Orient Pharma Correlations

4166 Stock

TWD 37.00 0.05 0.14%

The current 90-days correlation between Orient Pharma and I Jang Industrial is 0.08 (i.e., Significant diversification). The correlation of Orient Pharma 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.

Orient Pharma Correlation With Market

Very good diversification

The correlation between Orient Pharma Co and DJI is -0.39 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Orient Pharma Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Orient Stock

0.82	2881A	Fubon Financial Holding	Pair Corr
0.74	2891	CTBC Financial Holding	Pair Corr
0.69	2885	Yuanta Financial Holdings	Pair Corr
0.71	2882B	Cathay Financial Holding	Pair Corr
0.84	2354	Foxconn Technology	Pair Corr
0.81	5315	United Radiant Technology	Pair Corr
0.81	3041	ALi Corp Split	Pair Corr
0.62	6669	Wiwynn Corp	Pair Corr
0.66	2618	Eva Airways Corp	Pair Corr
0.61	8284	Mitake Information	Pair Corr
0.71	1464	De Licacy Industrial	Pair Corr
0.7	2891B	CTBC Financial Holding	Pair Corr
0.66	8240	Wah Hong Industrial	Pair Corr
0.67	2357	Asustek Computer	Pair Corr
0.88	2883B	CHINA DEVELOPMENT	Pair Corr

Moving against Orient Stock

0.89	4102	Yung Zip Chemical	Pair Corr
0.85	2884	ESUN Financial Holding	Pair Corr
0.77	4108	Phytohealth Corp	Pair Corr
0.62	0051	YuantaP shares Taiwan	Pair Corr
0.38	1590	Airtac International	Pair Corr

Related Correlations Analysis

	8929	8342	1236	1457	2104	2062	1264	3607
8929		-0.43	-0.4	0.21	-0.16	-0.39	-0.52	-0.58	8929
8342	-0.43		0.41	0.52	0.28	0.44	0.52	0.39	8342
1236	-0.4	0.41		0.29	0.74	0.72	0.71	0.4	1236
1457	0.21	0.52	0.29		0.3	0.43	0.39	0.13	1457
2104	-0.16	0.28	0.74	0.3		0.48	0.36	0.29	2104
2062	-0.39	0.44	0.72	0.43	0.48		0.81	0.57	2062
1264	-0.52	0.52	0.71	0.39	0.36	0.81		0.4	1264
3607	-0.58	0.39	0.4	0.13	0.29	0.57	0.4		3607
	8929	8342	1236	1457	2104	2062	1264	3607

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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

1264	+ 0.81	2062
2104	+ 0.74	1236
2062	+ 0.72	1236
1264	+ 0.71	1236
3607	+ 0.57	2062
1457	+ 0.52	8342

High negative correlations

3607	- 0.58	8929
1264	- 0.52	8929
8342	- 0.43	8929
1236	- 0.4	8929
2062	- 0.39	8929
2104	- 0.16	8929

Risk-Adjusted Indicators

There is a big difference between Orient Stock performing well and Orient Pharma 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 Orient Pharma'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
8929	2.65	0.20	0.05	(0.26)	2.95	(3.83)	9.87	(5.62)	19.85
8342	0.77	(0.04)	0.00	(0.15)	0.00	0.00	1.25	(1.88)	5.91
1236	0.42	(0.08)	0.00	0.87	0.00	0.00	0.87	(0.85)	3.47
1457	0.48	(0.09)	0.00	1.12	0.00	0.00	0.77	(1.03)	3.60
2104	0.94	(0.29)	0.00	2.50	0.00	0.00	1.66	(2.40)	8.63
2062	2.35	(0.16)	0.00	2.32	0.00	0.00	6.17	(5.20)	14.49
1264	0.29	(0.03)	0.00	0.51	0.00	0.00	0.63	(0.65)	1.49
3607	2.16	(0.22)	0.00	(0.64)	0.00	0.00	5.71	(4.39)	16.54

Be your own money manager

Our tools can tell you how much better you can do entering a position in Orient Pharma 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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