Taiwan Union Correlations

6274 Stock

TWD 184.00 2.50 1.38%

The current 90-days correlation between Taiwan Union Technology and Elite Material Co is 0.56 (i.e., Very weak diversification). The correlation of Taiwan Union 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.

Taiwan Union Correlation With Market

Average diversification

The correlation between Taiwan Union Technology and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Taiwan Union Technology and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Taiwan Stock

0.63	2313	Compeq Manufacturing	Pair Corr
0.79	2891C	CTBC Financial Holding	Pair Corr
0.67	2888	Shin Kong Financial	Pair Corr

Moving against Taiwan Stock

0.71	3037	Unimicron Technology Corp	Pair Corr
0.57	2328	Pan International	Pair Corr
0.47	0050	YuantaP shares Taiwan	Pair Corr
0.39	2882B	Cathay Financial Holding	Pair Corr
0.38	0057	Fubon MSCI Taiwan	Pair Corr
0.37	2881B	Fubon Financial Holding	Pair Corr
0.36	2881A	Fubon Financial Holding	Pair Corr
0.34	6213	ITEQ Corp	Pair Corr
0.34	2330	Taiwan Semiconductor	Pair Corr
0.33	0053	YuantaP shares Taiwan	Pair Corr

Related Correlations Analysis

	3037	8046	2383	2313	3044	6213	2328	5469	6274	6191
3037		-0.08	-0.27	-0.35	-0.15	0.62	0.7	0.17	-0.71	-0.18	3037
8046	-0.08		-0.71	0.44	0.41	-0.34	-0.56	0.7	0.09	0.95	8046
2383	-0.27	-0.71		0.1	0.12	0.24	0.25	-0.69	0.49	-0.62	2383
2313	-0.35	0.44	0.1		0.65	-0.46	-0.51	-0.07	0.63	0.49	2313
3044	-0.15	0.41	0.12	0.65		-0.1	-0.35	0.26	0.59	0.51	3044
6213	0.62	-0.34	0.24	-0.46	-0.1		0.74	0.03	-0.34	-0.37	6213
2328	0.7	-0.56	0.25	-0.51	-0.35	0.74		-0.31	-0.57	-0.61	2328
5469	0.17	0.7	-0.69	-0.07	0.26	0.03	-0.31		-0.12	0.69	5469
6274	-0.71	0.09	0.49	0.63	0.59	-0.34	-0.57	-0.12		0.22	6274
6191	-0.18	0.95	-0.62	0.49	0.51	-0.37	-0.61	0.69	0.22		6191
	3037	8046	2383	2313	3044	6213	2328	5469	6274	6191

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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

6191	+ 0.95	8046
2328	+ 0.74	6213
2328	+ 0.7	3037
5469	+ 0.7	8046
6191	+ 0.69	5469
3044	+ 0.65	2313

High negative correlations

2383	- 0.71	8046
6274	- 0.71	3037
5469	- 0.69	2383
6191	- 0.62	2383
6191	- 0.61	2328
6274	- 0.57	2328

Risk-Adjusted Indicators

There is a big difference between Taiwan Stock performing well and Taiwan Union 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 Taiwan Union'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
3037	1.83	(0.02)	(0.01)	0.07	1.99	(2.22)	4.84	(3.36)	13.28
8046	1.74	(0.27)	0.00	(0.45)	0.00	0.00	3.66	(3.88)	11.88
2383	1.90	0.45	0.13	(2.53)	1.96	(2.20)	4.71	(3.49)	11.38
2313	1.55	(0.15)	0.00	(0.09)	0.00	0.00	3.19	(3.09)	11.77
3044	1.19	0.00	(0.03)	0.09	1.50	(1.36)	2.74	(2.84)	7.09
6213	1.50	0.12	0.03	0.51	1.66	(1.61)	3.23	(3.11)	7.45
2328	1.45	0.19	0.08	0.54	1.47	(1.68)	3.40	(2.56)	10.11
5469	1.00	(0.04)	0.00	(0.12)	0.00	0.00	1.84	(1.94)	9.81
6274	1.80	0.05	0.00	0.19	1.98	(2.15)	3.32	(3.65)	10.18
6191	1.00	(0.17)	0.00	(1.59)	0.00	0.00	1.96	(2.29)	6.10

Be your own money manager

Our tools can tell you how much better you can do entering a position in Taiwan Union 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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