United Microelectronics Correlations

UMC Stock

USD 10.04 0.14 1.38%

The current 90-days correlation between United Microelectronics and Globalfoundries is 0.68 (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 0.67 (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 persons.

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

Moving together with United Stock

0.81	ON	ON Semiconductor Earnings Call This Week	Pair Corr
0.74	AMK	Amkor Technology Earnings Call This Week	Pair Corr
0.85	AP2	Applied Materials	Pair Corr
0.8	TSM	Taiwan Semiconductor Aggressive Push	Pair Corr
0.72	TSFA	Taiwan Semiconductor	Pair Corr
0.77	INTC	Intel Aggressive Push	Pair Corr
0.7	SGM	STMicroelectronics	Pair Corr
0.75	LSCC	Lattice Semiconductor	Pair Corr
0.83	1HH	Hua Hong Semiconductor	Pair Corr
0.75	MCP	Microchip Technology Earnings Call This Week	Pair Corr
0.63	NXPI	NXP Semiconductors	Pair Corr
0.66	TOW	Tower Semiconductor	Pair Corr
0.9	UCE	Ultra Clean Holdings	Pair Corr
0.62	SM2	Semtech	Pair Corr
0.72	ELG	Elmos Semiconductor	Pair Corr
0.7	LTT	Lattice Semiconductor Earnings Call Next Week	Pair Corr
0.81	1MA	MACOM Technology Sol Earnings Call This Week	Pair Corr
0.91	UCTT	Ultra Clean Holdings	Pair Corr
0.86	EC	Ecopetrol SA ADR	Pair Corr

Moving against United Stock

0.75	GCTS	GCT Semiconductor Holding Tech Boost	Pair Corr
0.49	PTAIF	PT Astra International	Pair Corr
0.32	BKRKF	PT Bank Rakyat	Pair Corr
0.31	AMS	Ams AG Earnings Call Next Week	Pair Corr

Related Correlations Analysis

	GFS	ON	GIB	STM	IT	CDW	CPAY	GDDY	SSNC	CHKP
GFS		0.9	0.2	0.85	-0.23	-0.63	0.72	-0.84	0.14	-0.54	GFS
ON	0.9		0.49	0.98	0.07	-0.64	0.84	-0.79	0.41	-0.51	ON
GIB	0.2	0.49		0.49	0.57	-0.18	0.68	-0.15	0.82	-0.13	GIB
STM	0.85	0.98	0.49		0.14	-0.6	0.81	-0.76	0.4	-0.42	STM
IT	-0.23	0.07	0.57	0.14		0.33	0.07	0.29	0.6	0.19	IT
CDW	-0.63	-0.64	-0.18	-0.6	0.33		-0.64	0.83	-0.04	0.71	CDW
CPAY	0.72	0.84	0.68	0.81	0.07	-0.64		-0.69	0.52	-0.48	CPAY
GDDY	-0.84	-0.79	-0.15	-0.76	0.29	0.83	-0.69		0.09	0.71	GDDY
SSNC	0.14	0.41	0.82	0.4	0.6	-0.04	0.52	0.09		-0.02	SSNC
CHKP	-0.54	-0.51	-0.13	-0.42	0.19	0.71	-0.48	0.71	-0.02		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

STM	+ 0.98	ON
ON	+ 0.9	GFS
STM	+ 0.85	GFS
CPAY	+ 0.84	ON
GDDY	+ 0.83	CDW
SSNC	+ 0.82	GIB

High negative correlations

GDDY	- 0.84	GFS
GDDY	- 0.79	ON
GDDY	- 0.76	STM
GDDY	- 0.69	CPAY
CPAY	- 0.64	CDW
CDW	- 0.64	ON

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	2.20	0.26	0.10	0.34	2.26	(2.35)	5.58	(4.16)	10.94
ON	2.05	0.16	0.08	0.12	2.08	(2.41)	4.71	(4.13)	16.50
GIB	1.01	(0.07)	0.00	(0.04)	0.00	0.00	1.97	(2.15)	10.29
STM	1.71	0.10	0.06	0.09	1.97	(1.72)	5.16	(3.25)	12.93
IT	1.63	(0.32)	0.00	(0.24)	0.00	0.00	4.38	(4.50)	11.37
CDW	1.36	(0.39)	0.00	(0.22)	0.00	0.00	2.31	(3.34)	10.15
CPAY	1.63	0.11	0.06	0.11	1.89	(1.80)	3.76	(3.06)	11.04
GDDY	1.17	(0.43)	0.00	(0.68)	0.00	0.00	1.77	(3.27)	9.52
SSNC	0.87	(0.09)	0.00	(0.09)	0.00	0.00	1.52	(2.13)	5.01
CHKP	1.41	(0.13)	0.00	(0.11)	0.00	0.00	2.18	(2.74)	9.86

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