Bodal Chemicals Correlations

BODALCHEM

75.30 1.53 1.99%

The current 90-days correlation between Bodal Chemicals and Sarveshwar Foods Limited is 0.57 (i.e., Very weak 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

Average diversification

The correlation between Bodal Chemicals Limited and DJI is 0.19 (i.e., Average 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

0.88	NMDC	NMDC Limited	Pair Corr
0.79	SAIL	Steel Authority	Pair Corr
0.67	EMBASSY-RR	Embassy Office Parks	Pair Corr
0.82	GNFC	Gujarat Narmada Valley	Pair Corr
0.87	INDIAGLYCO	India Glycols Limited	Pair Corr
0.73	MAITHANALL	Maithan Alloys	Pair Corr
0.64	YESBANK	Yes Bank Limited	Pair Corr
0.7	IOC	Indian OilLimited	Pair Corr
0.85	SUZLON	Suzlon Energy Limited	Pair Corr
0.77	AUTOAXLES	Automotive Axles	Pair Corr
0.83	GREENPANEL	Greenpanel Industries	Pair Corr

Moving against Bodal Stock

0.43

JAIBALAJI

Jai Balaji Industries

Pair Corr

Related Correlations Analysis

	LTFOODS	LICI	MAHABANK	SARVESHWAR	MFSL	PFS	ABDL	IDBI
LTFOODS		0.84	0.84	0.64	0.72	0.77	0.78	0.78	LTFOODS
LICI	0.84		0.63	0.79	0.9	0.91	0.89	0.93	LICI
MAHABANK	0.84	0.63		0.41	0.51	0.55	0.55	0.56	MAHABANK
SARVESHWAR	0.64	0.79	0.41		0.63	0.74	0.76	0.85	SARVESHWAR
MFSL	0.72	0.9	0.51	0.63		0.87	0.91	0.82	MFSL
PFS	0.77	0.91	0.55	0.74	0.87		0.89	0.85	PFS
ABDL	0.78	0.89	0.55	0.76	0.91	0.89		0.85	ABDL
IDBI	0.78	0.93	0.56	0.85	0.82	0.85	0.85		IDBI
	LTFOODS	LICI	MAHABANK	SARVESHWAR	MFSL	PFS	ABDL	IDBI

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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
LTFOODS	2.39	0.47	0.15	1.81	2.30	(2.72)	5.53	(4.51)	16.56
LICI	1.21	0.25	0.10	1.59	1.38	(1.32)	2.29	(2.84)	10.31
MAHABANK	1.72	0.32	0.12	4.14	1.70	(2.23)	5.17	(3.34)	9.88
SARVESHWAR	1.60	0.18	0.05	101.93	1.44	(2.07)	4.25	(2.76)	11.53
MFSL	0.97	0.57	0.45	14.83	0.27	(1.26)	2.84	(1.35)	5.37
PFS	1.84	0.40	0.17	1.92	1.61	(2.16)	4.90	(3.36)	11.03
ABDL	2.02	0.52	0.20	8.16	1.80	(2.38)	4.88	(2.75)	12.93
IDBI	1.92	0.44	0.15	1.35	2.04	(2.16)	4.66	(3.80)	10.17

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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