Millat Tractors Correlations

MTL Stock

624.44 1.53 0.25%

The current 90-days correlation between Millat Tractors and Habib Bank is 0.09 (i.e., Significant diversification). The correlation of Millat Tractors 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.

Millat Tractors Correlation With Market

Significant diversification

The correlation between Millat Tractors and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Millat Tractors and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Millat Stock

0.79	OGDC	Oil and Gas	Pair Corr
0.81	PSO	Pakistan State Oil	Pair Corr
0.85	PPL	Pakistan Petroleum	Pair Corr
0.84	FFC	Fauji Fertilizer	Pair Corr
0.74	HBL	Habib Bank	Pair Corr
0.81	MARI	Mari Petroleum	Pair Corr
0.72	MCB	MCB Bank	Pair Corr
0.85	UBL	United Bank	Pair Corr
0.93	LUCK	Lucky Cement	Pair Corr
0.9	FFL	Fauji Foods	Pair Corr
0.92	ACIETF	Alfalah Consumer	Pair Corr
0.9	WTL	WorldCall Telecom	Pair Corr
0.69	EFERT	Engro Fertilizers	Pair Corr
0.83	AKBL	Askari Bank	Pair Corr
0.89	AICL	Adamjee Insurance	Pair Corr
0.9	LOADS	Loads	Pair Corr
0.86	CLOV	Clover Pakistan	Pair Corr
0.89	KAPCO	KOT Addu Power	Pair Corr
0.85	AGP	AGP	Pair Corr
0.91	ENGRO	Engro	Pair Corr

Related Correlations Analysis

	HBL	NBP	UBL	MCB	ABL	MEBL	BAHL	BAFL	AKBL	HMB
HBL		0.75	0.85	0.93	0.95	0.23	0.98	0.95	0.96	0.94	HBL
NBP	0.75		0.54	0.7	0.68	0.47	0.72	0.7	0.76	0.65	NBP
UBL	0.85	0.54		0.89	0.86	0.3	0.89	0.91	0.87	0.93	UBL
MCB	0.93	0.7	0.89		0.91	0.33	0.96	0.96	0.9	0.93	MCB
ABL	0.95	0.68	0.86	0.91		0.24	0.96	0.95	0.93	0.95	ABL
MEBL	0.23	0.47	0.3	0.33	0.24		0.29	0.26	0.18	0.22	MEBL
BAHL	0.98	0.72	0.89	0.96	0.96	0.29		0.98	0.95	0.97	BAHL
BAFL	0.95	0.7	0.91	0.96	0.95	0.26	0.98		0.96	0.96	BAFL
AKBL	0.96	0.76	0.87	0.9	0.93	0.18	0.95	0.96		0.94	AKBL
HMB	0.94	0.65	0.93	0.93	0.95	0.22	0.97	0.96	0.94		HMB
	HBL	NBP	UBL	MCB	ABL	MEBL	BAHL	BAFL	AKBL	HMB

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Risk-Adjusted Indicators

There is a big difference between Millat Stock performing well and Millat Tractors 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 Millat Tractors' 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
HBL	1.95	0.39	0.17	(10.81)	1.80	(2.39)	4.98	(4.04)	14.47
NBP	2.35	0.10	0.03	0.14	3.61	(2.30)	3.96	(6.75)	19.71
UBL	1.47	0.38	0.18	1.58	1.42	(1.58)	4.18	(2.65)	10.16
MCB	1.62	0.25	0.10	1.94	1.99	(1.79)	4.52	(4.05)	11.22
ABL	1.51	0.33	0.15	0.90	1.68	(1.70)	4.53	(3.25)	10.81
MEBL	1.46	(0.03)	0.00	(0.03)	0.00	0.00	4.24	(2.97)	19.53
BAHL	1.70	0.46	0.22	0.80	1.46	(1.83)	6.59	(3.43)	14.57
BAFL	2.00	0.50	0.21	1.16	2.02	(2.62)	5.94	(4.29)	15.57
AKBL	2.20	0.57	0.19	0.71	2.45	(2.52)	8.08	(4.23)	18.66
HMB	1.41	0.37	0.20	0.57	1.37	(1.69)	3.95	(2.17)	14.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in Millat Tractors 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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