Song Shang Correlations

6156 Stock

TWD 29.75 0.05 0.17%

The current 90-days correlation between Song Shang Electronics and Shieh Yih Machinery is 0.28 (i.e., Modest diversification). The correlation of Song Shang 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 Shang Correlation With Market

Good diversification

The correlation between Song Shang Electronics and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Song Shang Electronics and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Song Shang 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 Shang 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 Shang - 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 Shang Electronics to buy it.

Moving together with Song Stock

0.64	1303	Nan Ya Plastics Earnings Call This Week	Pair Corr
0.68	4413	Est Global Apparel	Pair Corr
0.68	0051	YuantaP shares Taiwan	Pair Corr

Moving against Song Stock

0.7	2308	Delta Electronics	Pair Corr
0.53	2330	Taiwan Semiconductor	Pair Corr
0.38	0053	YuantaP shares Taiwan	Pair Corr
0.36	0050	YuantaP shares Taiwan	Pair Corr
0.31	0057	Fubon MSCI Taiwan	Pair Corr

Related Correlations Analysis

	2530	8101	00939	4533	5520	2540	6854	2516
2530		0.0	0.72	0.55	0.44	0.24	-0.16	0.15	2530
8101	0.0		0.18	0.0	-0.07	-0.01	-0.05	-0.1	8101
00939	0.72	0.18		0.73	0.26	-0.01	-0.21	-0.11	00939
4533	0.55	0.0	0.73		0.47	0.06	0.02	0.03	4533
5520	0.44	-0.07	0.26	0.47		0.43	0.55	0.75	5520
2540	0.24	-0.01	-0.01	0.06	0.43		0.54	0.48	2540
6854	-0.16	-0.05	-0.21	0.02	0.55	0.54		0.79	6854
2516	0.15	-0.1	-0.11	0.03	0.75	0.48	0.79		2516
	2530	8101	00939	4533	5520	2540	6854	2516

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

2516	+ 0.79	6854
2516	+ 0.75	5520
4533	+ 0.73	00939
00939	+ 0.72	2530
4533	+ 0.55	2530
6854	+ 0.55	5520

High negative correlations

6854	- 0.21	00939
6854	- 0.16	2530
2516	- 0.11	00939
2516	- 0.1	8101
5520	- 0.07	8101
6854	- 0.05	8101

Risk-Adjusted Indicators

There is a big difference between Song Stock performing well and Song Shang 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 Shang'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
2530	1.09	0.08	0.10	(0.35)	1.27	(1.43)	2.38	(2.54)	9.74
8101	4.67	1.06	0.23	(1.65)	4.24	(5.70)	9.95	(9.92)	19.96
00939	0.45	(0.01)	0.00	(0.21)	0.00	0.00	0.92	(1.07)	2.33
4533	1.73	0.08	0.06	4.60	2.20	(1.87)	3.89	(3.55)	13.37
5520	0.34	0.11	0.30	(1.28)	0.00	(0.52)	1.23	(0.72)	1.95
2540	1.38	0.06	0.07	(0.17)	2.01	(1.58)	2.94	(3.62)	17.29
6854	3.90	0.75	0.21	(0.92)	3.60	(5.09)	9.82	(5.95)	17.42
2516	2.72	1.00	0.33	(2.91)	2.41	(3.29)	9.73	(3.92)	18.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in Song Shang 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 Fundamentals Comparison Now

Fundamentals Comparison

Compare fundamentals across multiple equities to find investing opportunities

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