Century Wind Correlations

2072 Stock

TWD 301.00 0.50 0.17%

The current 90-days correlation between Century Wind Power and Cleanaway Co is 0.3 (i.e., Weak diversification). The correlation of Century Wind 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.

Century Wind Correlation With Market

Significant diversification

The correlation between Century Wind Power and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Century Wind Power and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Century Stock

0.93	9933	CTCI Corp	Pair Corr
0.68	3703	Continental Holdings Corp	Pair Corr
0.91	2515	BES Engineering	Pair Corr
0.78	2535	Da Cin Construction	Pair Corr
0.88	2002A	China Steel Corp	Pair Corr

Moving against Century Stock

0.76	2317	Hon Hai Precision	Pair Corr
0.75	2603	Evergreen Marine Corp	Pair Corr
0.69	0050	YuantaP shares Taiwan	Pair Corr
0.68	2330	Taiwan Semiconductor	Pair Corr
0.66	2609	Yang Ming Marine	Pair Corr
0.65	0057	Fubon MSCI Taiwan	Pair Corr
0.61	2454	MediaTek	Pair Corr
0.58	2404	United Integrated	Pair Corr
0.55	0053	YuantaP shares Taiwan	Pair Corr
0.51	5536	Acter	Pair Corr
0.35	2615	Wan Hai Lines	Pair Corr
0.33	2002	China Steel Corp	Pair Corr

Related Correlations Analysis

	8422	2945	4538	2596	6952	1227	1231
8422		0.26	0.49	0.28	0.64	0.58	-0.63	8422
2945	0.26		0.21	0.79	0.28	0.21	-0.11	2945
4538	0.49	0.21		0.37	0.6	0.5	-0.73	4538
2596	0.28	0.79	0.37		0.3	0.19	-0.23	2596
6952	0.64	0.28	0.6	0.3		0.69	-0.57	6952
1227	0.58	0.21	0.5	0.19	0.69		-0.62	1227
1231	-0.63	-0.11	-0.73	-0.23	-0.57	-0.62		1231
	8422	2945	4538	2596	6952	1227	1231

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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

2596	+ 0.79	2945
1227	+ 0.69	6952
6952	+ 0.64	8422
6952	+ 0.6	4538
1227	+ 0.58	8422
1227	+ 0.5	4538

High negative correlations

1231	- 0.73	4538
1231	- 0.63	8422
1231	- 0.62	1227
1231	- 0.57	6952
1231	- 0.23	2596
1231	- 0.11	2945

Risk-Adjusted Indicators

There is a big difference between Century Stock performing well and Century Wind 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 Century Wind'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
8422	0.48	(0.07)	0.00	1.61	0.00	0.00	0.79	(1.08)	6.99
2945	0.54	(0.04)	0.00	(1.75)	0.00	0.00	1.08	(1.67)	4.36
4538	1.72	(0.03)	(0.04)	0.04	2.27	(2.39)	3.71	(4.68)	18.64
2596	1.72	(0.15)	0.00	(0.28)	0.00	0.00	3.38	(4.29)	13.35
6952	0.81	(0.04)	(0.13)	(0.02)	0.83	(1.27)	1.70	(1.48)	8.45
1227	0.55	(0.06)	0.00	(0.90)	0.00	0.00	1.34	(1.18)	3.61
1231	0.90	0.12	0.03	0.51	0.95	(1.16)	2.35	(1.74)	6.43

Be your own money manager

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