First Capital Correlations

FCSC Stock

5.40 0.09 1.64%

The current 90-days correlation between First Capital Securities and Waves Singer Pakistan is 0.17 (i.e., Average diversification). The correlation of First Capital 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.

First Capital Correlation With Market

Good diversification

The correlation between First Capital Securities and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Capital Securities and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against First Stock

0.65	KOHC	Kohat Cement	Pair Corr
0.61	EFERT	Engro Fertilizers	Pair Corr
0.44	EPCL	Engro Polymer Chemicals	Pair Corr
0.43	ASIC	Asia Insurance	Pair Corr
0.43	MARI	Mari Energies	Pair Corr
0.43	PPL	Pakistan Petroleum	Pair Corr
0.43	UBL	United Bank	Pair Corr
0.4	PSO	Pakistan State Oil	Pair Corr
0.39	CSIL	Crescent Star Insurance	Pair Corr
0.35	IGIL	IGI Life Insurance	Pair Corr
0.34	GEMPACRA	Pakistan Credit	Pair Corr

Related Correlations Analysis

	WAVES	STL	ABL	PSO	UBL	AICL	SBL	WTL
WAVES		-0.06	-0.41	-0.62	-0.21	-0.45	0.27	-0.06	WAVES
STL	-0.06		0.49	0.07	-0.11	0.44	-0.17	0.56	STL
ABL	-0.41	0.49		0.57	0.3	0.72	0.05	0.39	ABL
PSO	-0.62	0.07	0.57		0.44	0.4	0.15	0.23	PSO
UBL	-0.21	-0.11	0.3	0.44		0.33	0.58	-0.08	UBL
AICL	-0.45	0.44	0.72	0.4	0.33		-0.01	0.17	AICL
SBL	0.27	-0.17	0.05	0.15	0.58	-0.01		0.13	SBL
WTL	-0.06	0.56	0.39	0.23	-0.08	0.17	0.13		WTL
	WAVES	STL	ABL	PSO	UBL	AICL	SBL	WTL

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

AICL	+ 0.72	ABL
SBL	+ 0.58	UBL
PSO	+ 0.57	ABL
WTL	+ 0.56	STL
ABL	+ 0.49	STL
AICL	+ 0.44	STL

High negative correlations

PSO	- 0.62	WAVES
AICL	- 0.45	WAVES
ABL	- 0.41	WAVES
UBL	- 0.21	WAVES
SBL	- 0.17	STL
UBL	- 0.11	STL

Risk-Adjusted Indicators

There is a big difference between First Stock performing well and First Capital 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 First Capital'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
WAVES	2.28	0.22	0.06	(8.28)	2.41	(3.00)	8.41	(4.96)	17.77
STL	3.37	0.36	0.06	(0.39)	3.54	(4.14)	10.00	(5.92)	19.14
ABL	1.30	0.13	0.05	0.42	1.58	(1.31)	3.76	(3.40)	14.44
PSO	1.12	0.01	(0.03)	0.28	1.41	(1.18)	2.37	(2.10)	8.40
UBL	1.08	0.21	0.15	4.98	0.83	(1.37)	2.88	(1.36)	8.54
AICL	1.73	0.16	0.08	0.33	1.50	(2.40)	4.67	(2.52)	15.06
SBL	2.71	0.29	0.08	(0.78)	2.49	(3.33)	10.00	(4.30)	16.07
WTL	2.83	0.07	(0.02)	(0.01)	2.90	(3.61)	7.06	(5.09)	26.94

First Capital 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 First Capital stock to make a market-neutral strategy. Peer analysis of First Capital could also be used in its relative valuation, which is a method of valuing First Capital by comparing valuation metrics with similar companies.

Waves Singer Pakistan Supernet Technologie Allied Bank Pakistan State Oil United Bank Adamjee Insurance Samba Bank WorldCall Telecom American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

Risk & Return

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