ICICI Bank Correlations

ICBA Stock

EUR 29.40 0.20 0.68%

The current 90-days correlation between ICICI Bank Limited and China Merchants Bank is -0.12 (i.e., Good diversification). The correlation of ICICI Bank 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.

ICICI Bank Correlation With Market

Good diversification

The correlation between ICICI Bank Limited and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ICICI Bank Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ICICI Stock

0.89	HDFA	HDFC Bank Limited	Pair Corr
0.78	DEVL	DBS Group Holdings	Pair Corr
0.79	SID	State Bank	Pair Corr
0.76	MZ8	Mizuho Financial	Pair Corr
0.76	MZ8A	Mizuho Financial	Pair Corr
0.67	RC2	RCM TECHNOLOGIES	Pair Corr
0.72	VA7A	VERISK ANLYTCS A	Pair Corr
0.85	MSF	Microsoft	Pair Corr
0.66	AQHE	Event Hospitality	Pair Corr
0.7	WX1	Acadia Realty Trust	Pair Corr
0.73	ADH2	Air Canada	Pair Corr
0.78	2CDA	Controladora Vuela Compaa	Pair Corr
0.79	QAN	Qantas Airways	Pair Corr
0.73	HXL	Hexcel	Pair Corr
0.71	M4I	Mastercard	Pair Corr
0.78	APC	Apple Inc	Pair Corr
0.68	PNP	PNC Financial	Pair Corr
0.73	4GE	Grupo Mxico SAB	Pair Corr
0.84	EQN2	Equinix	Pair Corr
0.82	2WY	Wyndham Hotels Resorts	Pair Corr
0.63	AF4	HANOVER INSURANCE	Pair Corr
0.75	PPB	Flutter Entertainment PLC	Pair Corr
0.66	WX7	Corporate Office Pro	Pair Corr

Moving against ICICI Stock

0.73	BUU	DevEx Resources	Pair Corr
0.72	BYRA	PT Bank Rakyat	Pair Corr
0.47	AXI	Atos SE	Pair Corr
0.42	C4S1	CHINA STATE STRU	Pair Corr
0.37	VAR1	Varta AG	Pair Corr
0.36	XYTA	CHINA HUARONG ENERHD	Pair Corr

Related Correlations Analysis

	M4B	HDFA	ICBA	BZG2	DEVL	BYRA	MZ8	MZ8A	5JP
M4B		-0.31	-0.3	-0.08	-0.13	-0.06	-0.15	-0.09	0.02	M4B
HDFA	-0.31		0.89	-0.29	0.82	-0.71	0.83	0.81	0.64	HDFA
ICBA	-0.3	0.89		-0.24	0.78	-0.72	0.76	0.76	0.59	ICBA
BZG2	-0.08	-0.29	-0.24		-0.51	0.54	-0.55	-0.56	-0.57	BZG2
DEVL	-0.13	0.82	0.78	-0.51		-0.84	0.96	0.95	0.88	DEVL
BYRA	-0.06	-0.71	-0.72	0.54	-0.84		-0.87	-0.88	-0.76	BYRA
MZ8	-0.15	0.83	0.76	-0.55	0.96	-0.87		0.99	0.88	MZ8
MZ8A	-0.09	0.81	0.76	-0.56	0.95	-0.88	0.99		0.88	MZ8A
5JP	0.02	0.64	0.59	-0.57	0.88	-0.76	0.88	0.88		5JP
	M4B	HDFA	ICBA	BZG2	DEVL	BYRA	MZ8	MZ8A	5JP

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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

MZ8A	+ 0.99	MZ8
MZ8	+ 0.96	DEVL
MZ8A	+ 0.95	DEVL
ICBA	+ 0.89	HDFA
5JP	+ 0.88	DEVL
5JP	+ 0.88	MZ8

High negative correlations

MZ8A	- 0.88	BYRA
MZ8	- 0.87	BYRA
BYRA	- 0.84	DEVL
5JP	- 0.76	BYRA
BYRA	- 0.72	ICBA
BYRA	- 0.71	HDFA

Risk-Adjusted Indicators

There is a big difference between ICICI Stock performing well and ICICI Bank 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 ICICI Bank'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
M4B	2.33	0.51	0.16	1.91	2.47	(3.17)	5.77	(3.52)	25.66
HDFA	1.25	0.09	0.05	0.17	1.25	(1.92)	3.45	(2.70)	8.64
ICBA	1.36	0.08	0.03	(0.55)	1.53	(1.82)	3.01	(2.92)	9.37
BZG2	2.75	(0.10)	0.00	21.01	0.00	0.00	8.77	(7.81)	20.09
DEVL	1.00	0.19	0.12	0.29	1.18	(0.98)	2.31	(1.91)	10.94
BYRA	3.07	(0.22)	0.00	32.35	0.00	0.00	10.00	(6.67)	30.95
MZ8	1.72	0.35	0.18	1.38	1.57	(1.95)	3.76	(2.96)	10.59
MZ8A	1.46	0.41	0.22	1.68	1.15	(2.08)	3.89	(2.75)	11.28
5JP	1.83	0.11	0.04	(0.67)	1.93	(2.74)	4.88	(3.59)	12.88

Be your own money manager

Our tools can tell you how much better you can do entering a position in ICICI Bank 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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ICICI Bank Corporate Management

Elected by the shareholders, the ICICI Bank's board of directors comprises two types of representatives: ICICI Bank inside directors who are chosen from within the company, and outside directors, selected externally and held independent of ICICI. The board's role is to monitor ICICI Bank's management team and ensure that shareholders' interests are well served. ICICI Bank's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, ICICI Bank's outside directors are responsible for providing unbiased perspectives on the board's policies.

LLB BA	Group Counsel	Profile
Ranganath Athreya	Company Officer	Profile
Sanjay Chougule	Group Auditor	Profile
Akashdeep Sarpal	Country USA	Profile
PGDM BTech	Head Director	Profile
ACS BCom	Pres Director	Profile
Anindya Banerjee	CFO Relations	Profile

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