Hisar Metal Correlations

HISARMETAL

206.67 4.75 2.35%

The current 90-days correlation between Hisar Metal Industries and NMDC Limited is 0.5 (i.e., Very weak diversification). The correlation of Hisar Metal 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.

Hisar Metal Correlation With Market

Good diversification

The correlation between Hisar Metal Industries and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hisar Metal Industries and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hisar Stock

0.76	JAIBALAJI	Jai Balaji Industries Split	Pair Corr
0.76	GUJALKALI	Gujarat Alkalies	Pair Corr
0.71	IMFA	Indian Metals Ferro	Pair Corr
0.67	INDIAGLYCO	India Glycols Limited	Pair Corr
0.86	SBIN	State Bank	Pair Corr
0.8	TATAMOTORS	Tata Motors Limited	Pair Corr

Related Correlations Analysis

	NMDC	SAIL	EMBASSY-RR	JAIBALAJI	GNFC	GUJALKALI	INDIAGLYCO	JTLIND
NMDC		0.84	-0.15	0.08	-0.27	-0.2	-0.27	-0.37	NMDC
SAIL	0.84		0.05	0.42	0.03	0.1	-0.01	-0.13	SAIL
EMBASSY-RR	-0.15	0.05		0.62	0.33	0.71	0.61	0.54	EMBASSY-RR
JAIBALAJI	0.08	0.42	0.62		0.55	0.78	0.63	0.59	JAIBALAJI
GNFC	-0.27	0.03	0.33	0.55		0.77	0.82	0.79	GNFC
GUJALKALI	-0.2	0.1	0.71	0.78	0.77		0.87	0.89	GUJALKALI
INDIAGLYCO	-0.27	-0.01	0.61	0.63	0.82	0.87		0.88	INDIAGLYCO
JTLIND	-0.37	-0.13	0.54	0.59	0.79	0.89	0.88		JTLIND
	NMDC	SAIL	EMBASSY-RR	JAIBALAJI	GNFC	GUJALKALI	INDIAGLYCO	JTLIND

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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

JTLIND	+ 0.89	GUJALKALI
JTLIND	+ 0.88	INDIAGLYCO
INDIAGLYCO	+ 0.87	GUJALKALI
SAIL	+ 0.84	NMDC
INDIAGLYCO	+ 0.82	GNFC
JTLIND	+ 0.79	GNFC

High negative correlations

JTLIND	- 0.37	NMDC
INDIAGLYCO	- 0.27	NMDC
GNFC	- 0.27	NMDC
GUJALKALI	- 0.2	NMDC
EMBASSY-RR	- 0.15	NMDC
JTLIND	- 0.13	SAIL

Risk-Adjusted Indicators

There is a big difference between Hisar Stock performing well and Hisar Metal 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 Hisar Metal'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
NMDC	2.06	0.03	0.03	0.16	2.50	(2.09)	3.90	(4.10)	11.36
SAIL	1.98	(0.02)	0.00	(0.16)	0.00	0.00	4.31	(4.66)	10.69
EMBASSY-RR	0.90	0.00	0.04	1.22	1.09	(0.96)	2.23	(2.02)	5.02
JAIBALAJI	2.67	(0.38)	0.00	0.54	0.00	0.00	6.69	(6.23)	18.63
GNFC	1.77	(0.22)	0.00	7.80	0.00	0.00	3.22	(4.20)	14.66
GUJALKALI	1.76	(0.31)	0.00	(0.63)	0.00	0.00	2.45	(4.19)	14.11
INDIAGLYCO	2.54	(0.17)	0.00	1.38	0.00	0.00	6.11	(4.84)	13.37
JTLIND	2.50	(0.25)	0.00	(0.84)	0.00	0.00	5.01	(5.50)	13.25

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hisar Metal 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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