PharmaEngine Correlations

4162 Stock

TWD 64.40 0.90 1.38%

The current 90-days correlation between PharmaEngine and Panion BF Biotech is 0.73 (i.e., Poor 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.

PharmaEngine Correlation With Market

Average diversification

The correlation between PharmaEngine and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PharmaEngine and DJI in the same portfolio, assuming nothing else is changed.

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

0.65	6547	Medigen Vaccine Biologics	Pair Corr
0.63	4174	OBI Pharma	Pair Corr

Moving against PharmaEngine Stock

0.68	3219	Service Quality Tech	Pair Corr
0.64	0051	YuantaP shares Taiwan	Pair Corr
0.63	0057	Fubon MSCI Taiwan	Pair Corr
0.61	0053	YuantaP shares Taiwan	Pair Corr
0.6	0050	YuantaP shares Taiwan	Pair Corr
0.47	5432	Data International	Pair Corr
0.46	4142	Adimmune Corp	Pair Corr
0.41	4743	Oneness Biotech	Pair Corr

Related Correlations Analysis

	1760	3176	4105	4147	4174	4743	6550	6589
1760		0.29	0.2	0.53	0.15	0.0	0.0	0.32	1760
3176	0.29		-0.01	0.28	0.77	-0.46	0.0	0.49	3176
4105	0.2	-0.01		-0.16	-0.25	0.66	0.0	0.02	4105
4147	0.53	0.28	-0.16		0.49	-0.39	0.0	0.13	4147
4174	0.15	0.77	-0.25	0.49		-0.56	0.0	0.28	4174
4743	0.0	-0.46	0.66	-0.39	-0.56		0.0	-0.24	4743
6550	0.0	0.0	0.0	0.0	0.0	0.0		0.0	6550
6589	0.32	0.49	0.02	0.13	0.28	-0.24	0.0		6589
	1760	3176	4105	4147	4174	4743	6550	6589

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

4174	+ 0.77	3176
4743	+ 0.66	4105
4147	+ 0.53	1760
6589	+ 0.49	3176
4174	+ 0.49	4147
6589	+ 0.32	1760

High negative correlations

4743	- 0.56	4174
4743	- 0.46	3176
4743	- 0.39	4147
4174	- 0.25	4105
6589	- 0.24	4743
4147	- 0.16	4105

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
1760	0.99	(0.09)	0.00	(0.97)	0.00	0.00	1.85	(1.82)	5.48
3176	0.71	(0.06)	0.00	0.33	0.00	0.00	1.34	(1.78)	6.31
4105	0.46	(0.04)	0.00	(0.23)	0.00	0.00	1.06	(1.18)	3.30
4147	1.11	(0.25)	0.00	0.90	0.00	0.00	1.98	(2.67)	7.92
4174	2.19	(0.47)	0.00	(0.58)	0.00	0.00	4.66	(4.23)	16.94
4743	2.33	(0.01)	0.00	0.09	2.66	(2.68)	5.34	(4.72)	17.30
6550	1.88	(0.06)	0.00	(0.06)	0.00	0.00	3.71	(3.84)	13.86
6589	1.51	0.03	(0.04)	(0.25)	1.62	(1.89)	3.08	(2.52)	14.33

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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