Daqo New Correlations

Stocks . USA . 
Stock . Daqo New Energy
DQ Stock  USD 12.89  0.12  0.94%   
The current 90-days correlation between Daqo New Energy and Axcelis Technologies is 0.34 (i.e., Weak 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 -0.07 (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.
  
Build AI portfolio with Daqo Stock
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.

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Related Correlations Analysis

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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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ACLS  2.92 (0.34) 0.00  0.52  0.00 
 0.00 
 5.81 
(7.57)
 22.10 
KLIC  2.22 (0.41) 0.00  0.74  0.00 
 0.00 
 3.22 
(5.41)
 24.63 
UCTT  3.84 (0.76) 0.00  1.32  0.00 
 0.00 
 7.10 
(9.76)
 36.21 
COHU  2.88 (0.44) 0.00  0.94  0.00 
 0.00 
 4.89 
(7.70)
 20.09 
ASYS  2.56 (0.50) 0.00  0.86  0.00 
 0.00 
 4.65 
(6.42)
 33.50 
AEHR  3.96 (0.26) 0.00  0.25  0.00 
 0.00 
 7.41 
(8.14)
 36.40 
PLAB  1.89 (0.25) 0.00  0.47  0.00 
 0.00 
 3.66 
(4.03)
 23.00 
LRCX  2.67 (0.08) 0.00  0.12  0.00 
 0.00 
 5.12 
(6.58)
 24.61 
KLAC  2.39 (0.08) 0.00  0.09  0.00 
 0.00 
 4.62 
(5.33)
 23.93 
INTT  2.18 (0.60) 0.00  8.84  0.00 
 0.00 
 3.62 
(5.08)
 12.91 

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