Dynamic Medical Correlations

4138 Stock

TWD 92.90 0.60 0.64%

The current 90-days correlation between Dynamic Medical Tech and FDC International Hotels is 0.48 (i.e., Very weak diversification). The correlation of Dynamic Medical 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.

Dynamic Medical Correlation With Market

Good diversification

The correlation between Dynamic Medical Technologies and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dynamic Medical Technologies and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Dynamic Stock

0.75	4104	Excelsior Medical	Pair Corr
0.87	3556	eGalaxeMPIA Technology	Pair Corr
0.84	6266	Top Union Electronics	Pair Corr

Moving against Dynamic Stock

0.65	0050	YuantaP shares Taiwan	Pair Corr
0.63	0053	YuantaP shares Taiwan	Pair Corr
0.61	0057	Fubon MSCI Taiwan	Pair Corr
0.54	2345	Accton Technology Corp	Pair Corr
0.34	1591	Inmax Holding	Pair Corr
0.32	4129	United Orthopedic	Pair Corr

Related Correlations Analysis

	2748	8271	5703	3631	2061	6174	5269	1466
2748		0.42	0.33	0.38	0.25	0.25	0.16	-0.03	2748
8271	0.42		-0.24	0.45	0.68	0.02	0.24	0.68	8271
5703	0.33	-0.24		-0.01	-0.31	0.08	0.25	-0.32	5703
3631	0.38	0.45	-0.01		0.03	0.16	0.37	-0.11	3631
2061	0.25	0.68	-0.31	0.03		-0.07	-0.26	0.71	2061
6174	0.25	0.02	0.08	0.16	-0.07		0.25	-0.32	6174
5269	0.16	0.24	0.25	0.37	-0.26	0.25		-0.16	5269
1466	-0.03	0.68	-0.32	-0.11	0.71	-0.32	-0.16		1466
	2748	8271	5703	3631	2061	6174	5269	1466

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

1466	+ 0.71	2061
2061	+ 0.68	8271
1466	+ 0.68	8271
3631	+ 0.45	8271
8271	+ 0.42	2748
3631	+ 0.38	2748

High negative correlations

1466	- 0.32	6174
1466	- 0.32	5703
2061	- 0.31	5703
5269	- 0.26	2061
5703	- 0.24	8271
1466	- 0.16	5269

Risk-Adjusted Indicators

There is a big difference between Dynamic Stock performing well and Dynamic Medical 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 Dynamic Medical'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
2748	1.19	(0.07)	0.00	0.25	0.00	0.00	3.07	(2.66)	13.01
8271	1.22	0.17	0.14	(15.86)	1.20	(1.52)	2.73	(2.15)	6.79
5703	1.21	0.00	0.02	(0.03)	1.65	(1.75)	2.54	(2.21)	16.98
3631	1.64	(0.31)	0.00	1.76	0.00	0.00	3.74	(5.54)	16.41
2061	1.86	0.22	0.11	(0.62)	1.98	(2.22)	5.59	(3.55)	14.19
6174	1.95	0.10	0.05	0.92	2.17	(2.33)	4.71	(3.98)	15.76
5269	1.94	0.13	0.07	0.20	1.89	(2.59)	5.63	(3.07)	14.39
1466	1.94	0.37	0.14	(0.94)	2.43	(2.27)	5.90	(4.42)	19.90

Be your own money manager

Our tools can tell you how much better you can do entering a position in Dynamic Medical 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 Insider Screener Now

Insider Screener

Find insiders across different sectors to evaluate their impact on performance

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