UNIVERSAL DISPLAY Correlations

UVD Stock

EUR 142.80 3.60 2.59%

The current 90-days correlation between UNIVERSAL DISPLAY and Apple Inc is 0.26 (i.e., Modest diversification). The correlation of UNIVERSAL DISPLAY 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.

UNIVERSAL DISPLAY Correlation With Market

Good diversification

The correlation between UNIVERSAL DISPLAY and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UNIVERSAL DISPLAY and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with UNIVERSAL Stock

0.92	PKX	POSCO Holdings	Pair Corr
0.85	GGG	GUDANG GARAM	Pair Corr
0.72	KSF1	SHINHAN FINL ADR1	Pair Corr

Moving against UNIVERSAL Stock

0.89	AMZ	Amazon Inc Earnings Call This Week	Pair Corr
0.67	MSF	Microsoft Earnings Call This Week	Pair Corr
0.65	MSF	Microsoft Earnings Call This Week	Pair Corr
0.64	MSF	Microsoft Earnings Call This Week	Pair Corr
0.64	MSF	Microsoft Earnings Call This Week	Pair Corr
0.63	MSF	Microsoft Earnings Call This Week	Pair Corr
0.59	APC	Apple Inc Earnings Call This Week	Pair Corr
0.59	APC	Apple Inc Earnings Call This Week	Pair Corr
0.58	APC	Apple Inc Earnings Call This Week	Pair Corr
0.58	APC	Apple Inc Earnings Call This Week	Pair Corr
0.53	DBPE	Xtrackers LevDAX	Pair Corr
0.51	E908	Lyxor 1	Pair Corr
0.33	0S2	UNITED URBAN INV	Pair Corr

Related Correlations Analysis

	APC	APC	APC	APC	MSF	MSF	MSF	MSF	MSF	AMZ
APC		1.0	0.99	0.99	0.75	0.76	0.76	0.78	0.77	0.71	APC
APC	1.0		1.0	0.99	0.76	0.77	0.77	0.78	0.78	0.71	APC
APC	0.99	1.0		0.99	0.76	0.77	0.77	0.78	0.78	0.72	APC
APC	0.99	0.99	0.99		0.75	0.75	0.76	0.78	0.77	0.71	APC
MSF	0.75	0.76	0.76	0.75		0.99	0.99	0.97	0.99	0.87	MSF
MSF	0.76	0.77	0.77	0.75	0.99		0.99	0.98	0.99	0.86	MSF
MSF	0.76	0.77	0.77	0.76	0.99	0.99		0.98	0.99	0.87	MSF
MSF	0.78	0.78	0.78	0.78	0.97	0.98	0.98		0.98	0.88	MSF
MSF	0.77	0.78	0.78	0.77	0.99	0.99	0.99	0.98		0.87	MSF
AMZ	0.71	0.71	0.72	0.71	0.87	0.86	0.87	0.88	0.87		AMZ
	APC	APC	APC	APC	MSF	MSF	MSF	MSF	MSF	AMZ

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Risk-Adjusted Indicators

There is a big difference between UNIVERSAL Stock performing well and UNIVERSAL DISPLAY 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 UNIVERSAL DISPLAY'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
APC	0.93	0.01	(0.02)	0.00	1.80	(0.76)	1.64	(2.63)	7.16
APC	0.95	0.01	(0.02)	0.01	1.61	(0.85)	1.69	(2.88)	7.08
APC	0.97	0.01	(0.02)	0.01	1.65	(0.85)	1.67	(2.23)	6.61
APC	0.97	0.02	(0.02)	(0.09)	1.59	(0.91)	2.05	(2.01)	8.47
MSF	1.02	0.17	0.07	(0.77)	1.42	(1.09)	2.62	(1.92)	9.09
MSF	1.12	0.16	0.08	(1.10)	1.46	(1.36)	2.72	(1.93)	11.42
MSF	1.09	0.17	0.08	(0.69)	1.38	(1.25)	3.36	(2.16)	9.11
MSF	0.98	0.16	0.07	(2.61)	1.43	(1.03)	2.75	(1.84)	8.79
MSF	1.01	0.15	0.08	(1.52)	1.31	(1.17)	2.61	(1.61)	8.71
AMZ	1.22	0.41	0.24	(1.48)	1.08	(1.35)	2.98	(2.01)	9.60

Be your own money manager

Our tools can tell you how much better you can do entering a position in UNIVERSAL DISPLAY 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.

Did you try this?

Run Portfolio Anywhere Now

Portfolio Anywhere

Track or share privately all of your investments from the convenience of any device

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC