Chemanex PLC Correlations

CHMXN0000

LKR 164.75 7.75 4.94%

The current 90-days correlation between Chemanex PLC and COMMERCIAL BANK OF is 0.07 (i.e., Significant diversification). The correlation of Chemanex PLC 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.

Chemanex PLC Correlation With Market

Good diversification

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

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

Moving together with Chemanex Stock

0.79	PLRN0000	Prime Lands Residencies	Pair Corr
0.67	HDFCN0000	HDFC Bank	Pair Corr
0.63	PINSN0000	Peoples Insurance PLC	Pair Corr
0.64	CCSN0000	Ceylon Cold Stores	Pair Corr
0.72	ASCON0000	Lanka Realty Investments	Pair Corr
0.63	MBSLN0000	Merchant Bank	Pair Corr
0.73	MULLN0000	Muller Phipps PLC	Pair Corr
0.64	HSIGN0000	Hotel Sigiriya PLC	Pair Corr
0.8	UALN0000	Union Assurance PLC	Pair Corr
0.86	SDBN0000	Sanasa Development Bank	Pair Corr
0.74	LMFN0000	Lanka Milk Foods	Pair Corr
0.7	CLNDN0000	Colombo Land	Pair Corr
0.76	DISTN0000	Distilleries Company	Pair Corr
0.67	KGALN0000	Kegalle Plantations PLC	Pair Corr
0.81	HHLN0000	Hemas Holdings PLC	Pair Corr
0.92	LOLCN0000	LOLC Holdings PLC	Pair Corr

Moving against Chemanex Stock

0.5

SFCLN0000

Senkadagala Finance PLC

Pair Corr

Related Correlations Analysis

	COMBX0000	LIONN0000	NTBN0000	SINHN0000	PINSN0000	CINSN0000	MBSLN0000
COMBX0000		0.68	0.92	0.85	0.74	0.45	0.8	COMBX0000
LIONN0000	0.68		0.69	0.43	0.33	0.45	0.43	LIONN0000
NTBN0000	0.92	0.69		0.7	0.55	0.6	0.58	NTBN0000
SINHN0000	0.85	0.43	0.7		0.76	0.3	0.81	SINHN0000
PINSN0000	0.74	0.33	0.55	0.76		-0.06	0.9	PINSN0000
CINSN0000	0.45	0.45	0.6	0.3	-0.06		0.06	CINSN0000
MBSLN0000	0.8	0.43	0.58	0.81	0.9	0.06		MBSLN0000
	COMBX0000	LIONN0000	NTBN0000	SINHN0000	PINSN0000	CINSN0000	MBSLN0000

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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

NTBN0000	+ 0.92	COMBX0000
MBSLN0000	+ 0.9	PINSN0000
SINHN0000	+ 0.85	COMBX0000
MBSLN0000	+ 0.81	SINHN0000
MBSLN0000	+ 0.8	COMBX0000
PINSN0000	+ 0.76	SINHN0000

High negative correlations

CINSN0000

- 0.06

PINSN0000

Risk-Adjusted Indicators

There is a big difference between Chemanex Stock performing well and Chemanex PLC 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 Chemanex PLC'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
COMBX0000	1.23	0.43	0.31	8.15	1.06	(1.54)	3.36	(2.56)	7.67
LIONN0000	1.27	0.08	0.06	(0.43)	1.97	(1.47)	3.90	(3.87)	9.55
NTBN0000	1.33	0.41	0.29	0.90	1.22	(1.61)	4.22	(2.35)	8.67
SINHN0000	2.71	0.24	0.07	0.33	2.51	(5.73)	7.69	(4.00)	19.64
PINSN0000	2.22	0.38	0.17	0.46	1.99	(2.97)	8.58	(3.35)	15.14
CINSN0000	2.38	0.70	0.17	1.85	2.02	(4.98)	9.15	(5.98)	20.46
MBSLN0000	1.90	0.18	0.09	0.22	1.73	(3.16)	5.00	(3.51)	10.26

Be your own money manager

Our tools can tell you how much better you can do entering a position in Chemanex PLC 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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