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<正>In today’s investment environment,investors have many selections of diversified investment methods,such as the stock shares,funds,bonds,and futures.The Taiex 50 stocks are the collaborative efforts of the Taiwan Stock Exchange(TSEC)and the Financial Times and the London Stock Exchange(FTSE)to select the top 50 stocks based on prices from the Central Trade Market of Taiwan.The Taiex 50 is a good reference to investors. Although investors have a variety of investing methods, it is still difficult to predict stock values and investment risks in order to get the best investments with higher returns and lower risks.The proposed method is to use the Taiex 50 stock index as portfolio.The hierarchical clustering method is used to analyze the clustering patterns of the Taiex 50 where stocks from the higher cluster plane make the stock portfolio.The experimental data are based on historical data for years 2005 and 2006 Price-Earning Ratio(PER)taken from the Taiwan’s Price-book Ratio.The portfolio from the clustering analysis shows higher return rates than the Taiex 50 investments.The clustering analysis portfolio can be used by investors as a reference to select stocks that are of low investment risks and higher returns.