Bodal Chemicals Correlations

BODALCHEM

69.31 0.12 0.17%

The current 90-days correlation between Bodal Chemicals and Indian Metals Ferro is 0.01 (i.e., Significant diversification). The correlation of Bodal Chemicals 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.

Bodal Chemicals Correlation With Market

Weak diversification

The correlation between Bodal Chemicals Limited and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bodal Chemicals Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Bodal Stock

0.76	SAIL	Steel Authority	Pair Corr
0.7	EMBASSY-RR	Embassy Office Parks	Pair Corr
0.79	GNFC	Gujarat Narmada Valley	Pair Corr
0.77	GUJALKALI	Gujarat Alkalies	Pair Corr
0.84	JTLIND	JTL Industries Split	Pair Corr
0.82	VENUSPIPES	Venus Pipes Tubes	Pair Corr
0.63	BAGFILMS	BAG Films	Pair Corr

Moving against Bodal Stock

0.66	SUMMITSEC	Summit Securities	Pair Corr
0.66	RAINBOW	Rainbow Childrens	Pair Corr
0.66	GRWRHITECH	Garware Hi Tech	Pair Corr
0.62	IMFA	Indian Metals Ferro	Pair Corr
0.55	PAGEIND	Page Industries	Pair Corr
0.54	MANGCHEFER	Mangalore Chemicals	Pair Corr
0.53	360ONE	360 ONE WAM	Pair Corr
0.48	HYBRIDFIN	Hybrid Financial Services	Pair Corr
0.45	MANAKCOAT	Manaksia Coated Metals	Pair Corr
0.43	INTERARCH	Interarch Building	Pair Corr
0.41	LLOYDSME	LLOYDS METALS AND	Pair Corr
0.78	JSWHL	JSW Holdings Limited	Pair Corr
0.77	IITL	Industrial Investment	Pair Corr
0.75	SASKEN	Sasken Technologies	Pair Corr
0.67	INDHOTEL	Indian Hotels	Pair Corr
0.64	FORTIS	Fortis Healthcare	Pair Corr
0.54	BAJAJHCARE	Bajaj Healthcare	Pair Corr
0.52	HDFCBANK	HDFC Bank Limited	Pair Corr
0.47	COSMOFIRST	COSMO FIRST LIMITED	Pair Corr
0.46	GILLETTE	Gillette India	Pair Corr
0.45	NAM-INDIA	Nippon Life India	Pair Corr
0.43	MCLEODRUSS	Mcleod Russel India	Pair Corr

Related Correlations Analysis

	NMDC	SAIL	EMBASSY-RR	GNFC	GUJALKALI	IMFA	JTLIND	INDIAGLYCO	VENUSPIPES
NMDC		0.47	0.07	0.44	0.25	0.21	0.02	0.36	0.08	NMDC
SAIL	0.47		0.36	0.84	0.35	-0.23	0.61	0.58	0.65	SAIL
EMBASSY-RR	0.07	0.36		0.49	0.76	-0.84	0.82	-0.06	0.79	EMBASSY-RR
GNFC	0.44	0.84	0.49		0.55	-0.33	0.68	0.49	0.69	GNFC
GUJALKALI	0.25	0.35	0.76	0.55		-0.65	0.77	0.21	0.63	GUJALKALI
IMFA	0.21	-0.23	-0.84	-0.33	-0.65		-0.83	0.3	-0.77	IMFA
JTLIND	0.02	0.61	0.82	0.68	0.77	-0.83		0.16	0.87	JTLIND
INDIAGLYCO	0.36	0.58	-0.06	0.49	0.21	0.3	0.16		0.05	INDIAGLYCO
VENUSPIPES	0.08	0.65	0.79	0.69	0.63	-0.77	0.87	0.05		VENUSPIPES
	NMDC	SAIL	EMBASSY-RR	GNFC	GUJALKALI	IMFA	JTLIND	INDIAGLYCO	VENUSPIPES

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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

VENUSPIPES	+ 0.87	JTLIND
GNFC	+ 0.84	SAIL
JTLIND	+ 0.82	EMBASSY-RR
VENUSPIPES	+ 0.79	EMBASSY-RR
JTLIND	+ 0.77	GUJALKALI
GUJALKALI	+ 0.76	EMBASSY-RR

High negative correlations

IMFA	- 0.84	EMBASSY-RR
JTLIND	- 0.83	IMFA
VENUSPIPES	- 0.77	IMFA
IMFA	- 0.65	GUJALKALI
IMFA	- 0.33	GNFC
IMFA	- 0.23	SAIL

Risk-Adjusted Indicators

There is a big difference between Bodal Stock performing well and Bodal Chemicals 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 Bodal Chemicals' 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
NMDC	1.67	(0.01)	(0.01)	0.02	2.18	(1.69)	3.76	(3.51)	10.75
SAIL	1.68	(0.08)	0.00	(0.72)	0.00	0.00	3.70	(3.68)	8.70
EMBASSY-RR	0.95	(0.06)	0.00	0.41	0.00	0.00	2.01	(2.01)	7.74
GNFC	1.43	(0.15)	0.00	(0.94)	0.00	0.00	2.51	(3.15)	11.02
GUJALKALI	1.27	(0.15)	0.00	(0.50)	0.00	0.00	2.99	(2.88)	10.86
IMFA	2.02	0.46	0.19	2.36	1.81	(2.23)	4.97	(2.76)	13.39
JTLIND	2.76	(0.91)	0.00	(5.02)	0.00	0.00	4.25	(4.83)	60.24
INDIAGLYCO	2.50	0.06	0.02	0.13	2.87	(2.67)	5.48	(4.62)	23.17
VENUSPIPES	1.44	(0.57)	0.00	(1.14)	0.00	0.00	2.47	(3.84)	16.09

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bodal Chemicals 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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