Advanced Echem Correlations

4749 Stock

541.00 1.00 0.19%

The current 90-days correlation between Advanced Echem Materials and Yeou Yih Steel is -0.04 (i.e., Good diversification). The correlation of Advanced Echem 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.

Advanced Echem Correlation With Market

Average diversification

The correlation between Advanced Echem Materials and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Echem Materials and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Advanced Stock

0.74	2330	Taiwan Semiconductor	Pair Corr
0.77	0053	YuantaP shares Taiwan	Pair Corr
0.78	0050	YuantaP shares Taiwan	Pair Corr
0.77	0057	Fubon MSCI Taiwan	Pair Corr

Moving against Advanced Stock

0.51	2412	Chunghwa Telecom	Pair Corr
0.36	2303	United Microelectronics	Pair Corr
0.32	6505	Formosa Petrochemical	Pair Corr

Related Correlations Analysis

	9962	2006	6581	2061	2015	6752	6231	2020
9962		0.77	0.5	0.75	0.83	0.56	-0.41	0.87	9962
2006	0.77		0.45	0.76	0.76	0.33	-0.5	0.84	2006
6581	0.5	0.45		0.68	0.79	-0.13	-0.69	0.4	6581
2061	0.75	0.76	0.68		0.79	0.16	-0.7	0.8	2061
2015	0.83	0.76	0.79	0.79		0.23	-0.68	0.65	2015
6752	0.56	0.33	-0.13	0.16	0.23		0.1	0.46	6752
6231	-0.41	-0.5	-0.69	-0.7	-0.68	0.1		-0.45	6231
2020	0.87	0.84	0.4	0.8	0.65	0.46	-0.45		2020
	9962	2006	6581	2061	2015	6752	6231	2020

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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

2020	+ 0.87	9962
2020	+ 0.84	2006
2015	+ 0.83	9962
2020	+ 0.8	2061
2015	+ 0.79	6581
2015	+ 0.79	2061

High negative correlations

6231	- 0.7	2061
6231	- 0.69	6581
6231	- 0.68	2015
6231	- 0.5	2006
2020	- 0.45	6231
6231	- 0.41	9962

Risk-Adjusted Indicators

There is a big difference between Advanced Stock performing well and Advanced Echem 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 Advanced Echem'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
9962	1.10	0.07	0.12	(0.24)	1.21	(1.44)	2.82	(1.72)	14.29
2006	0.96	0.12	0.17	(4.67)	1.02	(1.01)	1.62	(1.68)	5.49
6581	0.96	0.10	0.12	(0.69)	1.06	(1.33)	2.69	(2.15)	6.68
2061	1.73	0.30	0.13	0.33	1.98	(2.04)	5.59	(4.19)	14.19
2015	1.08	0.05	0.08	0.14	1.25	(1.19)	2.28	(1.98)	6.77
6752	2.38	0.12	0.09	(0.22)	2.64	(2.89)	6.98	(3.96)	18.18
6231	2.57	(0.46)	0.00	(4.34)	0.00	0.00	6.84	(5.82)	17.23
2020	1.00	0.09	0.09	(0.81)	1.68	(1.19)	3.58	(2.21)	12.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in Advanced Echem 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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