Bajaj Healthcare Correlations

BAJAJHCARE

670.25 38.20 5.39%

The current 90-days correlation between Bajaj Healthcare and Kingfa Science Technology is 0.17 (i.e., Average diversification). The correlation of Bajaj Healthcare 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.

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

Moving together with Bajaj Stock

0.71

ITDCEM

ITD Cementation India

Pair Corr

Moving against Bajaj Stock

0.54	NBIFIN	N B I	Pair Corr
0.53	SUMMITSEC	Summit Securities	Pair Corr
0.51	KICL	Kalyani Investment	Pair Corr
0.51	VHL	Vardhman Holdings	Pair Corr
0.5	PILANIINVS	Pilani Investment	Pair Corr
0.4	NSIL	Nalwa Sons Investments	Pair Corr
0.38	MRF	MRF Limited	Pair Corr

Related Correlations Analysis

	RELIANCE	HDFCBANK	KINGFA	RICOAUTO	GATECHDVR	COSMOFIRST	JNKINDIA	DELTAMAGNT	TBZ	PARAGMILK
RELIANCE		0.06	0.08	0.27	0.29	0.13	0.25	0.19	0.07	0.23	RELIANCE
HDFCBANK	0.06		0.05	-0.26	-0.41	-0.06	-0.1	-0.21	0.23	0.11	HDFCBANK
KINGFA	0.08	0.05		0.77	0.52	0.93	0.83	0.82	0.91	0.84	KINGFA
RICOAUTO	0.27	-0.26	0.77		0.87	0.87	0.94	0.97	0.73	0.83	RICOAUTO
GATECHDVR	0.29	-0.41	0.52	0.87		0.69	0.84	0.86	0.52	0.67	GATECHDVR
COSMOFIRST	0.13	-0.06	0.93	0.87	0.69		0.92	0.91	0.93	0.84	COSMOFIRST
JNKINDIA	0.25	-0.1	0.83	0.94	0.84	0.92		0.98	0.82	0.87	JNKINDIA
DELTAMAGNT	0.19	-0.21	0.82	0.97	0.86	0.91	0.98		0.78	0.86	DELTAMAGNT
TBZ	0.07	0.23	0.91	0.73	0.52	0.93	0.82	0.78		0.85	TBZ
PARAGMILK	0.23	0.11	0.84	0.83	0.67	0.84	0.87	0.86	0.85		PARAGMILK
	RELIANCE	HDFCBANK	KINGFA	RICOAUTO	GATECHDVR	COSMOFIRST	JNKINDIA	DELTAMAGNT	TBZ	PARAGMILK

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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

DELTAMAGNT	+ 0.98	JNKINDIA
DELTAMAGNT	+ 0.97	RICOAUTO
JNKINDIA	+ 0.94	RICOAUTO
COSMOFIRST	+ 0.93	KINGFA
TBZ	+ 0.93	COSMOFIRST
JNKINDIA	+ 0.92	COSMOFIRST

High negative correlations

GATECHDVR	- 0.41	HDFCBANK
RICOAUTO	- 0.26	HDFCBANK
DELTAMAGNT	- 0.21	HDFCBANK
JNKINDIA	- 0.1	HDFCBANK
COSMOFIRST	- 0.06	HDFCBANK

Risk-Adjusted Indicators

There is a big difference between Bajaj Stock performing well and Bajaj Healthcare 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 Bajaj Healthcare'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
RELIANCE	1.00	0.06	0.10	(1.47)	1.05	(1.10)	2.02	(1.66)	4.88
HDFCBANK	0.86	0.02	0.06	0.17	1.08	(0.89)	1.86	(1.78)	4.88
KINGFA	2.38	(0.24)	0.00	0.45	0.00	0.00	6.03	(4.35)	15.46
RICOAUTO	2.75	(0.44)	0.00	(3.32)	0.00	0.00	5.85	(5.60)	27.84
GATECHDVR	1.54	(0.19)	0.00	(1.43)	0.00	0.00	3.53	(3.30)	10.45
COSMOFIRST	2.74	(0.49)	0.00	(1.84)	0.00	0.00	4.80	(5.64)	16.26
JNKINDIA	3.11	(0.89)	0.00	7.41	0.00	0.00	8.26	(6.97)	15.62
DELTAMAGNT	2.90	(0.89)	0.00	5.79	0.00	0.00	6.16	(6.20)	19.95
TBZ	3.07	(0.39)	0.00	(38.69)	0.00	0.00	5.00	(5.63)	15.06
PARAGMILK	2.11	(0.29)	0.00	(0.78)	0.00	0.00	4.02	(4.87)	13.53

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bajaj Healthcare 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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