Niraj Ispat Correlations

NIRAJISPAT

242.33 2.85 1.16%

The current 90-days correlation between Niraj Ispat Industries and Datamatics Global Services is -0.04 (i.e., Good diversification). The correlation of Niraj Ispat 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.

Niraj Ispat Correlation With Market

Significant diversification

The correlation between Niraj Ispat Industries and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Niraj Ispat Industries and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Niraj Stock

0.73	ITI	ITI Limited	Pair Corr
0.63	DATAMATICS	Datamatics Global Earnings Call Tomorrow	Pair Corr
0.79	MANAKCOAT	Manaksia Coated Metals	Pair Corr
0.85	V2RETAIL	V2 Retail Limited	Pair Corr
0.86	ABDL	Allied Blenders Dist	Pair Corr
0.61	MANINFRA	Man Infraconstruction	Pair Corr
0.91	ASIANHOTNR	Asian Hotels Limited	Pair Corr
0.85	CANTABIL	Cantabil Retail India	Pair Corr
0.7	ASALCBR	Associated Alcohols Earnings Call This Week	Pair Corr

Moving against Niraj Stock

0.65	RELIANCE	Reliance Industries Split	Pair Corr
0.46	ABMINTLLTD	ABM International	Pair Corr
0.36	UNIONBANK	Union Bank	Pair Corr
0.33	HDFCBANK	HDFC Bank Limited	Pair Corr
0.31	E2E	E2E Networks Limited	Pair Corr

Related Correlations Analysis

	DATAMATICS	MUFTI	TCI	HATHWAY	CARTRADE	DEVIT	VMART
DATAMATICS		0.22	0.22	-0.55	0.72	0.39	-0.22	DATAMATICS
MUFTI	0.22		0.55	0.51	-0.04	-0.31	0.57	MUFTI
TCI	0.22	0.55		0.11	0.35	0.19	-0.01	TCI
HATHWAY	-0.55	0.51	0.11		-0.79	-0.64	0.75	HATHWAY
CARTRADE	0.72	-0.04	0.35	-0.79		0.71	-0.64	CARTRADE
DEVIT	0.39	-0.31	0.19	-0.64	0.71		-0.69	DEVIT
VMART	-0.22	0.57	-0.01	0.75	-0.64	-0.69		VMART
	DATAMATICS	MUFTI	TCI	HATHWAY	CARTRADE	DEVIT	VMART

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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

VMART	+ 0.75	HATHWAY
CARTRADE	+ 0.72	DATAMATICS
DEVIT	+ 0.71	CARTRADE
VMART	+ 0.57	MUFTI
TCI	+ 0.55	MUFTI
HATHWAY	+ 0.51	MUFTI

High negative correlations

CARTRADE	- 0.79	HATHWAY
VMART	- 0.69	DEVIT
VMART	- 0.64	CARTRADE
DEVIT	- 0.64	HATHWAY
HATHWAY	- 0.55	DATAMATICS
DEVIT	- 0.31	MUFTI

Risk-Adjusted Indicators

There is a big difference between Niraj Stock performing well and Niraj Ispat 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 Niraj Ispat'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
DATAMATICS	1.94	0.08	0.03	0.74	2.15	(2.22)	3.79	(3.02)	12.31
MUFTI	2.16	(0.28)	0.00	(0.80)	0.00	0.00	3.98	(4.39)	21.68
TCI	1.97	0.09	0.03	(0.77)	2.06	(2.35)	5.00	(3.47)	13.03
HATHWAY	1.62	(0.47)	0.00	(3.47)	0.00	0.00	2.80	(3.68)	11.58
CARTRADE	2.53	0.62	0.20	0.70	2.49	(2.92)	5.90	(4.37)	19.55
DEVIT	2.68	0.17	0.06	0.19	2.57	(3.35)	7.34	(4.32)	20.31
VMART	1.90	(0.43)	0.00	(1.69)	0.00	0.00	3.21	(4.97)	12.54

Be your own money manager

Our tools can tell you how much better you can do entering a position in Niraj Ispat 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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