Sung Gang Correlations

6240 Stock

TWD 20.35 0.75 3.55%

The current 90-days correlation between Sung Gang Asset and Hotel Holiday Garden is 0.03 (i.e., Significant diversification). The correlation of Sung Gang 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.

Sung Gang Correlation With Market

Significant diversification

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

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

Moving together with Sung Stock

0.84	2002	China Steel Corp	Pair Corr
0.74	5880	Taiwan Cooperative	Pair Corr
0.78	0051	YuantaP shares Taiwan	Pair Corr

Moving against Sung Stock

0.86	2891	CTBC Financial Holding	Pair Corr
0.72	2883	China Development	Pair Corr
0.68	2891B	CTBC Financial Holding	Pair Corr
0.5	2330	Taiwan Semiconductor	Pair Corr
0.38	2888	Shin Kong Financial	Pair Corr
0.37	0050	YuantaP shares Taiwan	Pair Corr
0.35	0057	Fubon MSCI Taiwan	Pair Corr

Related Correlations Analysis

	2702	8284	2427	2412	2706	5403	2748	5703
2702		-0.85	0.04	-0.16	0.75	-0.07	-0.12	0.64	2702
8284	-0.85		-0.06	0.32	-0.62	-0.06	0.33	-0.54	8284
2427	0.04	-0.06		-0.17	-0.07	0.52	0.22	0.12	2427
2412	-0.16	0.32	-0.17		-0.16	0.29	0.43	0.15	2412
2706	0.75	-0.62	-0.07	-0.16		-0.3	-0.22	0.29	2706
5403	-0.07	-0.06	0.52	0.29	-0.3		0.25	0.31	5403
2748	-0.12	0.33	0.22	0.43	-0.22	0.25		0.31	2748
5703	0.64	-0.54	0.12	0.15	0.29	0.31	0.31		5703
	2702	8284	2427	2412	2706	5403	2748	5703

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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

2706	+ 0.75	2702
5703	+ 0.64	2702
5403	+ 0.52	2427
2748	+ 0.43	2412
2748	+ 0.33	8284
2412	+ 0.32	8284

High negative correlations

8284	- 0.85	2702
2706	- 0.62	8284
5703	- 0.54	8284
5403	- 0.3	2706
2748	- 0.22	2706
2412	- 0.17	2427

Risk-Adjusted Indicators

There is a big difference between Sung Stock performing well and Sung Gang 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 Sung Gang'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
2702	0.56	(0.15)	0.00	1.43	0.00	0.00	1.16	(1.49)	4.64
8284	0.55	0.05	0.07	2.02	0.49	(0.81)	1.57	(0.88)	3.64
2427	1.35	0.03	0.01	(0.44)	1.64	(1.75)	3.45	(2.35)	15.39
2412	0.39	(0.03)	0.00	1.90	0.00	0.00	0.82	(0.81)	2.43
2706	0.38	(0.07)	0.00	(2.58)	0.00	0.00	1.01	(0.68)	2.65
5403	0.70	0.00	0.00	(0.18)	0.96	(0.96)	1.38	(1.78)	8.27
2748	1.03	(0.08)	0.00	0.59	0.00	0.00	2.53	(1.83)	6.05
5703	1.12	(0.10)	0.00	0.14	0.00	0.00	2.77	(3.01)	16.98

Be your own money manager

Our tools can tell you how much better you can do entering a position in Sung Gang 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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