Service Textile Correlations

SERT Stock

39.94 0.67 1.71%

The current 90-days correlation between Service Textile and Packages is 0.3 (i.e., Weak diversification). The correlation of Service Textile 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.

Service Textile Correlation With Market

Significant diversification

The correlation between Service Textile and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Service Textile and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Service Stock

0.62

WTL

WorldCall Telecom

Pair Corr

Moving against Service Stock

0.64	FRCL	Frontier Ceramics	Pair Corr
0.56	BECO	Beco Steel Split	Pair Corr
0.53	FNEL	First National Equities	Pair Corr
0.49	BAFS	Baba Farid Sugar	Pair Corr
0.49	KML	Kohinoor Mills	Pair Corr
0.46	NEXT	Next Capital	Pair Corr
0.37	WAVES	Waves Singer Pakistan	Pair Corr
0.32	MLCF	Maple Leaf Cement	Pair Corr
0.32	PPL	Pakistan Petroleum	Pair Corr
0.31	NICL	Nimir Industrial Chemical	Pair Corr

Related Correlations Analysis

	PKGS	JSML	FANM	WAVES	NEXT	NBP	NATF-CJAN	SMCPL	LOADS-CJAN	FNEL
PKGS		0.68	0.38	0.16	0.56	0.83	0.04	0.68	0.44	0.07	PKGS
JSML	0.68		0.43	0.01	0.46	0.86	0.05	0.6	0.47	-0.37	JSML
FANM	0.38	0.43		-0.22	0.61	0.34	-0.35	0.22	0.35	0.04	FANM
WAVES	0.16	0.01	-0.22		0.11	0.33	0.15	0.31	0.15	0.53	WAVES
NEXT	0.56	0.46	0.61	0.11		0.58	-0.48	0.18	0.5	0.33	NEXT
NBP	0.83	0.86	0.34	0.33	0.58		0.01	0.66	0.57	-0.05	NBP
NATF-CJAN	0.04	0.05	-0.35	0.15	-0.48	0.01		0.52	0.26	-0.18	NATF-CJAN
SMCPL	0.68	0.6	0.22	0.31	0.18	0.66	0.52		0.33	0.02	SMCPL
LOADS-CJAN	0.44	0.47	0.35	0.15	0.5	0.57	0.26	0.33		0.11	LOADS-CJAN
FNEL	0.07	-0.37	0.04	0.53	0.33	-0.05	-0.18	0.02	0.11		FNEL
	PKGS	JSML	FANM	WAVES	NEXT	NBP	NATF-CJAN	SMCPL	LOADS-CJAN	FNEL

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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

NBP	+ 0.86	JSML
NBP	+ 0.83	PKGS
JSML	+ 0.68	PKGS
SMCPL	+ 0.68	PKGS
SMCPL	+ 0.66	NBP
NEXT	+ 0.61	FANM

High negative correlations

NATF-CJAN	- 0.48	NEXT
FNEL	- 0.37	JSML
NATF-CJAN	- 0.35	FANM
WAVES	- 0.22	FANM
FNEL	- 0.18	NATF-CJAN
FNEL	- 0.05	NBP

Risk-Adjusted Indicators

There is a big difference between Service Stock performing well and Service Textile 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 Service Textile'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
PKGS	1.02	0.26	0.12	(1.25)	1.01	(1.19)	3.18	(2.41)	7.71
JSML	2.04	0.38	0.12	(4.70)	2.23	(2.19)	4.49	(3.55)	12.06
FANM	1.91	0.09	(0.01)	(0.39)	2.38	(2.05)	4.44	(4.37)	12.67
WAVES	2.25	0.41	0.09	(0.36)	2.27	(2.88)	8.41	(4.96)	17.77
NEXT	3.22	0.47	0.10	(5.86)	3.44	(3.58)	8.35	(5.57)	19.63
NBP	1.51	0.41	0.23	(14.41)	1.09	(1.95)	4.09	(2.13)	8.71
NATF-CJAN	0.94	0.18	0.09	(2.52)	0.74	(1.32)	2.73	(1.48)	9.14
SMCPL	2.94	0.52	0.10	(0.95)	3.24	(3.20)	8.26	(6.06)	19.71
LOADS-CJAN	1.23	(0.08)	0.00	(2.36)	0.00	0.00	3.35	(3.64)	8.89
FNEL	5.11	0.85	0.11	(0.40)	5.23	(5.77)	10.01	(10.00)	20.05

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

Packages Jauharabad Sugar Mills First Al Noor Modaraba Waves Singer Pakistan Next Capital National Bank of National Foods Safe Mix Concrete Loads Limited First National Equities American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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