Coastal Correlations

Stocks India . 
Stock . Coastal Limited
COASTCORP   40.10  5.10  6.22%   
A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Coastal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Coastal Limited moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
  
The ability to find closely correlated positions to Coastal could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Coastal 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 Coastal - 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 Coastal Limited to buy it.

Moving together with Coastal Stock

  0.81HDFCBANK HDFC Bank Limited SplitPairCorr
  0.73RELIANCE Reliance IndustriesPairCorr
  0.63SBIN State BankPairCorr

Related Correlations Analysis


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

21STCENMGM
+ 0.79
LAL
GSMFOILS
+ 0.75
LAL
AVONMORE
+ 0.74
LAL
AVONMORE
+ 0.7
GSMFOILS
HISARMETAL
+ 0.68
21STCENMGM
ZODIACLOTH
+ 0.66
LAL
  

High negative correlations

AVONMORE
- 0.33
ASALCBR
ASALCBR
- 0.1
LAL
ASALCBR
- 0.08
GSMFOILS
ASALCBR
- 0.06
21STCENMGM

Risk-Adjusted Indicators

There is a big difference between Coastal Stock performing well and Coastal 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 Coastal'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.

Be your own money manager

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