Meghmani Organics Correlations

MOL Stock

62.18 2.63 4.06%

The current 90-days correlation between Meghmani Organics and GM Breweries Limited is 0.65 (i.e., Poor diversification). The correlation of Meghmani Organics 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.

Meghmani Organics Correlation With Market

Average diversification

The correlation between Meghmani Organics Limited and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Meghmani Organics Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Meghmani Stock

0.89	NMDC	NMDC Limited Split	Pair Corr
0.82	SAIL	Steel Authority	Pair Corr
0.82	JAIBALAJI	Jai Balaji Industries Split	Pair Corr
0.94	GNFC	Gujarat Narmada Valley	Pair Corr
0.83	GUJALKALI	Gujarat Alkalies	Pair Corr
0.69	INDIAGLYCO	India Glycols Limited	Pair Corr
0.7	IMFA	Indian Metals Ferro	Pair Corr
0.81	ISEC	ICICI Securities	Pair Corr
0.71	NAM-INDIA	Nippon Life India	Pair Corr
0.64	CEATLTD	CEAT Limited	Pair Corr
0.87	MFSL	Max Financial Services	Pair Corr
0.69	KEC	KEC International	Pair Corr

Moving against Meghmani Stock

0.89

UNIVAFOODS

Univa Foods Limited

Pair Corr

Related Correlations Analysis

	GMBREW	UNIVAFOODS	UTIAMC	HNDFDS	VMART	MANORG	CANTABIL	WESTLIFE
GMBREW		-0.77	0.89	0.42	0.89	0.45	-0.13	0.66	GMBREW
UNIVAFOODS	-0.77		-0.8	-0.33	-0.72	-0.43	0.33	-0.36	UNIVAFOODS
UTIAMC	0.89	-0.8		0.17	0.76	0.52	-0.2	0.41	UTIAMC
HNDFDS	0.42	-0.33	0.17		0.61	0.35	-0.31	0.48	HNDFDS
VMART	0.89	-0.72	0.76	0.61		0.46	-0.25	0.63	VMART
MANORG	0.45	-0.43	0.52	0.35	0.46		-0.27	0.27	MANORG
CANTABIL	-0.13	0.33	-0.2	-0.31	-0.25	-0.27		0.42	CANTABIL
WESTLIFE	0.66	-0.36	0.41	0.48	0.63	0.27	0.42		WESTLIFE
	GMBREW	UNIVAFOODS	UTIAMC	HNDFDS	VMART	MANORG	CANTABIL	WESTLIFE

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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

UTIAMC	+ 0.89	GMBREW
VMART	+ 0.89	GMBREW
VMART	+ 0.76	UTIAMC
WESTLIFE	+ 0.66	GMBREW
WESTLIFE	+ 0.63	VMART
VMART	+ 0.61	HNDFDS

High negative correlations

UTIAMC	- 0.8	UNIVAFOODS
UNIVAFOODS	- 0.77	GMBREW
VMART	- 0.72	UNIVAFOODS
MANORG	- 0.43	UNIVAFOODS
WESTLIFE	- 0.36	UNIVAFOODS
HNDFDS	- 0.33	UNIVAFOODS

Risk-Adjusted Indicators

There is a big difference between Meghmani Stock performing well and Meghmani Organics 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 Meghmani Organics' 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
GMBREW	2.01	(0.40)	0.00	0.84	0.00	0.00	3.81	(5.39)	11.12
UNIVAFOODS	0.29	0.14	0.00	20.39	0.00	0.00	0.00	0.00	4.99
UTIAMC	2.09	(0.45)	0.00	1.57	0.00	0.00	3.71	(5.14)	13.81
HNDFDS	1.54	(0.08)	0.00	0.08	0.00	0.00	2.84	(2.86)	17.52
VMART	1.91	(0.32)	0.00	(0.80)	0.00	0.00	4.39	(4.26)	13.28
MANORG	2.31	(0.15)	0.00	0.64	0.00	0.00	5.00	(5.00)	15.00
CANTABIL	2.82	0.14	0.04	(0.42)	3.63	(2.67)	6.26	(6.55)	14.02
WESTLIFE	2.00	(0.10)	0.00	0.27	0.00	0.00	4.37	(3.59)	18.92

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