Hi Tech Correlations

HITECH Stock

133.00 4.17 3.04%

The current 90-days correlation between Hi Tech Pipes and Embassy Office Parks is 0.27 (i.e., Modest diversification). The correlation of Hi Tech 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.

Hi Tech Correlation With Market

Average diversification

The correlation between Hi Tech Pipes Limited and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hi Tech Pipes Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with HITECH Stock

0.64	SAIL	Steel Authority	Pair Corr
0.71	EMBASSY-RR	Embassy Office Parks	Pair Corr
0.74	GNFC	Gujarat Narmada Valley	Pair Corr
0.89	GUJALKALI	Gujarat Alkalies	Pair Corr
0.93	ORISSAMINE	Orissa Minerals	Pair Corr
0.66	HONAUT	Honeywell Automation	Pair Corr
0.88	3MINDIA	3M India Limited	Pair Corr
0.82	BOSCHLTD	Bosch Limited	Pair Corr

Moving against HITECH Stock

0.66	IMFA	Indian Metals Ferro Earnings Call This Week	Pair Corr
0.45	PAGEIND	Page Industries	Pair Corr

Related Correlations Analysis

	NMDC	SAIL	EMBASSY-RR	JAIBALAJI	GNFC	GUJALKALI	IMFA	JTLIND	INDIAGLYCO
NMDC		0.27	0.03	0.0	0.18	0.06	0.0	-0.09	0.05	NMDC
SAIL	0.27		0.15	-0.01	0.84	0.56	-0.03	0.13	0.57	SAIL
EMBASSY-RR	0.03	0.15		0.11	0.4	0.8	-0.83	0.15	-0.26	EMBASSY-RR
JAIBALAJI	0.0	-0.01	0.11		-0.01	0.09	-0.14	-0.15	-0.19	JAIBALAJI
GNFC	0.18	0.84	0.4	-0.01		0.76	-0.28	0.2	0.35	GNFC
GUJALKALI	0.06	0.56	0.8	0.09	0.76		-0.69	0.15	-0.01	GUJALKALI
IMFA	0.0	-0.03	-0.83	-0.14	-0.28	-0.69		0.09	0.52	IMFA
JTLIND	-0.09	0.13	0.15	-0.15	0.2	0.15	0.09		0.43	JTLIND
INDIAGLYCO	0.05	0.57	-0.26	-0.19	0.35	-0.01	0.52	0.43		INDIAGLYCO
	NMDC	SAIL	EMBASSY-RR	JAIBALAJI	GNFC	GUJALKALI	IMFA	JTLIND	INDIAGLYCO

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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

GNFC	+ 0.84	SAIL
GUJALKALI	+ 0.8	EMBASSY-RR
GUJALKALI	+ 0.76	GNFC
INDIAGLYCO	+ 0.57	SAIL
GUJALKALI	+ 0.56	SAIL
INDIAGLYCO	+ 0.52	IMFA

High negative correlations

IMFA	- 0.83	EMBASSY-RR
IMFA	- 0.69	GUJALKALI
IMFA	- 0.28	GNFC
INDIAGLYCO	- 0.26	EMBASSY-RR
INDIAGLYCO	- 0.19	JAIBALAJI
JTLIND	- 0.15	JAIBALAJI

Risk-Adjusted Indicators

There is a big difference between HITECH Stock performing well and Hi Tech 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 Hi Tech'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
NMDC	6.45	1.82	0.15	(7.12)	8.98	(8.60)	3.91	(4.52)	266.37
SAIL	1.76	(0.25)	0.00	(0.42)	0.00	0.00	4.06	(3.68)	10.12
EMBASSY-RR	0.98	(0.07)	0.00	4.69	0.00	0.00	2.23	(2.18)	7.74
JAIBALAJI	12.03	4.42	0.33	(14.18)	10.28	(16.68)	4.78	(5.00)	479.84
GNFC	1.68	(0.21)	0.00	(0.23)	0.00	0.00	3.17	(4.60)	9.66
GUJALKALI	1.16	(0.24)	0.00	5.66	0.00	0.00	2.34	(2.88)	8.89
IMFA	2.17	0.35	0.15	13.71	1.92	(2.58)	5.20	(3.44)	13.39
JTLIND	2.26	0.06	0.02	0.10	2.62	(2.66)	5.01	(4.60)	15.06
INDIAGLYCO	2.49	0.00	0.00	0.02	3.09	(2.60)	6.11	(5.04)	13.37

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hi Tech 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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