Bodal Chemicals Correlations

BODALCHEM   69.31  0.12  0.17%   
The current 90-days correlation between Bodal Chemicals and Indian Metals Ferro is 0.01 (i.e., Significant diversification). The correlation of Bodal Chemicals 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.

Bodal Chemicals Correlation With Market

Weak diversification

The correlation between Bodal Chemicals Limited and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bodal Chemicals Limited and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Bodal Chemicals could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bodal Chemicals 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 Bodal Chemicals - 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 Bodal Chemicals Limited to buy it.

Moving together with Bodal Stock

  0.76SAIL Steel AuthorityPairCorr
  0.7EMBASSY-RR Embassy Office ParksPairCorr
  0.79GNFC Gujarat Narmada ValleyPairCorr
  0.77GUJALKALI Gujarat AlkaliesPairCorr
  0.84JTLIND JTL Industries SplitPairCorr
  0.82VENUSPIPES Venus Pipes TubesPairCorr
  0.63BAGFILMS BAG FilmsPairCorr

Moving against Bodal Stock

  0.66SUMMITSEC Summit SecuritiesPairCorr
  0.66RAINBOW Rainbow ChildrensPairCorr
  0.66GRWRHITECH Garware Hi TechPairCorr
  0.62IMFA Indian Metals FerroPairCorr
  0.55PAGEIND Page IndustriesPairCorr
  0.54MANGCHEFER Mangalore ChemicalsPairCorr
  0.53360ONE 360 ONE WAMPairCorr
  0.48HYBRIDFIN Hybrid Financial ServicesPairCorr
  0.45MANAKCOAT Manaksia Coated MetalsPairCorr
  0.43INTERARCH Interarch BuildingPairCorr
  0.41LLOYDSME LLOYDS METALS ANDPairCorr
  0.78JSWHL JSW Holdings LimitedPairCorr
  0.77IITL Industrial InvestmentPairCorr
  0.75SASKEN Sasken TechnologiesPairCorr
  0.67INDHOTEL Indian HotelsPairCorr
  0.64FORTIS Fortis HealthcarePairCorr
  0.54BAJAJHCARE Bajaj HealthcarePairCorr
  0.52HDFCBANK HDFC Bank LimitedPairCorr
  0.52NAM-INDIA Nippon Life IndiaPairCorr
  0.47COSMOFIRST COSMO FIRST LIMITEDPairCorr
  0.46GILLETTE Gillette IndiaPairCorr
  0.43MCLEODRUSS Mcleod Russel IndiaPairCorr

Related Correlations Analysis

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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   
VENUSPIPESJTLIND
GNFCSAIL
JTLINDEMBASSY-RR
VENUSPIPESEMBASSY-RR
JTLINDGUJALKALI
GUJALKALIEMBASSY-RR
  
High negative correlations   
IMFAEMBASSY-RR
JTLINDIMFA
VENUSPIPESIMFA
IMFAGUJALKALI
IMFAGNFC
IMFASAIL

Risk-Adjusted Indicators

There is a big difference between Bodal Stock performing well and Bodal Chemicals 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 Bodal Chemicals' 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
NMDC  1.67 (0.01)(0.01) 0.02  2.18 
 3.76 
 10.75 
SAIL  1.68 (0.08) 0.00 (0.72) 0.00 
 3.70 
 8.70 
EMBASSY-RR  0.95 (0.06) 0.00  0.41  0.00 
 2.01 
 7.74 
GNFC  1.43 (0.15) 0.00 (0.94) 0.00 
 2.51 
 11.02 
GUJALKALI  1.27 (0.15) 0.00 (0.50) 0.00 
 2.99 
 10.86 
IMFA  2.02  0.46  0.19  2.36  1.81 
 4.97 
 13.39 
JTLIND  2.76 (0.91) 0.00 (5.02) 0.00 
 4.25 
 60.24 
INDIAGLYCO  2.50  0.06  0.02  0.13  2.87 
 5.48 
 23.17 
VENUSPIPES  1.44 (0.57) 0.00 (1.14) 0.00 
 2.47 
 16.09 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bodal Chemicals 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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