Mazagon Dock Correlations

MAZDOCK Stock

4,724 314.70 6.25%

The current 90-days correlation between Mazagon Dock Shipbuilders and Power Finance is 0.09 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Mazagon Dock moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Mazagon Dock Shipbuilders moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Mazagon Dock Correlation With Market

Significant diversification

The correlation between Mazagon Dock Shipbuilders and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mazagon Dock Shipbuilders and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Mazagon Stock

0.66	SBIN	State Bank	Pair Corr
0.75	HDFCBANK	HDFC Bank Limited	Pair Corr
0.73	BAJAJHCARE	Bajaj Healthcare	Pair Corr
0.89	AGI	AGI Greenpac Limited	Pair Corr
0.9	ASALCBR	Associated Alcohols	Pair Corr
0.84	SINCLAIR	SINCLAIRS HOTELS ORD	Pair Corr
0.7	PAGEIND	Page Industries	Pair Corr
0.72	KREBSBIO	Krebs Biochemicals and	Pair Corr
0.88	DELTAMAGNT	Delta Manufacturing	Pair Corr
0.69	TNTELE	Tamilnadu Telecommunicatio	Pair Corr
0.7	FORTIS	Fortis Healthcare	Pair Corr
0.68	LANDMARK	Landmark Cars Limited	Pair Corr
0.85	STYRENIX	Styrenix Performance	Pair Corr
0.87	AGARIND	Agarwal Industrial	Pair Corr
0.85	INDRAMEDCO	Indraprastha Medical	Pair Corr
0.87	COSMOFIRST	COSMO FIRST LIMITED	Pair Corr
0.82	BGLOBAL	Bharatiya Global Inf	Pair Corr
0.75	MANGCHEFER	Mangalore Chemicals	Pair Corr
0.86	MCLEODRUSS	Mcleod Russel India	Pair Corr
0.72	GRWRHITECH	Garware Hi Tech	Pair Corr
0.79	DYNAMATECH	Dynamatic Technologies	Pair Corr
0.66	GANESHHOUC	Ganesh Housing	Pair Corr

Moving against Mazagon Stock

0.31

RELIANCE

Reliance Industries Split

Pair Corr

Related Correlations Analysis

	LICI	PFC	HDFCBANK	SBIN	RECLTD	IRFC	SBILIFE	RELIANCE
LICI		0.38	0.04	-0.14	0.47	0.59	0.57	0.83	LICI
PFC	0.38		0.69	0.59	0.77	0.61	-0.35	-0.02	PFC
HDFCBANK	0.04	0.69		0.77	0.43	0.4	-0.65	-0.33	HDFCBANK
SBIN	-0.14	0.59	0.77		0.42	0.34	-0.73	-0.52	SBIN
RECLTD	0.47	0.77	0.43	0.42		0.69	0.01	0.25	RECLTD
IRFC	0.59	0.61	0.4	0.34	0.69		0.08	0.33	IRFC
SBILIFE	0.57	-0.35	-0.65	-0.73	0.01	0.08		0.89	SBILIFE
RELIANCE	0.83	-0.02	-0.33	-0.52	0.25	0.33	0.89		RELIANCE
	LICI	PFC	HDFCBANK	SBIN	RECLTD	IRFC	SBILIFE	RELIANCE

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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

RELIANCE	+ 0.89	SBILIFE
RELIANCE	+ 0.83	LICI
RECLTD	+ 0.77	PFC
SBIN	+ 0.77	HDFCBANK
HDFCBANK	+ 0.69	PFC
IRFC	+ 0.69	RECLTD

High negative correlations

SBILIFE	- 0.73	SBIN
SBILIFE	- 0.65	HDFCBANK
RELIANCE	- 0.52	SBIN
SBILIFE	- 0.35	PFC
RELIANCE	- 0.33	HDFCBANK
SBIN	- 0.14	LICI

Risk-Adjusted Indicators

There is a big difference between Mazagon Stock performing well and Mazagon Dock 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 Mazagon Dock'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
LICI	1.12	(0.20)	0.00	(0.28)	0.00	0.00	2.23	(2.52)	8.86
PFC	1.85	(0.06)	0.00	(5.07)	0.00	0.00	4.77	(4.64)	11.05
HDFCBANK	1.00	0.06	0.03	0.25	1.17	(1.07)	2.25	(2.14)	5.51
SBIN	1.16	0.03	0.01	0.07	1.37	(1.29)	2.58	(2.50)	7.90
RECLTD	1.74	(0.07)	0.00	(0.25)	0.00	0.00	3.11	(3.43)	9.78
IRFC	1.78	(0.09)	0.00	(0.13)	0.00	0.00	5.14	(3.66)	11.19
SBILIFE	1.11	(0.40)	0.00	(2.58)	0.00	0.00	1.59	(2.95)	8.55
RELIANCE	1.07	(0.30)	0.00	(0.75)	0.00	0.00	1.68	(2.07)	5.29

Be your own money manager

Our tools can tell you how much better you can do entering a position in Mazagon Dock 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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