair Corr

Moving against United Stock

0.71	L5A	Canadian Solar	Pair Corr
0.63	DQ	Daqo New Energy	Pair Corr
0.39	PI	Impinj Inc	Pair Corr
0.7	2DG	SIVERS SEMICONDUCTORS	Pair Corr
0.48	5PZ	SOLTEC POWER HOLD Split	Pair Corr
0.34	AIP	Arteris Earnings Call This Week	Pair Corr

Related Correlations Analysis

	GFS	ON	GIB	STM	IT	CDW	CPAY	GDDY	SSNC	CHKP
GFS		0.91	-0.79	0.89	-0.75	-0.74	0.68	-0.9	-0.75	-0.76	GFS
ON	0.91		-0.77	0.97	-0.78	-0.72	0.82	-0.91	-0.79	-0.75	ON
GIB	-0.79	-0.77		-0.81	0.94	0.56	-0.54	0.84	0.95	0.92	GIB
STM	0.89	0.97	-0.81		-0.8	-0.69	0.82	-0.9	-0.81	-0.79	STM
IT	-0.75	-0.78	0.94	-0.8		0.46	-0.6	0.86	0.98	0.82	IT
CDW	-0.74	-0.72	0.56	-0.69	0.46		-0.42	0.78	0.52	0.74	CDW
CPAY	0.68	0.82	-0.54	0.82	-0.6	-0.42		-0.7	-0.59	-0.49	CPAY
GDDY	-0.9	-0.91	0.84	-0.9	0.86	0.78	-0.7		0.87	0.85	GDDY
SSNC	-0.75	-0.79	0.95	-0.81	0.98	0.52	-0.59	0.87		0.85	SSNC
CHKP	-0.76	-0.75	0.92	-0.79	0.82	0.74	-0.49	0.85	0.85		CHKP
	GFS	ON	GIB	STM	IT	CDW	CPAY	GDDY	SSNC	CHKP

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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

SSNC	+ 0.98	IT
STM	+ 0.97	ON
SSNC	+ 0.95	GIB
IT	+ 0.94	GIB
CHKP	+ 0.92	GIB
ON	+ 0.91	GFS

High negative correlations

GDDY	- 0.91	ON
GDDY	- 0.9	STM
GDDY	- 0.9	GFS
SSNC	- 0.81	STM
STM	- 0.81	GIB
IT	- 0.8	STM

Risk-Adjusted Indicators

There is a big difference between United Stock performing well and United 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 United 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
GFS	2.45	0.56	0.20	1.08	2.23	(2.79)	5.77	(3.97)	20.30
ON	2.10	0.44	0.21	0.39	1.84	(2.55)	5.11	(3.71)	16.50
GIB	1.21	(0.34)	0.00	(0.33)	0.00	0.00	2.20	(4.06)	10.69
STM	1.97	0.55	0.27	0.42	1.52	(2.17)	5.51	(3.16)	12.93
IT	2.22	(0.61)	0.00	(0.34)	0.00	0.00	3.22	(5.70)	26.20
CDW	1.35	(0.26)	0.00	(0.14)	0.00	0.00	1.95	(3.58)	15.48
CPAY	2.00	0.13	0.07	0.14	2.32	(2.12)	4.46	(4.15)	18.86
GDDY	1.78	(0.55)	0.00	(0.77)	0.00	0.00	2.24	(4.48)	19.45
SSNC	1.24	(0.23)	0.00	(0.15)	0.00	0.00	2.83	(2.41)	13.44
CHKP	1.48	(0.33)	0.00	(0.22)	0.00	0.00	2.25	(3.41)	9.44

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