TOPMATERIAL Correlations

360070 Stock   32,950  2,250  6.39%   
The current 90-days correlation between TOPMATERIAL LTD and Samsung Electronics Co is 0.43 (i.e., Very weak diversification). The correlation of TOPMATERIAL 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.

TOPMATERIAL Correlation With Market

Good diversification

The correlation between TOPMATERIAL LTD and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TOPMATERIAL LTD and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to TOPMATERIAL could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace TOPMATERIAL 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 TOPMATERIAL - 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 TOPMATERIAL LTD to buy it.

Moving together with TOPMATERIAL Stock

  0.71005935 Samsung ElectronicsPairCorr
  0.69005930 Samsung ElectronicsPairCorr

Related Correlations Analysis

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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   
005385005387
006400051910
005930005935
051910051915
051910373220
006400051915
  
High negative correlations   
051915000660
006400000660
006400207940
051915207940
051910000660
051910207940

Risk-Adjusted Indicators

There is a big difference between TOPMATERIAL Stock performing well and TOPMATERIAL 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 TOPMATERIAL'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
005935  1.38 (0.09) 0.00  0.11  0.00 
 2.90 
 7.82 
005930  1.32 (0.02) 0.01  0.01  1.53 
 3.39 
 6.82 
373220  1.98 (0.19) 0.00  0.21  0.00 
 4.42 
 11.41 
000660  2.37  0.21  0.08 (2.61) 2.90 
 5.29 
 19.70 
207940  0.76  0.08  0.07 (0.16) 0.81 
 2.58 
 7.43 
051915  1.96 (0.87) 0.00  1.00  0.00 
 2.78 
 12.91 
051910  2.09 (0.31) 0.00  0.54  0.00 
 4.32 
 15.25 
006400  2.29 (0.20) 0.00  0.22  0.00 
 4.06 
 11.73 
005387  1.21 (0.04) 0.00  0.07  0.00 
 3.11 
 7.99 
005385  1.08 (0.03) 0.00  0.06  0.00 
 2.51 
 6.58 

TOPMATERIAL Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with TOPMATERIAL stock to make a market-neutral strategy. Peer analysis of TOPMATERIAL could also be used in its relative valuation, which is a method of valuing TOPMATERIAL by comparing valuation metrics with similar companies.
 Risk & Return  Correlation