Advanced Wireless Correlations

8086 Stock

TWD 90.00 1.80 1.96%

The current 90-days correlation between Advanced Wireless and Taiwan Semiconductor Manufacturing is 0.45 (i.e., Very weak diversification). The correlation of Advanced Wireless 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 Wireless Correlation With Market

Significant diversification

The correlation between Advanced Wireless Semiconducto and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Wireless Semiconducto and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Advanced Wireless 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 Wireless 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 Wireless - 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 Wireless Semiconductor to buy it.

Moving against Advanced Stock

0.66	3034	Novatek Microelectronics	Pair Corr
0.59	1442	Advancetek Enterprise	Pair Corr
0.52	2597	Ruentex Engineering	Pair Corr
0.5	6770	Powerchip Semiconductor	Pair Corr
0.48	8072	AV Tech Corp	Pair Corr
0.39	3056	ZongTai Real Estate	Pair Corr
0.34	2454	MediaTek	Pair Corr
0.33	5356	Sirtec International	Pair Corr

Related Correlations Analysis

	2330	2454	2303	3034	6415	6488	2379	5347	6770	3443
2330		0.07	-0.74	-0.51	-0.48	-0.52	-0.14	-0.3	-0.26	0.63	2330
2454	0.07		-0.2	0.68	0.35	-0.28	0.45	-0.36	0.58	0.28	2454
2303	-0.74	-0.2		0.24	0.68	0.81	0.22	0.71	0.12	-0.34	2303
3034	-0.51	0.68	0.24		0.45	-0.02	0.59	-0.2	0.77	-0.21	3034
6415	-0.48	0.35	0.68	0.45		0.62	0.39	0.45	0.43	0.06	6415
6488	-0.52	-0.28	0.81	-0.02	0.62		0.14	0.81	0.03	-0.07	6488
2379	-0.14	0.45	0.22	0.59	0.39	0.14		0.02	0.57	0.29	2379
5347	-0.3	-0.36	0.71	-0.2	0.45	0.81	0.02		-0.19	-0.12	5347
6770	-0.26	0.58	0.12	0.77	0.43	0.03	0.57	-0.19		0.13	6770
3443	0.63	0.28	-0.34	-0.21	0.06	-0.07	0.29	-0.12	0.13		3443
	2330	2454	2303	3034	6415	6488	2379	5347	6770	3443

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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

6488	+ 0.81	2303
5347	+ 0.81	6488
6770	+ 0.77	3034
5347	+ 0.71	2303
3034	+ 0.68	2454
6415	+ 0.68	2303

High negative correlations

2303	- 0.74	2330
6488	- 0.52	2330
3034	- 0.51	2330
6415	- 0.48	2330
5347	- 0.36	2454
3443	- 0.34	2303

Risk-Adjusted Indicators

There is a big difference between Advanced Stock performing well and Advanced Wireless 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 Wireless' 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
2330	1.46	(0.16)	0.00	(0.36)	0.00	0.00	3.47	(2.70)	10.38
2454	1.58	0.14	0.07	0.12	1.85	(1.84)	3.04	(2.95)	9.68
2303	1.12	0.11	0.10	2.69	1.45	(1.35)	2.75	(2.42)	10.16
3034	0.90	0.24	0.28	6.76	0.74	(1.14)	2.50	(1.42)	5.61
6415	2.29	0.15	0.06	0.14	2.58	(2.41)	7.28	(4.10)	13.73
6488	1.86	(0.09)	0.00	(0.28)	0.00	0.00	4.73	(4.08)	12.36
2379	1.26	0.06	0.05	0.25	1.78	(1.21)	2.40	(2.85)	12.33
5347	1.62	0.14	0.08	0.56	2.06	(1.75)	4.00	(3.57)	14.07
6770	2.56	0.19	0.07	1.02	2.91	(3.10)	5.52	(4.26)	19.90
3443	2.39	(0.16)	0.00	(0.20)	0.00	0.00	5.51	(3.94)	15.88

Be your own money manager

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