PharmaEngine Correlations

4162 Stock

TWD 72.60 0.50 0.68%

The current 90-days correlation between PharmaEngine and Oriental Union Chemical is 0.26 (i.e., Modest diversification). The correlation of PharmaEngine 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.

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

Moving together with PharmaEngine Stock

0.62	4142	Adimmune Corp	Pair Corr
0.66	5398	Inalways	Pair Corr
0.69	8299	Phison Electronics	Pair Corr
0.73	2211	Evergreen Steel Corp	Pair Corr
0.81	2890	Sinopac Financial	Pair Corr
0.77	2816	Union Insurance	Pair Corr
0.68	3033	Weikeng Industrial	Pair Corr

Moving against PharmaEngine Stock

0.75	5871	Chailease Holding	Pair Corr
0.72	9906	Hsin Ba Ba	Pair Corr
0.72	2705	Leofoo Development	Pair Corr
0.71	4147	TaiMed Biologics	Pair Corr
0.69	1449	Chia Her Industrial Split	Pair Corr
0.52	1760	Panion BF Biotech	Pair Corr
0.52	2609	Yang Ming Marine	Pair Corr
0.48	6103	Avid Electronics Corp	Pair Corr
0.32	4743	Oneness Biotech	Pair Corr
0.34	5903	Taiwan FamilyMart	Pair Corr

Related Correlations Analysis

	1710	4139	1773	1314	1312A	2904	4164
1710		0.09	0.15	-0.04	0.28	0.18	0.0	1710
4139	0.09		0.5	-0.6	-0.21	0.56	0.81	4139
1773	0.15	0.5		-0.18	-0.14	-0.05	0.29	1773
1314	-0.04	-0.6	-0.18		0.35	-0.54	-0.64	1314
1312A	0.28	-0.21	-0.14	0.35		-0.13	-0.38	1312A
2904	0.18	0.56	-0.05	-0.54	-0.13		0.69	2904
4164	0.0	0.81	0.29	-0.64	-0.38	0.69		4164
	1710	4139	1773	1314	1312A	2904	4164

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

4164	+ 0.81	4139
4164	+ 0.69	2904
2904	+ 0.56	4139
1773	+ 0.5	4139
1312A	+ 0.35	1314
4164	+ 0.29	1773

High negative correlations

4164	- 0.64	1314
1314	- 0.6	4139
2904	- 0.54	1314
4164	- 0.38	1312A
1312A	- 0.21	4139
1314	- 0.18	1773

Risk-Adjusted Indicators

There is a big difference between PharmaEngine Stock performing well and PharmaEngine 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 PharmaEngine'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
1710	1.25	0.02	(0.02)	0.28	1.40	(1.56)	2.82	(2.40)	8.43
4139	1.46	(0.20)	0.00	(0.38)	0.00	0.00	2.52	(3.12)	9.18
1773	1.19	(0.13)	0.00	(0.85)	0.00	0.00	2.55	(3.04)	6.63
1314	2.04	0.19	0.06	0.71	2.18	(2.53)	5.66	(3.71)	18.01
1312A	0.69	0.05	0.00	0.20	0.94	(1.04)	2.75	(2.28)	8.57
2904	0.35	(0.02)	0.00	(1.76)	0.00	0.00	0.88	(0.59)	2.63
4164	1.41	(0.44)	0.00	(0.92)	0.00	0.00	2.31	(3.94)	8.33

Be your own money manager

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