Daechang Steel Correlations

140520 Stock

KRW 2,040 20.00 0.97%

The current 90-days correlation between Daechang Steel and Miwon Chemical is 0.25 (i.e., Modest diversification). The correlation of Daechang 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.

Daechang Steel Correlation With Market

Significant diversification

The correlation between Daechang Steel Co 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 Daechang Steel Co and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Daechang 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 Daechang 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 Daechang 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 Daechang Steel Co to buy it.

Moving against Daechang Stock

0.57	217330	Cytogen	Pair Corr
0.52	086520	Ecopro Split	Pair Corr
0.4	051910	LG Chemicals	Pair Corr
0.33	041190	Woori Technology Inv	Pair Corr

Related Correlations Analysis

	051900	007690	134380	189860	006890	001260	009830	137950
051900		0.18	0.12	-0.29	0.38	0.31	0.02	0.18	051900
007690	0.18		0.01	0.4	0.78	0.11	0.61	0.31	007690
134380	0.12	0.01		-0.44	-0.16	0.2	-0.17	0.61	134380
189860	-0.29	0.4	-0.44		0.43	0.13	0.74	-0.28	189860
006890	0.38	0.78	-0.16	0.43		0.14	0.67	0.16	006890
001260	0.31	0.11	0.2	0.13	0.14		0.1	0.24	001260
009830	0.02	0.61	-0.17	0.74	0.67	0.1		-0.05	009830
137950	0.18	0.31	0.61	-0.28	0.16	0.24	-0.05		137950
	051900	007690	134380	189860	006890	001260	009830	137950

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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

006890	+ 0.78	007690
009830	+ 0.74	189860
009830	+ 0.67	006890
009830	+ 0.61	007690
137950	+ 0.61	134380
006890	+ 0.43	189860

High negative correlations

189860	- 0.44	134380
189860	- 0.29	051900
137950	- 0.28	189860
009830	- 0.17	134380
006890	- 0.16	134380
137950	- 0.05	009830

Risk-Adjusted Indicators

There is a big difference between Daechang Stock performing well and Daechang 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 Daechang 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
051900	1.08	(0.06)	0.00	0.16	0.00	0.00	2.27	(2.12)	8.17
007690	1.66	0.25	0.14	0.40	1.74	(1.85)	3.68	(3.02)	11.68
134380	0.72	0.01	0.05	(0.11)	0.87	(0.88)	1.72	(1.52)	5.09
189860	2.42	0.11	0.04	0.11	3.05	(2.67)	6.58	(4.60)	22.91
006890	0.97	0.19	0.15	0.56	1.09	(1.12)	3.29	(2.23)	8.10
001260	1.63	(0.03)	0.00	(0.10)	0.00	0.00	3.79	(3.03)	10.08
009830	2.64	0.42	0.14	0.30	2.56	(2.99)	6.45	(4.66)	21.72
137950	1.54	0.13	0.10	(4.68)	1.53	(2.02)	4.44	(3.02)	8.83

Be your own money manager

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

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