Welspun Investments Correlations

WELINV Stock

779.20 11.25 1.46%

The current 90-days correlation between Welspun Investments and and Prakash Steelage Limited is 0.44 (i.e., Very weak diversification). The correlation of Welspun Investments 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.

Welspun Investments Correlation With Market

Significant diversification

The correlation between Welspun Investments and and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Welspun Investments and and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Welspun Investments 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 Investments 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 Investments - 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 Investments and to buy it.

Moving against Welspun Stock

0.42	MANAKCOAT	Manaksia Coated Metals	Pair Corr
0.42	V2RETAIL	V2 Retail Limited	Pair Corr
0.4	ASIANHOTNR	Asian Hotels Limited	Pair Corr
0.37	ITI	ITI Limited	Pair Corr
0.32	ASALCBR	Associated Alcohols Earnings Call This Week	Pair Corr
0.31	CANTABIL	Cantabil Retail India	Pair Corr

Related Correlations Analysis

	CLEAN	PRAKASHSTL	JSWSTEEL	AARTIDRUGS	STEELCAS	MSPL	AAREYDRUGS	ELECTCAST
CLEAN		0.28	0.05	0.54	-0.01	0.45	0.52	0.54	CLEAN
PRAKASHSTL	0.28		0.78	0.41	0.02	0.74	0.73	0.68	PRAKASHSTL
JSWSTEEL	0.05	0.78		0.53	-0.38	0.62	0.73	0.75	JSWSTEEL
AARTIDRUGS	0.54	0.41	0.53		-0.63	0.49	0.71	0.78	AARTIDRUGS
STEELCAS	-0.01	0.02	-0.38	-0.63		-0.04	-0.2	-0.44	STEELCAS
MSPL	0.45	0.74	0.62	0.49	-0.04		0.78	0.71	MSPL
AAREYDRUGS	0.52	0.73	0.73	0.71	-0.2	0.78		0.8	AAREYDRUGS
ELECTCAST	0.54	0.68	0.75	0.78	-0.44	0.71	0.8		ELECTCAST
	CLEAN	PRAKASHSTL	JSWSTEEL	AARTIDRUGS	STEELCAS	MSPL	AAREYDRUGS	ELECTCAST

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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

ELECTCAST	+ 0.8	AAREYDRUGS
JSWSTEEL	+ 0.78	PRAKASHSTL
ELECTCAST	+ 0.78	AARTIDRUGS
AAREYDRUGS	+ 0.78	MSPL
ELECTCAST	+ 0.75	JSWSTEEL
MSPL	+ 0.74	PRAKASHSTL

High negative correlations

STEELCAS	- 0.63	AARTIDRUGS
ELECTCAST	- 0.44	STEELCAS
STEELCAS	- 0.38	JSWSTEEL
AAREYDRUGS	- 0.2	STEELCAS
MSPL	- 0.04	STEELCAS
STEELCAS	- 0.01	CLEAN

Risk-Adjusted Indicators

There is a big difference between Welspun Stock performing well and Welspun Investments 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 Investments' 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
CLEAN	1.59	(0.18)	0.00	0.93	0.00	0.00	2.95	(3.86)	11.93
PRAKASHSTL	1.86	(0.13)	0.00	(2.07)	0.00	0.00	3.89	(3.58)	13.91
JSWSTEEL	1.18	(0.16)	0.00	(0.36)	0.00	0.00	2.48	(2.22)	7.13
AARTIDRUGS	1.10	(0.28)	0.00	(0.49)	0.00	0.00	1.92	(2.38)	17.23
STEELCAS	1.93	0.16	0.07	(0.77)	2.25	(2.10)	3.80	(3.87)	12.82
MSPL	2.21	(0.43)	0.00	(1.07)	0.00	0.00	4.99	(4.99)	15.24
AAREYDRUGS	1.72	(0.33)	0.00	(0.77)	0.00	0.00	4.20	(3.64)	10.00
ELECTCAST	2.54	(0.65)	0.00	(27.12)	0.00	0.00	4.44	(6.70)	14.44

Be your own money manager

Our tools can tell you how much better you can do entering a position in Welspun Investments 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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