Jindal Steel Correlations

JINDALSTEL

878.95 7.75 0.89%

The current 90-days correlation between Jindal Steel Power and General Insurance is 0.32 (i.e., Weak diversification). The correlation of Jindal Steel 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.

Jindal Steel Correlation With Market

Average diversification

The correlation between Jindal Steel Power and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Jindal Steel Power and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Jindal Stock

0.81	SAIL	Steel Authority	Pair Corr
0.68	GNFC	Gujarat Narmada Valley	Pair Corr
0.68	JTLIND	JTL Industries Split	Pair Corr
0.64	MAITHANALL	Maithan Alloys	Pair Corr
0.69	RELIANCE	Reliance Industries Split	Pair Corr
0.64	COALINDIA	Coal India Limited	Pair Corr

Moving against Jindal Stock

0.54	IMFA	Indian Metals Ferro	Pair Corr
0.36	SBIN	State Bank	Pair Corr

Related Correlations Analysis

	ACE	ANKITMETAL	MANINFRA	GICRE	TECILCHEM	OMKARCHEM	IMFA	VISHNU
ACE		-0.38	0.51	0.45	-0.03	-0.1	-0.21	-0.03	ACE
ANKITMETAL	-0.38		0.19	0.28	-0.05	0.34	-0.35	-0.03	ANKITMETAL
MANINFRA	0.51	0.19		0.64	-0.02	0.02	-0.49	-0.08	MANINFRA
GICRE	0.45	0.28	0.64		0.06	0.16	-0.32	-0.52	GICRE
TECILCHEM	-0.03	-0.05	-0.02	0.06		0.42	0.37	-0.25	TECILCHEM
OMKARCHEM	-0.1	0.34	0.02	0.16	0.42		0.47	0.08	OMKARCHEM
IMFA	-0.21	-0.35	-0.49	-0.32	0.37	0.47		0.05	IMFA
VISHNU	-0.03	-0.03	-0.08	-0.52	-0.25	0.08	0.05		VISHNU
	ACE	ANKITMETAL	MANINFRA	GICRE	TECILCHEM	OMKARCHEM	IMFA	VISHNU

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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

GICRE	+ 0.64	MANINFRA
MANINFRA	+ 0.51	ACE
IMFA	+ 0.47	OMKARCHEM
GICRE	+ 0.45	ACE
OMKARCHEM	+ 0.42	TECILCHEM
IMFA	+ 0.37	TECILCHEM

High negative correlations

VISHNU	- 0.52	GICRE
IMFA	- 0.49	MANINFRA
ANKITMETAL	- 0.38	ACE
IMFA	- 0.35	ANKITMETAL
IMFA	- 0.32	GICRE
VISHNU	- 0.25	TECILCHEM

Risk-Adjusted Indicators

There is a big difference between Jindal Stock performing well and Jindal Steel 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 Jindal Steel'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
ACE	2.02	(0.13)	0.00	(0.11)	0.00	0.00	5.47	(3.60)	15.77
ANKITMETAL	2.11	(0.41)	0.00	(1.06)	0.00	0.00	4.88	(5.17)	10.08
MANINFRA	1.34	(0.14)	0.00	(0.55)	0.00	0.00	3.19	(3.30)	10.11
GICRE	1.65	(0.07)	0.00	(15.09)	0.00	0.00	3.37	(4.80)	10.79
TECILCHEM	2.40	0.17	0.03	1.14	2.30	(3.36)	4.98	(4.88)	10.03
OMKARCHEM	2.47	(0.35)	0.00	(0.08)	0.00	0.00	4.93	(5.04)	15.23
IMFA	1.81	0.34	0.11	(6.31)	1.68	(2.07)	4.96	(2.75)	11.39
VISHNU	2.06	(0.07)	0.00	(0.11)	0.00	0.00	5.14	(3.74)	21.27

Be your own money manager

Our tools can tell you how much better you can do entering a position in Jindal Steel 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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