Welspun Corp Correlations
| WELCORP Stock | 776.35 1.35 0.17% |
The current 90-days correlation between Welspun Corp Limited and Tata Communications Limited is 0.21 (i.e., Modest diversification). The correlation of Welspun Corp 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.
Welspun Corp Correlation With Market
Average diversification
The correlation between Welspun Corp Limited and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Welspun Corp Limited and DJI in the same portfolio, assuming nothing else is changed.
Welspun |
The ability to find closely correlated positions to Welspun Corp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Welspun Corp 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 Welspun Corp - 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 Welspun Corp Limited to buy it.
Moving together with Welspun Stock
| 0.75 | IMFA | Indian Metals Ferro | PairCorr |
| 0.81 | STEELCAS | Steelcast Limited | PairCorr |
| 0.69 | CAPACITE | Capacite Infraprojects | PairCorr |
| 0.69 | DELTAMAGNT | Delta Manufacturing | PairCorr |
| 0.78 | MANGCHEFER | Mangalore Chemicals | PairCorr |
| 0.68 | GRWRHITECH | Garware Hi Tech | PairCorr |
| 0.61 | IITL | Industrial Investment | PairCorr |
| 0.73 | COSMOFIRST | COSMO FIRST LIMITED | PairCorr |
| 0.75 | AGI | AGI Greenpac Limited | PairCorr |
| 0.76 | KEC | KEC International | PairCorr |
| 0.78 | SBIN | State Bank | PairCorr |
| 0.82 | LLOYDSME | LLOYDS METALS AND | PairCorr |
| 0.66 | PAGEIND | Page Industries | PairCorr |
| 0.7 | STYRENIX | Styrenix Performance | PairCorr |
| 0.65 | INDHOTEL | Indian Hotels | PairCorr |
| 0.72 | NAM-INDIA | Nippon Life India | PairCorr |
| 0.64 | FORTIS | Fortis Healthcare | PairCorr |
Moving against Welspun Stock
| 0.52 | JTLIND | JTL Industries Split | PairCorr |
| 0.49 | VENUSPIPES | Venus Pipes Tubes | PairCorr |
| 0.43 | RELIANCE | Reliance Industries Split | PairCorr |
| 0.42 | EMBASSY-RR | Embassy Office Parks | PairCorr |
| 0.38 | ONGC | Oil Natural Gas | PairCorr |
| 0.37 | IOC | Indian Oil | PairCorr |
Related Correlations Analysis
| -0.3 | 0.42 | -0.23 | -0.24 | 0.49 | AIIL | ||
| -0.3 | -0.3 | 0.55 | 0.05 | -0.61 | PILANIINVS | ||
| 0.42 | -0.3 | -0.53 | -0.6 | 0.63 | WELINV | ||
| -0.23 | 0.55 | -0.53 | 0.65 | -0.72 | BFINVEST | ||
| -0.24 | 0.05 | -0.6 | 0.65 | -0.4 | JPOLYINVST | ||
| 0.49 | -0.61 | 0.63 | -0.72 | -0.4 | TATACOMM | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Welspun Stock performing well and Welspun Corp 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 Welspun Corp'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| AIIL | 1.84 | 0.05 | 0.01 | 0.30 | 2.95 | 3.51 | 19.22 | |||
| PILANIINVS | 2.61 | 0.13 | 0.04 | (0.61) | 2.59 | 6.91 | 28.15 | |||
| WELINV | 2.01 | (0.10) | 0.00 | (0.11) | 0.00 | 5.06 | 16.90 | |||
| BFINVEST | 2.14 | 0.24 | 0.08 | 0.95 | 2.39 | 5.74 | 17.29 | |||
| JPOLYINVST | 2.22 | 0.20 | 0.08 | 21.28 | 2.14 | 5.88 | 24.47 | |||
| TATACOMM | 1.28 | (0.25) | 0.00 | 9.09 | 0.00 | 3.21 | 10.63 |
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