Song Ho Correlations

5016 Stock

TWD 27.35 0.10 0.36%

The current 90-days correlation between Song Ho Industrial and Genovate Biotechnology Co is 0.21 (i.e., Modest diversification). The correlation of Song Ho 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.

Song Ho Correlation With Market

Good diversification

The correlation between Song Ho Industrial and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Song Ho Industrial and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Song Stock

0.71	0053	YuantaP shares Taiwan	Pair Corr
0.69	0057	Fubon MSCI Taiwan	Pair Corr
0.68	0050	YuantaP shares Taiwan	Pair Corr
0.32	6811	Acer E Enabling	Pair Corr

Related Correlations Analysis

	2406	5432	6590	4130	2451	6885	3669	6697
2406		0.91	0.14	0.81	0.85	0.84	0.96	-0.56	2406
5432	0.91		0.12	0.66	0.9	0.87	0.88	-0.64	5432
6590	0.14	0.12		0.2	0.14	-0.02	0.22	0.03	6590
4130	0.81	0.66	0.2		0.66	0.61	0.83	-0.29	4130
2451	0.85	0.9	0.14	0.66		0.7	0.86	-0.59	2451
6885	0.84	0.87	-0.02	0.61	0.7		0.76	-0.55	6885
3669	0.96	0.88	0.22	0.83	0.86	0.76		-0.5	3669
6697	-0.56	-0.64	0.03	-0.29	-0.59	-0.55	-0.5		6697
	2406	5432	6590	4130	2451	6885	3669	6697

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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

3669	+ 0.96	2406
5432	+ 0.91	2406
2451	+ 0.9	5432
3669	+ 0.88	5432
6885	+ 0.87	5432
3669	+ 0.86	2451

High negative correlations

6697	- 0.64	5432
6697	- 0.59	2451
6697	- 0.56	2406
6697	- 0.55	6885
6697	- 0.5	3669
6697	- 0.29	4130

Risk-Adjusted Indicators

There is a big difference between Song Stock performing well and Song Ho 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 Song Ho'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
2406	1.37	(0.32)	0.00	(2.23)	0.00	0.00	3.29	(3.36)	7.73
5432	2.32	(0.96)	0.00	(0.74)	0.00	0.00	4.17	(4.72)	15.31
6590	1.06	0.11	0.01	(1.82)	1.31	(1.41)	3.24	(2.70)	9.40
4130	0.48	(0.02)	0.00	(0.22)	0.00	0.00	1.31	(1.32)	2.91
2451	1.03	(0.18)	0.00	(0.55)	0.00	0.00	1.84	(2.56)	6.20
6885	1.15	(0.37)	0.00	4.44	0.00	0.00	2.56	(2.65)	11.21
3669	1.06	(0.13)	0.00	(0.42)	0.00	0.00	1.95	(2.25)	8.46
6697	1.35	0.13	0.04	0.46	1.60	(1.70)	3.46	(2.27)	15.29

Be your own money manager

Our tools can tell you how much better you can do entering a position in Song Ho 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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