Easywell Biomedicals Correlations

1799 Stock

TWD 67.80 1.20 1.80%

The current 90-days correlation between Easywell Biomedicals and TMP Steel is 0.26 (i.e., Modest diversification). The correlation of Easywell Biomedicals 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.

Easywell Biomedicals Correlation With Market

Average diversification

The correlation between Easywell Biomedicals and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Easywell Biomedicals and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Easywell Stock

0.74	6747	Brighten Optix	Pair Corr
0.77	9103	Medtecs International	Pair Corr
0.66	4155	Ok Biotech	Pair Corr
0.61	3666	Optivision Technology	Pair Corr

Moving against Easywell Stock

0.87	1432	Trk Corp	Pair Corr
0.85	3545	FocalTech Systems	Pair Corr
0.84	2603	Evergreen Marine Corp	Pair Corr
0.81	2609	Yang Ming Marine	Pair Corr
0.77	0050	YuantaP shares Taiwan	Pair Corr
0.76	0057	Fubon MSCI Taiwan	Pair Corr
0.67	6015	Horizon Securities	Pair Corr
0.65	0053	YuantaP shares Taiwan	Pair Corr
0.61	3211	Dynapack International	Pair Corr
0.46	4126	Pacific Hospital Supply	Pair Corr
0.44	8467	Bonny Worldwide	Pair Corr

Related Correlations Analysis

	3661	4130	4931	6248	2029	3587	2002A	9957
3661		-0.52	0.22	-0.03	-0.63	-0.39	0.09	-0.49	3661
4130	-0.52		-0.47	0.37	0.73	0.67	0.32	0.66	4130
4931	0.22	-0.47		-0.66	-0.42	-0.65	-0.67	-0.41	4931
6248	-0.03	0.37	-0.66		0.05	0.58	0.84	0.32	6248
2029	-0.63	0.73	-0.42	0.05		0.64	0.01	0.57	2029
3587	-0.39	0.67	-0.65	0.58	0.64		0.51	0.43	3587
2002A	0.09	0.32	-0.67	0.84	0.01	0.51		0.36	2002A
9957	-0.49	0.66	-0.41	0.32	0.57	0.43	0.36		9957
	3661	4130	4931	6248	2029	3587	2002A	9957

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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

2002A	+ 0.84	6248
2029	+ 0.73	4130
3587	+ 0.67	4130
9957	+ 0.66	4130
3587	+ 0.64	2029
3587	+ 0.58	6248

High negative correlations

2002A	- 0.67	4931
6248	- 0.66	4931
3587	- 0.65	4931
2029	- 0.63	3661
4130	- 0.52	3661
9957	- 0.49	3661

Risk-Adjusted Indicators

There is a big difference between Easywell Stock performing well and Easywell Biomedicals 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 Easywell Biomedicals' 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
3661	2.38	(0.32)	0.00	(0.34)	0.00	0.00	7.37	(5.05)	15.07
4130	0.61	(0.08)	0.00	(0.26)	0.00	0.00	1.31	(1.54)	4.06
4931	2.85	0.90	0.30	1.49	2.13	(3.73)	8.42	(3.06)	12.89
6248	0.95	(0.23)	0.00	(0.41)	0.00	0.00	1.66	(2.44)	9.59
2029	0.68	(0.07)	0.00	(0.56)	0.00	0.00	1.55	(1.70)	5.67
3587	1.32	(0.16)	0.00	(0.51)	0.00	0.00	3.44	(2.47)	8.15
2002A	0.20	0.00	0.00	0.00	0.00	0.00	0.36	(0.36)	1.66
9957	0.83	0.00	0.00	0.12	0.00	0.00	1.72	(1.69)	8.48

Be your own money manager

Our tools can tell you how much better you can do entering a position in Easywell Biomedicals 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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