Hong Ho Correlations

1446 Stock

TWD 42.55 0.35 0.83%

The current 90-days correlation between Hong Ho Precision and Unic Technology is 0.18 (i.e., Average diversification). The correlation of Hong Ho 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.

Hong Ho Correlation With Market

Average diversification

The correlation between Hong Ho Precision and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hong Ho Precision and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hong Stock

0.89	2886	Mega Financial Holding	Pair Corr
0.77	5880	Taiwan Cooperative	Pair Corr
0.66	2890	Sinopac Financial	Pair Corr

Moving against Hong Stock

0.66	0050	YuantaP shares Taiwan	Pair Corr
0.62	0053	YuantaP shares Taiwan	Pair Corr
0.61	0057	Fubon MSCI Taiwan	Pair Corr
0.42	2891	CTBC Financial Holding	Pair Corr
0.31	2885	Yuanta Financial Holdings	Pair Corr

Related Correlations Analysis

	4958	5452	SXV	6127	6697	6209	1777	2497	2485	00726B
4958		0.0	0.48	0.15	-0.04	0.22	-0.26	-0.2	-0.2	-0.33	4958
5452	0.0		-0.32	0.75	-0.39	-0.51	0.77	0.75	0.63	0.35	5452
SXV	0.48	-0.32		0.0	0.06	-0.03	-0.74	-0.75	-0.67	-0.46	SXV
6127	0.15	0.75	0.0		-0.27	-0.28	0.63	0.39	0.47	0.35	6127
6697	-0.04	-0.39	0.06	-0.27		0.39	-0.05	-0.12	-0.23	0.31	6697
6209	0.22	-0.51	-0.03	-0.28	0.39		-0.37	-0.36	0.07	-0.06	6209
1777	-0.26	0.77	-0.74	0.63	-0.05	-0.37		0.81	0.8	0.6	1777
2497	-0.2	0.75	-0.75	0.39	-0.12	-0.36	0.81		0.76	0.47	2497
2485	-0.2	0.63	-0.67	0.47	-0.23	0.07	0.8	0.76		0.57	2485
00726B	-0.33	0.35	-0.46	0.35	0.31	-0.06	0.6	0.47	0.57		00726B
	4958	5452	SXV	6127	6697	6209	1777	2497	2485	00726B

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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

2497	+ 0.81	1777
2485	+ 0.8	1777
1777	+ 0.77	5452
2485	+ 0.76	2497
6127	+ 0.75	5452
2497	+ 0.75	5452

High negative correlations

2497	- 0.75	SXV
1777	- 0.74	SXV
2485	- 0.67	SXV
6209	- 0.51	5452
00726B	- 0.46	SXV
6697	- 0.39	5452

Risk-Adjusted Indicators

There is a big difference between Hong Stock performing well and Hong Ho 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 Hong Ho'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
4958	1.35	0.16	0.09	(3.23)	1.50	(1.65)	3.10	(2.53)	10.25
5452	1.76	(0.18)	0.00	(1.11)	0.00	0.00	3.21	(4.31)	16.10
SXV	1.58	0.26	0.13	6.71	1.52	(2.14)	3.17	(2.33)	8.83
6127	2.21	0.00	0.00	0.01	2.60	(2.63)	7.77	(5.03)	15.75
6697	1.65	0.16	0.07	(0.29)	1.86	(1.98)	6.43	(2.99)	17.21
6209	2.37	0.49	0.19	(0.64)	2.15	(3.03)	8.99	(4.56)	15.58
1777	0.58	(0.01)	0.00	(0.82)	0.00	0.00	0.96	(1.51)	4.98
2497	0.98	(0.13)	0.00	(5.99)	0.00	0.00	2.49	(2.43)	5.25
2485	1.41	(0.19)	0.00	(2.46)	0.00	0.00	3.09	(3.41)	9.86
00726B	0.22	0.00	0.04	0.00	0.19	(0.28)	0.60	(0.41)	1.63

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hong Ho 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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