Jindal Stainless Correlations

JSL Stock

719.80 21.20 2.86%

The current 90-days correlation between Jindal Stainless and Chambal Fertilizers Chemicals is 0.28 (i.e., Modest diversification). The correlation of Jindal Stainless 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.

Jindal Stainless Correlation With Market

Average diversification

The correlation between Jindal Stainless Limited and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Jindal Stainless Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Jindal Stock

0.88	SAIL	Steel Authority	Pair Corr
0.66	GNFC	Gujarat Narmada Valley	Pair Corr
0.66	LICI	Life Insurance	Pair Corr
0.7	IOC	Indian Oil	Pair Corr
0.67	ONGC	Oil Natural Gas	Pair Corr
0.61	DYNAMATECH	Dynamatic Technologies	Pair Corr
0.69	VEDL	Vedanta Limited	Pair Corr

Moving against Jindal Stock

0.67	PILANIINVS	Pilani Investment	Pair Corr
0.41	IITL	Industrial Investment	Pair Corr
0.39	RAINBOW	Rainbow Childrens	Pair Corr
0.39	JSWHL	JSW Holdings Limited	Pair Corr
0.34	GILLETTE	Gillette India	Pair Corr

Related Correlations Analysis

	CHEMBOND	JUNIPER	VHLTD	VISHNU	ORIENTHOT	DMCC	CHAMBLFERT	ASIANHOTNR
CHEMBOND		0.69	0.41	-0.26	-0.16	-0.23	0.3	-0.04	CHEMBOND
JUNIPER	0.69		0.17	-0.33	0.08	0.03	0.59	0.2	JUNIPER
VHLTD	0.41	0.17		0.14	-0.25	-0.4	-0.09	-0.22	VHLTD
VISHNU	-0.26	-0.33	0.14		-0.24	-0.22	-0.44	-0.22	VISHNU
ORIENTHOT	-0.16	0.08	-0.25	-0.24		0.75	0.55	0.53	ORIENTHOT
DMCC	-0.23	0.03	-0.4	-0.22	0.75		0.6	0.41	DMCC
CHAMBLFERT	0.3	0.59	-0.09	-0.44	0.55	0.6		0.49	CHAMBLFERT
ASIANHOTNR	-0.04	0.2	-0.22	-0.22	0.53	0.41	0.49		ASIANHOTNR
	CHEMBOND	JUNIPER	VHLTD	VISHNU	ORIENTHOT	DMCC	CHAMBLFERT	ASIANHOTNR

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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

DMCC	+ 0.75	ORIENTHOT
JUNIPER	+ 0.69	CHEMBOND
CHAMBLFERT	+ 0.6	DMCC
CHAMBLFERT	+ 0.59	JUNIPER
CHAMBLFERT	+ 0.55	ORIENTHOT
ASIANHOTNR	+ 0.53	ORIENTHOT

High negative correlations

CHAMBLFERT	- 0.44	VISHNU
DMCC	- 0.4	VHLTD
VISHNU	- 0.33	JUNIPER
VISHNU	- 0.26	CHEMBOND
ORIENTHOT	- 0.25	VHLTD
ORIENTHOT	- 0.24	VISHNU

Risk-Adjusted Indicators

There is a big difference between Jindal Stock performing well and Jindal Stainless 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 Jindal Stainless' 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
CHEMBOND	1.45	0.00	(0.01)	0.07	1.85	(1.61)	3.41	(3.51)	11.81
JUNIPER	1.62	(0.15)	0.00	(0.14)	0.00	0.00	3.74	(3.39)	10.65
VHLTD	2.11	(0.11)	0.00	(0.25)	0.00	0.00	4.95	(4.09)	19.65
VISHNU	2.17	0.01	0.00	0.16	2.94	(2.41)	5.14	(3.74)	21.27
ORIENTHOT	2.13	0.10	0.04	0.19	2.35	(2.32)	5.09	(3.91)	15.44
DMCC	2.39	0.52	0.21	0.90	2.04	(2.99)	9.81	(4.09)	18.10
CHAMBLFERT	1.86	0.00	0.00	0.04	2.91	(1.67)	3.31	(4.38)	10.28
ASIANHOTNR	2.74	0.36	0.11	0.50	2.76	(3.28)	5.00	(5.00)	12.34

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