Te Chang Correlations

5511 Stock

TWD 63.20 0.90 1.44%

The current 90-days correlation between Te Chang Construction and Symtek Automation Asia is 0.06 (i.e., Significant diversification). The correlation of Te Chang 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.

Te Chang Correlation With Market

Good diversification

The correlation between Te Chang Construction and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Te Chang Construction and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with 5511 Stock

0.71	2404	United Integrated	Pair Corr
0.61	2330	Taiwan Semiconductor	Pair Corr
0.76	2603	Evergreen Marine Corp	Pair Corr
0.65	2317	Hon Hai Precision	Pair Corr
0.65	2609	Yang Ming Marine	Pair Corr
0.65	2454	MediaTek	Pair Corr
0.65	0050	YuantaP shares Taiwan	Pair Corr

Moving against 5511 Stock

0.92	2072	Century Wind Power	Pair Corr
0.89	9933	CTCI Corp	Pair Corr
0.87	2002A	China Steel Corp	Pair Corr
0.77	2515	BES Engineering	Pair Corr
0.66	1303	Nan Ya Plastics	Pair Corr
0.56	9945	Ruentex Development	Pair Corr
0.41	3703	Continental Holdings Corp	Pair Corr
0.41	0051	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	9945	2597	2535	6438	5245	3034	3058	3152	6118
9945		-0.1	-0.17	-0.28	0.63	0.49	0.66	0.29	0.18	9945
2597	-0.1		0.51	-0.21	-0.26	-0.2	-0.18	0.43	-0.36	2597
2535	-0.17	0.51		-0.54	0.02	0.16	0.06	0.19	-0.41	2535
6438	-0.28	-0.21	-0.54		-0.59	-0.63	-0.64	-0.12	0.55	6438
5245	0.63	-0.26	0.02	-0.59		0.74	0.77	0.26	-0.01	5245
3034	0.49	-0.2	0.16	-0.63	0.74		0.69	0.12	-0.05	3034
3058	0.66	-0.18	0.06	-0.64	0.77	0.69		0.03	-0.16	3058
3152	0.29	0.43	0.19	-0.12	0.26	0.12	0.03		0.24	3152
6118	0.18	-0.36	-0.41	0.55	-0.01	-0.05	-0.16	0.24		6118
	9945	2597	2535	6438	5245	3034	3058	3152	6118

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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

3058	+ 0.77	5245
3034	+ 0.74	5245
3058	+ 0.69	3034
3058	+ 0.66	9945
5245	+ 0.63	9945
6118	+ 0.55	6438

High negative correlations

3058	- 0.64	6438
3034	- 0.63	6438
5245	- 0.59	6438
6438	- 0.54	2535
6118	- 0.41	2535
6118	- 0.36	2597

Risk-Adjusted Indicators

There is a big difference between 5511 Stock performing well and Te Chang 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 Te Chang'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
9945	0.98	(0.05)	0.00	(0.28)	0.00	0.00	1.80	(2.13)	7.35
2597	1.13	0.05	(0.04)	1.65	1.32	(1.40)	2.76	(1.84)	7.12
2535	0.68	0.04	(0.08)	(9.78)	0.74	(0.95)	1.83	(1.22)	4.67
6438	2.70	0.79	0.23	5.89	2.07	(3.53)	9.79	(3.99)	17.42
5245	1.52	(0.17)	0.00	1.34	0.00	0.00	2.89	(3.45)	14.50
3034	1.06	(0.14)	0.00	(0.48)	0.00	0.00	1.97	(2.55)	8.21
3058	1.34	(0.15)	0.00	1.69	0.00	0.00	2.79	(2.89)	8.09
3152	1.84	0.21	0.02	(0.26)	1.78	(2.33)	4.35	(2.94)	12.61
6118	1.88	0.19	0.06	0.59	1.77	(2.46)	4.25	(3.35)	14.22

Be your own money manager

Our tools can tell you how much better you can do entering a position in Te Chang 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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