United Microelectronics Correlations

UMC Stock

USD 7.77 0.07 0.89%

The current 90-days correlation between United Microelectronics and Globalfoundries is -0.12 (i.e., Good 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

Good diversification

The correlation between United Microelectronics and DJI is -0.02 (i.e., Good 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 industry.

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

Moving together with United Stock

0.78	ON	ON Semiconductor	Pair Corr
0.68	LRCX	Lam Research Corp Aggressive Push	Pair Corr
0.67	LSCC	Lattice Semiconductor	Pair Corr
0.67	NXPI	NXP Semiconductors Buyout Trend	Pair Corr
0.79	AMAT	Applied Materials	Pair Corr
0.79	AMKR	Amkor Technology Tech Boost	Pair Corr
0.66	TSEM	Tower Semiconductor	Pair Corr
0.76	WMT	Walmart Common Stock	Pair Corr
0.82	ACN	Accenture plc	Pair Corr
0.69	VLKAF	Volkswagen AG	Pair Corr
0.69	VWAGY	Volkswagen AG 110	Pair Corr
0.63	VLKPF	Volkswagen AG VZO	Pair Corr
0.73	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.69	FTV	Fortive Corp	Pair Corr
0.73	AA	Alcoa Corp	Pair Corr
0.74	BAC	Bank of America Earnings Call This Week	Pair Corr

Moving against United Stock

0.38	JD	JD Inc Adr Sell-off Trend	Pair Corr
0.33	GCTS	GCT Semiconductor Holding	Pair Corr
0.69	T	ATT Inc	Pair Corr
0.66	PG	Procter Gamble	Pair Corr
0.42	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	GFS	ON	GIB	STM	IT	CDW	CPAY	GDDY	SSNC	CHKP
GFS		0.79	0.56	0.32	0.06	0.01	0.65	-0.26	0.57	-0.08	GFS
ON	0.79		0.65	0.5	0.33	-0.14	0.71	-0.42	0.53	-0.27	ON
GIB	0.56	0.65		0.38	0.48	-0.26	0.8	-0.31	0.79	-0.25	GIB
STM	0.32	0.5	0.38		0.54	0.37	0.28	0.2	0.02	0.2	STM
IT	0.06	0.33	0.48	0.54		0.4	0.16	0.17	0.28	0.13	IT
CDW	0.01	-0.14	-0.26	0.37	0.4		-0.38	0.68	-0.3	0.61	CDW
CPAY	0.65	0.71	0.8	0.28	0.16	-0.38		-0.49	0.66	-0.34	CPAY
GDDY	-0.26	-0.42	-0.31	0.2	0.17	0.68	-0.49		-0.22	0.72	GDDY
SSNC	0.57	0.53	0.79	0.02	0.28	-0.3	0.66	-0.22		-0.1	SSNC
CHKP	-0.08	-0.27	-0.25	0.2	0.13	0.61	-0.34	0.72	-0.1		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

CPAY	+ 0.8	GIB
ON	+ 0.79	GFS
SSNC	+ 0.79	GIB
CHKP	+ 0.72	GDDY
CPAY	+ 0.71	ON
GDDY	+ 0.68	CDW

High negative correlations

GDDY	- 0.49	CPAY
GDDY	- 0.42	ON
CPAY	- 0.38	CDW
CHKP	- 0.34	CPAY
GDDY	- 0.31	GIB
SSNC	- 0.3	CDW

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	1.84	0.00	0.03	0.09	2.15	(1.91)	4.98	(3.48)	9.54
ON	2.40	0.18	0.12	0.15	2.40	(2.88)	5.23	(4.32)	15.27
GIB	0.91	(0.01)	(0.03)	0.06	1.47	(0.88)	1.91	(1.96)	10.29
STM	1.89	(0.11)	(0.01)	0.03	3.17	(1.86)	5.51	(4.66)	19.48
IT	1.48	(0.15)	0.00	(0.05)	0.00	0.00	4.38	(4.35)	15.43
CDW	1.32	(0.36)	0.00	(0.18)	0.00	0.00	1.92	(3.29)	10.43
CPAY	1.45	0.05	0.04	0.12	1.78	(1.58)	3.76	(3.57)	8.99
GDDY	1.03	(0.23)	0.00	(0.26)	0.00	0.00	1.71	(2.33)	9.52
SSNC	1.02	(0.06)	(0.04)	0.03	1.35	(1.03)	2.14	(2.46)	7.41
CHKP	1.24	(0.22)	0.00	(0.17)	0.00	0.00	2.06	(2.65)	9.38

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