Chernan Metal Correlations

3631 Stock

TWD 35.20 2.35 6.26%

The current 90-days correlation between Chernan Metal Industrial and First Insurance Co is -0.03 (i.e., Good diversification). The correlation of Chernan Metal 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.

Chernan Metal Correlation With Market

Significant diversification

The correlation between Chernan Metal Industrial and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chernan Metal Industrial and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Chernan Stock

0.61	1532	China Metal Products	Pair Corr
0.65	1589	Yeong Guan Energy	Pair Corr

Moving against Chernan Stock

0.46	6669	Wiwynn Corp	Pair Corr
0.44	4912	Lemtech Holdings	Pair Corr

Related Correlations Analysis

	1301	2852	2850	2885	8463	2383	2880
1301		0.62	0.25	0.39	0.57	-0.06	0.25	1301
2852	0.62		0.56	0.35	0.28	-0.13	0.53	2852
2850	0.25	0.56		-0.34	0.3	-0.22	0.01	2850
2885	0.39	0.35	-0.34		0.05	0.32	0.56	2885
8463	0.57	0.28	0.3	0.05		0.09	-0.35	8463
2383	-0.06	-0.13	-0.22	0.32	0.09		-0.15	2383
2880	0.25	0.53	0.01	0.56	-0.35	-0.15		2880
	1301	2852	2850	2885	8463	2383	2880

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

2852	+ 0.62	1301
8463	+ 0.57	1301
2850	+ 0.56	2852
2880	+ 0.56	2885
2880	+ 0.53	2852
2885	+ 0.39	1301

High negative correlations

2880	- 0.35	8463
2885	- 0.34	2850
2383	- 0.22	2850
2880	- 0.15	2383
2383	- 0.13	2852
2383	- 0.06	1301

Risk-Adjusted Indicators

There is a big difference between Chernan Stock performing well and Chernan Metal 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 Chernan Metal'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
1301	2.18	0.02	0.00	(0.03)	0.00	0.00	5.07	(4.05)	13.00
2852	0.83	0.20	0.28	(0.62)	0.70	(1.01)	1.81	(1.39)	7.38
2850	1.05	0.08	0.15	(0.25)	0.97	(1.51)	2.43	(1.92)	10.83
2885	0.95	0.01	0.05	0.01	1.18	(1.03)	1.87	(1.83)	4.88
8463	0.63	0.00	0.07	0.19	0.78	(0.88)	1.22	(1.23)	4.22
2383	2.03	0.16	0.08	0.63	2.61	(2.32)	4.17	(3.56)	14.47
2880	0.75	0.03	0.10	0.45	0.80	(0.89)	1.47	(1.48)	5.03

Be your own money manager

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

Did you try this?

Run Bond Analysis Now

Bond Analysis

Evaluate and analyze corporate bonds as a potential investment for your portfolios.

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC