Asia Insurance Correlations

ASIC Stock

19.10 1.60 9.14%

The current 90-days correlation between Asia Insurance and National Refinery is 0.23 (i.e., Modest diversification). The correlation of Asia Insurance 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.

Asia Insurance Correlation With Market

Very weak diversification

The correlation between Asia Insurance and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Asia Insurance and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Asia Stock

0.63	SHFA	Shifa International	Pair Corr
0.89	PAKRI	Pakistan Reinsurance	Pair Corr
0.69	BOP	Bank of Punjab	Pair Corr
0.8	PTC	Pakistan Telecommunicatio	Pair Corr
0.64	SCBPL	Standard Chartered Bank	Pair Corr
0.68	AGP	AGP	Pair Corr
0.81	PIBTL-CFEB	Pak IntBulk	Pair Corr
0.74	IGIL	IGI Life Insurance	Pair Corr

Moving against Asia Stock

0.37	ARUJ	Aruj Industries	Pair Corr
0.38	BAFS	Baba Farid Sugar	Pair Corr

Related Correlations Analysis

	BAFS	MARI	MTL	MCB-CMAR	TCORPCPS	POL	ARUJ	ILP	EFERT-CMAR	NRL
BAFS		0.51	-0.46	-0.21	-0.68	-0.38	0.25	-0.42	-0.13	0.12	BAFS
MARI	0.51		-0.04	0.52	-0.75	0.09	0.06	-0.02	0.62	0.51	MARI
MTL	-0.46	-0.04		0.59	0.02	0.77	-0.76	0.9	0.58	0.25	MTL
MCB-CMAR	-0.21	0.52	0.59		-0.15	0.67	-0.37	0.59	0.78	0.52	MCB-CMAR
TCORPCPS	-0.68	-0.75	0.02	-0.15		-0.1	0.03	0.02	-0.33	-0.53	TCORPCPS
POL	-0.38	0.09	0.77	0.67	-0.1		-0.61	0.72	0.68	0.54	POL
ARUJ	0.25	0.06	-0.76	-0.37	0.03	-0.61		-0.72	-0.39	-0.16	ARUJ
ILP	-0.42	-0.02	0.9	0.59	0.02	0.72	-0.72		0.51	0.31	ILP
EFERT-CMAR	-0.13	0.62	0.58	0.78	-0.33	0.68	-0.39	0.51		0.61	EFERT-CMAR
NRL	0.12	0.51	0.25	0.52	-0.53	0.54	-0.16	0.31	0.61		NRL
	BAFS	MARI	MTL	MCB-CMAR	TCORPCPS	POL	ARUJ	ILP	EFERT-CMAR	NRL

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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

ILP	+ 0.9	MTL
EFERT-CMAR	+ 0.78	MCB-CMAR
POL	+ 0.77	MTL
ILP	+ 0.72	POL
EFERT-CMAR	+ 0.68	POL
POL	+ 0.67	MCB-CMAR

High negative correlations

ARUJ	- 0.76	MTL
TCORPCPS	- 0.75	MARI
ILP	- 0.72	ARUJ
TCORPCPS	- 0.68	BAFS
ARUJ	- 0.61	POL
NRL	- 0.53	TCORPCPS

Risk-Adjusted Indicators

There is a big difference between Asia Stock performing well and Asia Insurance 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 Asia Insurance'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
BAFS	2.93	(0.09)	(0.01)	0.01	3.23	(3.90)	7.26	(5.48)	16.10
MARI	0.61	(0.08)	0.00	1.17	0.00	0.00	1.37	(1.34)	4.32
MTL	0.88	0.08	0.01	(0.40)	1.09	(0.96)	2.38	(1.69)	7.99
MCB-CMAR	1.61	(0.03)	(0.03)	0.02	1.76	(1.87)	5.41	(2.98)	12.03
TCORPCPS	5.03	1.47	0.20	(1.11)	4.82	(6.28)	10.45	(9.97)	21.15
POL	0.78	0.00	(0.06)	(0.02)	1.00	(0.82)	2.08	(1.55)	10.06
ARUJ	2.60	(0.32)	0.00	(2.06)	0.00	0.00	5.97	(6.20)	13.03
ILP	1.56	0.08	0.03	0.20	1.83	(1.79)	3.37	(3.59)	15.36
EFERT-CMAR	1.46	(0.23)	0.00	(0.70)	0.00	0.00	3.97	(3.43)	13.78
NRL	2.06	(0.22)	0.00	0.29	0.00	0.00	4.23	(4.47)	16.73

Asia Insurance Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Asia Insurance stock to make a market-neutral strategy. Peer analysis of Asia Insurance could also be used in its relative valuation, which is a method of valuing Asia Insurance by comparing valuation metrics with similar companies.

Baba Farid Sugar Mari Energies Millat Tractors MCB Bank Tariq CorpPref Pakistan Oilfields Aruj Industries Interloop Engro Fertert National Refinery American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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