NLC India Correlations

NLCINDIA

263.90 0.80 0.30%

The current 90-days correlation between NLC India Limited and Action Construction Equipment is 0.3 (i.e., Weak diversification). The correlation of NLC India 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.

NLC India Correlation With Market

Significant diversification

The correlation between NLC India Limited and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NLC India Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against NLC Stock

0.6	TECHM	Tech Mahindra Limited	Pair Corr
0.59	IITL	Industrial Investment	Pair Corr
0.48	PAGEIND	Page Industries	Pair Corr
0.34	WIPRO	Wipro Limited Split	Pair Corr

Related Correlations Analysis

	ACE	SHYAMMETL	CLEAN	ALKALI	RATNAMANI	MCL	GARUDA
ACE		0.75	0.48	0.4	0.16	-0.03	0.51	ACE
SHYAMMETL	0.75		0.63	0.43	0.18	-0.23	0.51	SHYAMMETL
CLEAN	0.48	0.63		0.5	0.67	-0.57	0.63	CLEAN
ALKALI	0.4	0.43	0.5		0.59	-0.11	0.34	ALKALI
RATNAMANI	0.16	0.18	0.67	0.59		-0.48	0.27	RATNAMANI
MCL	-0.03	-0.23	-0.57	-0.11	-0.48		-0.12	MCL
GARUDA	0.51	0.51	0.63	0.34	0.27	-0.12		GARUDA
	ACE	SHYAMMETL	CLEAN	ALKALI	RATNAMANI	MCL	GARUDA

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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

SHYAMMETL	+ 0.75	ACE
RATNAMANI	+ 0.67	CLEAN
CLEAN	+ 0.63	SHYAMMETL
GARUDA	+ 0.63	CLEAN
RATNAMANI	+ 0.59	ALKALI
GARUDA	+ 0.51	ACE

High negative correlations

MCL	- 0.57	CLEAN
MCL	- 0.48	RATNAMANI
MCL	- 0.23	SHYAMMETL
GARUDA	- 0.12	MCL
MCL	- 0.11	ALKALI
MCL	- 0.03	ACE

Risk-Adjusted Indicators

There is a big difference between NLC Stock performing well and NLC India 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 NLC India'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	2.06	0.05	0.00	0.19	2.30	(2.30)	5.47	(3.60)	15.77
SHYAMMETL	1.62	0.06	(0.01)	0.48	2.16	(1.76)	3.80	(3.92)	12.33
CLEAN	1.34	(0.26)	0.00	(0.47)	0.00	0.00	2.52	(3.95)	9.03
ALKALI	2.01	0.13	(0.01)	(0.18)	2.54	(2.16)	3.85	(4.61)	26.39
RATNAMANI	1.06	(0.15)	0.00	(1.23)	0.00	0.00	2.07	(2.13)	11.63
MCL	2.89	0.81	0.35	4.33	1.59	(4.13)	10.25	(3.28)	16.86
GARUDA	2.66	(0.40)	0.00	(0.36)	0.00	0.00	5.45	(5.63)	24.49

Be your own money manager

Our tools can tell you how much better you can do entering a position in NLC India 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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