Daqo New Correlations

DQ Stock

USD 19.96 0.54 2.63%

The current 90-days correlation between Daqo New Energy and Axcelis Technologies is 0.21 (i.e., Modest diversification). The correlation of Daqo New 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.

Daqo New Correlation With Market

Good diversification

The correlation between Daqo New Energy 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 Daqo New Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Daqo New Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving against Daqo Stock

0.43	BL	Blackline	Pair Corr
0.47	ARW	Arrow Electronics	Pair Corr
0.4	DOCU	DocuSign Tech Boost	Pair Corr
0.31	BHE	Benchmark Electronics	Pair Corr

Related Correlations Analysis

	ACLS	KLIC	UCTT	COHU	ASYS	AEHR	PLAB	LRCX	KLAC	INTT
ACLS		0.95	0.78	0.92	0.69	0.76	0.92	-0.21	-0.33	0.42	ACLS
KLIC	0.95		0.82	0.98	0.77	0.82	0.92	-0.18	-0.33	0.4	KLIC
UCTT	0.78	0.82		0.79	0.64	0.65	0.72	0.26	0.13	0.52	UCTT
COHU	0.92	0.98	0.79		0.77	0.86	0.89	-0.25	-0.39	0.42	COHU
ASYS	0.69	0.77	0.64	0.77		0.74	0.71	-0.07	-0.34	0.18	ASYS
AEHR	0.76	0.82	0.65	0.86	0.74		0.67	-0.33	-0.45	0.44	AEHR
PLAB	0.92	0.92	0.72	0.89	0.71	0.67		-0.18	-0.38	0.17	PLAB
LRCX	-0.21	-0.18	0.26	-0.25	-0.07	-0.33	-0.18		0.87	0.15	LRCX
KLAC	-0.33	-0.33	0.13	-0.39	-0.34	-0.45	-0.38	0.87		0.31	KLAC
INTT	0.42	0.4	0.52	0.42	0.18	0.44	0.17	0.15	0.31		INTT
	ACLS	KLIC	UCTT	COHU	ASYS	AEHR	PLAB	LRCX	KLAC	INTT

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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

COHU	+ 0.98	KLIC
KLIC	+ 0.95	ACLS
COHU	+ 0.92	ACLS
PLAB	+ 0.92	ACLS
PLAB	+ 0.92	KLIC
PLAB	+ 0.89	COHU

High negative correlations

KLAC	- 0.45	AEHR
KLAC	- 0.39	COHU
KLAC	- 0.38	PLAB
KLAC	- 0.34	ASYS
LRCX	- 0.33	AEHR
KLAC	- 0.33	KLIC

Risk-Adjusted Indicators

There is a big difference between Daqo Stock performing well and Daqo New 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 Daqo New'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
ACLS	1.95	(0.33)	0.00	(0.48)	0.00	0.00	3.46	(5.01)	18.06
KLIC	1.55	(0.38)	0.00	(0.50)	0.00	0.00	2.71	(4.89)	9.76
UCTT	2.78	(0.43)	0.00	(0.56)	0.00	0.00	4.52	(5.78)	32.72
COHU	2.26	(0.58)	0.00	(0.70)	0.00	0.00	3.10	(6.87)	14.30
ASYS	2.00	(0.09)	0.00	(0.26)	0.00	0.00	3.35	(3.82)	27.27
AEHR	4.35	(0.12)	0.00	(0.19)	0.00	0.00	7.69	(7.91)	52.75
PLAB	1.47	(0.34)	0.00	(0.50)	0.00	0.00	2.41	(4.03)	7.31
LRCX	2.06	0.10	0.04	0.02	2.80	(2.04)	4.40	(5.09)	14.02
KLAC	1.67	0.26	0.10	0.16	2.31	(1.63)	4.13	(3.68)	11.35
INTT	2.50	(0.02)	0.00	(0.12)	0.00	0.00	5.86	(4.53)	14.26

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