Shifa International Correlations
| SHFA Stock | 395.89 5.61 1.44% |
The current 90-days correlation between Shifa International and Wah Nobel Chemicals is 0.06 (i.e., Significant diversification). The correlation of Shifa International 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.
Shifa International Correlation With Market
Significant diversification
The correlation between Shifa International Hospitals 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 Shifa International Hospitals and DJI in the same portfolio, assuming nothing else is changed.
Shifa |
The ability to find closely correlated positions to Shifa International could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shifa International 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 Shifa International - 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 Shifa International Hospitals to buy it.
Moving together with Shifa Stock
| 0.7 | UBL | United Bank | PairCorr |
| 0.62 | MCB | MCB Bank | PairCorr |
| 0.72 | ABL | Allied Bank | PairCorr |
| 0.64 | BAHL | Bank Al Habib | PairCorr |
| 0.65 | BAFL | Bank Alfalah | PairCorr |
| 0.65 | HMB | Habib Metropolitan Bank | PairCorr |
| 0.83 | LOADS | Loads | PairCorr |
| 0.71 | MLCF | Maple Leaf Cement | PairCorr |
| 0.64 | PSO | Pakistan State Oil | PairCorr |
| 0.87 | EPCL | Engro Polymer Chemicals | PairCorr |
| 0.88 | AGP | AGP | PairCorr |
| 0.61 | ASL | Aisha Steel Mills | PairCorr |
| 0.7 | AICL | Adamjee Insurance | PairCorr |
| 0.61 | WTL | WorldCall Telecom | PairCorr |
| 0.72 | FCCL | Fauji Cement | PairCorr |
Related Correlations Analysis
| 0.75 | 0.73 | 0.66 | 0.73 | 0.7 | WAHN | ||
| 0.75 | 0.94 | 0.9 | 0.94 | 0.89 | PTC | ||
| 0.73 | 0.94 | 0.91 | 0.94 | 0.94 | ASTL | ||
| 0.66 | 0.9 | 0.91 | 0.82 | 0.83 | ICL | ||
| 0.73 | 0.94 | 0.94 | 0.82 | 0.93 | OLPL | ||
| 0.7 | 0.89 | 0.94 | 0.83 | 0.93 | OGDC | ||
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Risk-Adjusted Indicators
There is a big difference between Shifa Stock performing well and Shifa International 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 Shifa International'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| WAHN | 2.03 | 0.12 | 0.05 | 0.20 | 2.38 | 4.32 | 20.00 | |||
| PTC | 3.28 | 0.81 | 0.23 | (2.47) | 2.89 | 9.98 | 17.95 | |||
| ASTL | 2.28 | 0.62 | 0.25 | (1.29) | 1.92 | 6.11 | 16.47 | |||
| ICL | 2.67 | 0.75 | 0.28 | 1.18 | 2.21 | 9.73 | 16.23 | |||
| OLPL | 1.43 | 0.37 | 0.18 | (2.92) | 1.60 | 3.62 | 13.86 | |||
| OGDC | 2.07 | 0.47 | 0.18 | (1.21) | 2.07 | 4.88 | 13.00 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Shifa International 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.Did you try this?
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