Engineers India Correlations

ENGINERSIN

183.68 8.98 4.66%

The current 90-days correlation between Engineers India and JSW Holdings Limited is -0.02 (i.e., Good diversification). The correlation of Engineers India 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.

Engineers India Correlation With Market

Modest diversification

The correlation between Engineers India Limited and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Engineers India Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Engineers Stock

0.61	RELIANCE	Reliance Industries Split	Pair Corr
0.87	LICI	Life Insurance	Pair Corr
0.66	LT	Larsen Toubro Limited	Pair Corr

Moving against Engineers Stock

0.61	PILANIINVS	Pilani Investment	Pair Corr
0.35	JSWHL	JSW Holdings Limited	Pair Corr

Related Correlations Analysis

	MRF	JSWHL	MAHSCOOTER	NSIL	KICL	PILANIINVS	VHL	SUMMITSEC	NBIFIN
MRF		-0.5	0.51	-0.53	-0.26	-0.62	-0.3	-0.24	0.07	MRF
JSWHL	-0.5		-0.74	0.9	0.13	0.28	0.89	0.9	0.52	JSWHL
MAHSCOOTER	0.51	-0.74		-0.78	0.24	-0.22	-0.57	-0.67	-0.67	MAHSCOOTER
NSIL	-0.53	0.9	-0.78		0.31	0.51	0.87	0.9	0.62	NSIL
KICL	-0.26	0.13	0.24	0.31		0.72	0.34	0.22	-0.16	KICL
PILANIINVS	-0.62	0.28	-0.22	0.51	0.72		0.4	0.3	0.03	PILANIINVS
VHL	-0.3	0.89	-0.57	0.87	0.34	0.4		0.93	0.56	VHL
SUMMITSEC	-0.24	0.9	-0.67	0.9	0.22	0.3	0.93		0.69	SUMMITSEC
NBIFIN	0.07	0.52	-0.67	0.62	-0.16	0.03	0.56	0.69		NBIFIN
	MRF	JSWHL	MAHSCOOTER	NSIL	KICL	PILANIINVS	VHL	SUMMITSEC	NBIFIN

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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

SUMMITSEC	+ 0.93	VHL
NSIL	+ 0.9	JSWHL
SUMMITSEC	+ 0.9	JSWHL
SUMMITSEC	+ 0.9	NSIL
VHL	+ 0.89	JSWHL
VHL	+ 0.87	NSIL

High negative correlations

NSIL	- 0.78	MAHSCOOTER
MAHSCOOTER	- 0.74	JSWHL
NBIFIN	- 0.67	MAHSCOOTER
SUMMITSEC	- 0.67	MAHSCOOTER
PILANIINVS	- 0.62	MRF
VHL	- 0.57	MAHSCOOTER

Risk-Adjusted Indicators

There is a big difference between Engineers Stock performing well and Engineers India 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 Engineers India'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
MRF	0.84	(0.08)	0.00	(0.20)	0.00	0.00	1.73	(1.75)	4.82
JSWHL	3.73	1.03	0.30	1.19	2.85	(4.69)	12.57	(5.00)	23.31
MAHSCOOTER	1.93	(0.28)	0.00	(24.34)	0.00	0.00	4.56	(5.10)	13.72
NSIL	3.70	0.89	0.22	(1.23)	3.39	(4.56)	11.56	(6.15)	21.64
KICL	2.42	(0.04)	0.00	(0.03)	0.00	0.00	5.00	(5.00)	12.44
PILANIINVS	2.61	0.13	0.04	(0.61)	2.59	(3.72)	6.91	(5.00)	28.15
VHL	3.04	0.32	0.08	1.00	3.43	(3.91)	9.72	(5.06)	33.81
SUMMITSEC	2.66	0.33	0.09	0.56	3.03	(3.15)	6.02	(5.83)	23.49
NBIFIN	2.52	0.67	0.25	5.66	2.12	(3.06)	5.00	(4.38)	10.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Engineers India 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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