Hwa Fong Correlations

2109 Stock

TWD 18.25 0.10 0.55%

The current 90-days correlation between Hwa Fong Rubber and WiseChip Semiconductor is -0.04 (i.e., Good diversification). The correlation of Hwa Fong 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.

Hwa Fong Correlation With Market

Good diversification

The correlation between Hwa Fong Rubber 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 Hwa Fong Rubber and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hwa Stock

0.8	6144	Deltamac Taiwan	Pair Corr
0.77	2227	Yulon Nissan Motor	Pair Corr
0.84	6579	AAEON Technology	Pair Corr
0.68	2712	FarGlory Hotel	Pair Corr
0.8	5432	Data International	Pair Corr

Moving against Hwa Stock

0.61	0050	YuantaP shares Taiwan	Pair Corr
0.56	0057	Fubon MSCI Taiwan	Pair Corr
0.4	0053	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	9910	9945	5245	3034	3058	6697	6209	9921	2882A	9908
9910		0.71	0.83	0.54	0.67	-0.32	0.76	0.82	-0.5	0.49	9910
9945	0.71		0.69	0.6	0.75	-0.4	0.76	0.73	-0.39	0.3	9945
5245	0.83	0.69		0.75	0.78	-0.43	0.75	0.87	-0.44	0.34	5245
3034	0.54	0.6	0.75		0.7	-0.59	0.67	0.81	-0.26	0.35	3034
3058	0.67	0.75	0.78	0.7		-0.44	0.63	0.86	-0.63	0.46	3058
6697	-0.32	-0.4	-0.43	-0.59	-0.44		-0.42	-0.58	0.29	-0.52	6697
6209	0.76	0.76	0.75	0.67	0.63	-0.42		0.69	-0.25	0.37	6209
9921	0.82	0.73	0.87	0.81	0.86	-0.58	0.69		-0.62	0.56	9921
2882A	-0.5	-0.39	-0.44	-0.26	-0.63	0.29	-0.25	-0.62		-0.49	2882A
9908	0.49	0.3	0.34	0.35	0.46	-0.52	0.37	0.56	-0.49		9908
	9910	9945	5245	3034	3058	6697	6209	9921	2882A	9908

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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

9921	+ 0.87	5245
9921	+ 0.86	3058
5245	+ 0.83	9910
9921	+ 0.82	9910
9921	+ 0.81	3034
3058	+ 0.78	5245

High negative correlations

2882A	- 0.63	3058
2882A	- 0.62	9921
6697	- 0.59	3034
9921	- 0.58	6697
9908	- 0.52	6697
2882A	- 0.5	9910

Risk-Adjusted Indicators

There is a big difference between Hwa Stock performing well and Hwa Fong 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 Hwa Fong'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
9910	1.45	0.04	(0.03)	(2.77)	1.54	(1.97)	2.79	(3.05)	10.18
9945	0.94	(0.04)	0.00	(0.28)	0.00	0.00	1.56	(2.24)	7.35
5245	1.47	(0.09)	0.00	0.76	0.00	0.00	2.89	(3.44)	14.50
3034	1.02	(0.15)	0.00	(0.74)	0.00	0.00	1.91	(2.55)	6.30
3058	1.36	(0.19)	0.00	2.71	0.00	0.00	2.79	(2.89)	8.09
6697	1.35	0.13	0.04	0.46	1.60	(1.70)	3.46	(2.27)	15.29
6209	0.94	0.00	(0.05)	0.08	1.13	(1.07)	1.98	(1.75)	5.38
9921	1.62	(0.58)	0.00	(2.70)	0.00	0.00	2.38	(4.49)	14.43
2882A	0.10	0.01	(0.37)	0.52	0.00	(0.27)	0.33	(0.16)	0.82
9908	0.18	(0.02)	0.00	(0.42)	0.00	0.00	0.33	(0.33)	1.16

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hwa Fong 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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