Universal Microelectronics Correlations

2413 Stock

TWD 26.40 0.50 1.93%

The current 90-days correlation between Universal Microelectronics and Taiwan Semiconductor Manufacturing is 0.1 (i.e., Average diversification). The correlation of Universal 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Universal Microelectronics Correlation With Market

Very good diversification

The correlation between Universal Microelectronics Co and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Universal Microelectronics Co and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Universal Microelectronics 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 Microelectronics 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 Microelectronics - 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 Microelectronics Co to buy it.

Moving together with Universal Stock

0.74	2317	Hon Hai Precision	Pair Corr
0.84	9904	Pou Chen Corp	Pair Corr
0.78	2882B	Cathay Financial Holding	Pair Corr
0.86	2881A	Fubon Financial Holding	Pair Corr
0.64	0050	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	2330	2609	3711	2409	3481	2303	1303	2412
2330		0.53	0.74	0.32	0.69	-0.6	-0.01	-0.41	2330
2609	0.53		0.19	-0.2	0.3	-0.75	-0.17	-0.05	2609
3711	0.74	0.19		0.62	0.77	-0.12	0.19	-0.13	3711
2409	0.32	-0.2	0.62		0.76	0.46	0.7	0.3	2409
3481	0.69	0.3	0.77	0.76		-0.09	0.48	0.05	3481
2303	-0.6	-0.75	-0.12	0.46	-0.09		0.53	0.56	2303
1303	-0.01	-0.17	0.19	0.7	0.48	0.53		0.46	1303
2412	-0.41	-0.05	-0.13	0.3	0.05	0.56	0.46		2412
	2330	2609	3711	2409	3481	2303	1303	2412

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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

3481	+ 0.77	3711
3481	+ 0.76	2409
3711	+ 0.74	2330
1303	+ 0.7	2409
3481	+ 0.69	2330
2409	+ 0.62	3711

High negative correlations

2303	- 0.75	2609
2303	- 0.6	2330
2412	- 0.41	2330
2409	- 0.2	2609
1303	- 0.17	2609
2412	- 0.13	3711

Risk-Adjusted Indicators

There is a big difference between Universal Stock performing well and Universal 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 Universal 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
2330	1.30	0.02	(0.03)	0.19	1.65	(1.51)	2.87	(2.34)	9.09
2609	1.73	0.32	0.04	(0.52)	2.65	(1.77)	3.82	(3.41)	13.88
3711	1.58	(0.02)	(0.06)	0.04	1.84	(1.93)	3.06	(2.90)	9.82
2409	1.23	(0.17)	0.00	(0.19)	0.00	0.00	2.57	(2.05)	8.17
3481	1.44	(0.02)	(0.06)	0.05	1.63	(1.83)	3.03	(2.62)	12.56
2303	0.92	(0.43)	0.00	(0.65)	0.00	0.00	1.35	(2.20)	5.44
1303	1.34	(0.31)	0.00	(0.48)	0.00	0.00	2.85	(2.84)	10.09
2412	0.40	(0.03)	0.00	(0.32)	0.00	0.00	0.82	(1.19)	2.43

Be your own money manager

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