Hi Sharp Correlations

3128 Stock

TWD 39.60 1.90 4.58%

The current 90-days correlation between Hi Sharp Electronics and Chung Hung Steel is 0.27 (i.e., Modest diversification). The correlation of Hi Sharp 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.

Hi Sharp Correlation With Market

Average diversification

The correlation between Hi Sharp Electronics and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hi Sharp Electronics and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with 3128 Stock

0.63	9925	Taiwan Shin Kong	Pair Corr
0.9	3297	Hunt Electronic	Pair Corr
0.76	6669	Wiwynn Corp	Pair Corr
0.73	4966	Parade Technologies	Pair Corr
0.91	5274	Aspeed Technology	Pair Corr
0.74	3533	Lotes	Pair Corr
0.79	2449	King Yuan Electronics	Pair Corr
0.76	5498	Key Ware Electronics	Pair Corr
0.87	0050	YuantaP shares Taiwan	Pair Corr
0.8	0051	YuantaP shares Taiwan	Pair Corr
0.86	0053	YuantaP shares Taiwan	Pair Corr
0.85	0057	Fubon MSCI Taiwan	Pair Corr

Moving against 3128 Stock

0.75	3669	AVer Information	Pair Corr
0.66	9955	Super Dragon Technology	Pair Corr
0.62	3356	GeoVision	Pair Corr
0.54	2609	Yang Ming Marine	Pair Corr
0.43	9917	Taiwan Secom	Pair Corr
0.42	2603	Evergreen Marine Corp	Pair Corr
0.37	9924	Taiwan Fu Hsing	Pair Corr

Related Correlations Analysis

	2014	9958	2028	3479	8271	6928	8341
2014		-0.73	0.49	0.19	-0.59	0.48	0.85	2014
9958	-0.73		-0.54	0.2	0.76	-0.36	-0.52	9958
2028	0.49	-0.54		-0.08	-0.44	0.14	0.19	2028
3479	0.19	0.2	-0.08		0.55	0.63	0.48	3479
8271	-0.59	0.76	-0.44	0.55		0.12	-0.26	8271
6928	0.48	-0.36	0.14	0.63	0.12		0.68	6928
8341	0.85	-0.52	0.19	0.48	-0.26	0.68		8341
	2014	9958	2028	3479	8271	6928	8341

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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

8341	+ 0.85	2014
8271	+ 0.76	9958
8341	+ 0.68	6928
6928	+ 0.63	3479
8271	+ 0.55	3479
2028	+ 0.49	2014

High negative correlations

9958	- 0.73	2014
8271	- 0.59	2014
2028	- 0.54	9958
8341	- 0.52	9958
8271	- 0.44	2028
6928	- 0.36	9958

Risk-Adjusted Indicators

There is a big difference between 3128 Stock performing well and Hi Sharp 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 Hi Sharp'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
2014	1.43	(0.24)	0.00	(0.23)	0.00	0.00	2.53	(3.39)	8.62
9958	1.93	0.02	(0.01)	0.20	2.97	(2.06)	4.42	(4.49)	19.94
2028	1.19	(0.05)	(0.08)	0.07	1.42	(1.50)	2.74	(2.14)	8.98
3479	1.50	(0.05)	(0.03)	0.11	1.83	(1.61)	3.25	(3.74)	9.17
8271	1.42	0.28	0.06	(21.92)	1.54	(1.54)	2.56	(3.02)	14.08
6928	1.94	(0.05)	(0.05)	0.09	2.36	(2.07)	5.36	(3.45)	13.04
8341	0.86	(0.18)	0.00	(0.27)	0.00	0.00	1.60	(1.83)	9.00

Be your own money manager

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