Naga Dhunseri Correlations

NDGL Stock

4,643 97.50 2.06%

The current 90-days correlation between Naga Dhunseri Group and Tata Consultancy Services is -0.19 (i.e., Good diversification). The correlation of Naga Dhunseri 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.

Naga Dhunseri Correlation With Market

Significant diversification

The correlation between Naga Dhunseri Group and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Naga Dhunseri Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Naga Stock

0.64	RELIANCE	Reliance Industries Split	Pair Corr
0.62	QUESS	Quess Corp Limited	Pair Corr
0.51	SIS	SIS LIMITED	Pair Corr
0.36	TCS	Tata Consultancy Services	Pair Corr
0.31	ICICIBANK	ICICI Bank Limited	Pair Corr
0.34	HISARMETAL	Hisar Metal Industries	Pair Corr
0.32	VEDL	Vedanta Limited	Pair Corr

Related Correlations Analysis

	TCS	QUESS	RELIANCE	INFY	SIS	WIPRO	SBIN
TCS		0.1	0.03	0.72	-0.12	0.08	0.49	TCS
QUESS	0.1		0.86	-0.01	0.81	-0.33	-0.33	QUESS
RELIANCE	0.03	0.86		-0.1	0.91	-0.4	-0.47	RELIANCE
INFY	0.72	-0.01	-0.1		-0.2	0.07	0.22	INFY
SIS	-0.12	0.81	0.91	-0.2		-0.38	-0.46	SIS
WIPRO	0.08	-0.33	-0.4	0.07	-0.38		0.22	WIPRO
SBIN	0.49	-0.33	-0.47	0.22	-0.46	0.22		SBIN
	TCS	QUESS	RELIANCE	INFY	SIS	WIPRO	SBIN

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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

SIS	+ 0.91	RELIANCE
RELIANCE	+ 0.86	QUESS
SIS	+ 0.81	QUESS
INFY	+ 0.72	TCS
SBIN	+ 0.49	TCS
SBIN	+ 0.22	INFY

High negative correlations

SBIN	- 0.47	RELIANCE
SBIN	- 0.46	SIS
WIPRO	- 0.4	RELIANCE
WIPRO	- 0.38	SIS
SBIN	- 0.33	QUESS
WIPRO	- 0.33	QUESS

Risk-Adjusted Indicators

There is a big difference between Naga Stock performing well and Naga Dhunseri 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 Naga Dhunseri'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
TCS	0.86	(0.06)	0.00	(0.06)	0.00	0.00	1.66	(2.02)	7.29
QUESS	1.79	(0.39)	0.00	6.22	0.00	0.00	3.36	(4.05)	11.45
RELIANCE	1.06	(0.31)	0.00	(0.76)	0.00	0.00	1.68	(2.07)	5.51
INFY	1.00	0.03	0.00	(0.53)	1.60	(0.88)	2.27	(2.49)	7.42
SIS	1.01	(0.17)	0.00	1.51	0.00	0.00	2.33	(2.15)	6.36
WIPRO	3.51	0.98	0.10	(2.00)	7.29	(3.93)	3.61	(2.41)	150.80
SBIN	1.18	0.04	0.02	0.11	1.38	(1.28)	2.58	(2.50)	7.90

Be your own money manager

Our tools can tell you how much better you can do entering a position in Naga Dhunseri 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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