TMP Steel Correlations

6248 Stock

TWD 28.15 0.05 0.18%

The current 90-days correlation between TMP Steel and Excelsior Medical Co is 0.17 (i.e., Average diversification). The correlation of TMP Steel 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.

TMP Steel Correlation With Market

Significant diversification

The correlation between TMP Steel and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TMP Steel and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with TMP Stock

0.84	2002A	China Steel Corp	Pair Corr
0.73	2006	Tung Ho Steel	Pair Corr
0.62	2015	Feng Hsin Steel	Pair Corr
0.8	9958	Century Iron And	Pair Corr
0.76	2031	Hsin Kuang Steel	Pair Corr

Moving against TMP Stock

0.93	2881A	Fubon Financial Holding	Pair Corr
0.86	9904	Pou Chen Corp	Pair Corr
0.83	2882B	Cathay Financial Holding	Pair Corr
0.74	2317	Hon Hai Precision	Pair Corr
0.68	0050	YuantaP shares Taiwan	Pair Corr
0.58	0057	Fubon MSCI Taiwan	Pair Corr
0.57	2881B	Fubon Financial Holding	Pair Corr
0.55	2882	Cathay Financial Holding	Pair Corr
0.5	2882A	Cathay Financial Holding	Pair Corr
0.48	0053	YuantaP shares Taiwan	Pair Corr
0.42	2014	Chung Hung Steel	Pair Corr
0.34	5009	Gloria Material Tech	Pair Corr
0.32	2002	China Steel Corp	Pair Corr
0.31	910322	Tingyi Holding Corp	Pair Corr

Related Correlations Analysis

	4104	5607	2610	8240	1201	4138	1231	2477
4104		0.79	-0.46	-0.45	0.5	0.04	-0.41	-0.46	4104
5607	0.79		-0.71	-0.79	0.68	0.26	-0.7	-0.69	5607
2610	-0.46	-0.71		0.84	-0.3	0.11	0.81	0.65	2610
8240	-0.45	-0.79	0.84		-0.39	-0.16	0.89	0.58	8240
1201	0.5	0.68	-0.3	-0.39		0.33	-0.27	-0.51	1201
4138	0.04	0.26	0.11	-0.16	0.33		-0.19	-0.29	4138
1231	-0.41	-0.7	0.81	0.89	-0.27	-0.19		0.58	1231
2477	-0.46	-0.69	0.65	0.58	-0.51	-0.29	0.58		2477
	4104	5607	2610	8240	1201	4138	1231	2477

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

1231	+ 0.89	8240
8240	+ 0.84	2610
1231	+ 0.81	2610
5607	+ 0.79	4104
1201	+ 0.68	5607
2477	+ 0.65	2610

High negative correlations

8240	- 0.79	5607
2610	- 0.71	5607
1231	- 0.7	5607
2477	- 0.69	5607
2477	- 0.51	1201
2477	- 0.46	4104

Risk-Adjusted Indicators

There is a big difference between TMP Stock performing well and TMP Steel 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 TMP Steel'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
4104	0.28	(0.04)	0.00	(1.88)	0.00	0.00	0.46	(0.57)	1.82
5607	0.79	(0.17)	0.00	(0.51)	0.00	0.00	1.50	(1.90)	4.74
2610	0.87	0.23	0.09	0.79	1.17	(1.05)	1.91	(1.15)	8.60
8240	2.62	0.68	0.16	2.26	2.96	(3.15)	8.62	(4.40)	19.86
1201	0.40	0.00	0.00	0.11	0.00	0.00	0.84	(0.82)	2.73
4138	0.83	(0.06)	0.00	1.07	0.00	0.00	1.39	(2.06)	10.81
1231	0.93	0.17	0.07	0.72	0.96	(1.18)	2.35	(1.74)	6.43
2477	3.27	0.45	0.08	(0.57)	3.03	(4.36)	9.95	(5.47)	18.90

Be your own money manager

Our tools can tell you how much better you can do entering a position in TMP Steel 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 Center Now

Portfolio Center

All portfolio management and optimization tools to improve performance of your portfolios

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