HDFC Bank Correlations

HDB Stock

USD 36.74 1.30 3.67%

The current 90-days correlation between HDFC Bank Limited and Sumitomo Mitsui Financial is 0.09 (i.e., Significant diversification). The correlation of HDFC Bank 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.

HDFC Bank Correlation With Market

Significant diversification

The correlation between HDFC Bank Limited and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HDFC Bank Limited and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with HDFC Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in HDFC Bank Limited. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in private.

Moving together with HDFC Stock

0.71	TBCG	TBC Bank Group	Pair Corr
0.86	601818	China Everbright Bank	Pair Corr
0.83	601166	Industrial Bank	Pair Corr
0.84	600015	Hua Xia Bank	Pair Corr
0.86	601328	Bank of Communications	Pair Corr
0.65	PPERY	Bank Mandiri Persero	Pair Corr

Moving against HDFC Stock

0.91	BNS	Bank of Nova Scotia	Pair Corr
0.82	FDSB	Fifth District Bancorp,	Pair Corr
0.78	BAC	Bank of America	Pair Corr
0.78	JPM	JPMorgan Chase	Pair Corr
0.75	USB	US Bancorp	Pair Corr
0.75	MUFG	Mitsubishi UFJ Financial	Pair Corr
0.74	TD	Toronto Dominion Bank	Pair Corr
0.72	C	Citigroup	Pair Corr
0.67	FITB	Fifth Third Bancorp	Pair Corr
0.6	601288	Agricultural Bank	Pair Corr
0.58	NA	National Bank	Pair Corr
0.57	WF	Woori Financial Group Earnings Call This Week	Pair Corr
0.54	CMA	Comerica Incorporated	Pair Corr
0.37	WFC	Wells Fargo	Pair Corr
0.91	SPG	Simon Property Group	Pair Corr
0.83	PFH	Prudential Financial 4125	Pair Corr
0.83	EXPE	Expedia Group	Pair Corr
0.82	ANET	Arista Networks	Pair Corr
0.79	PTAIY	Astra International Tbk	Pair Corr
0.72	EC	Ecopetrol SA ADR	Pair Corr
0.71	ULTA	Ulta Beauty	Pair Corr
0.7	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.7	WTMAR	Welsbach Technology	Pair Corr
0.69	VIV	Telefonica Brasil	Pair Corr
0.5	SSNLF	Samsung Electronics	Pair Corr
0.5	TV	Grupo Televisa SAB Earnings Call This Week	Pair Corr
0.48	TRTX	TPG RE Finance	Pair Corr
0.35	TLK	Telkom Indonesia Tbk	Pair Corr

Related Correlations Analysis

	TFC	SMFG	DB	LYG	USB	AFL	JPM	ITUB	WFC
TFC		0.62	0.25	0.16	0.81	0.41	0.42	0.51	0.41	TFC
SMFG	0.62		0.8	0.71	0.75	0.69	0.52	0.79	0.3	SMFG
DB	0.25	0.8		0.82	0.48	0.56	0.31	0.7	-0.03	DB
LYG	0.16	0.71	0.82		0.46	0.73	0.41	0.71	0.01	LYG
USB	0.81	0.75	0.48	0.46		0.71	0.76	0.78	0.59	USB
AFL	0.41	0.69	0.56	0.73	0.71		0.72	0.79	0.35	AFL
JPM	0.42	0.52	0.31	0.41	0.76	0.72		0.68	0.7	JPM
ITUB	0.51	0.79	0.7	0.71	0.78	0.79	0.68		0.34	ITUB
WFC	0.41	0.3	-0.03	0.01	0.59	0.35	0.7	0.34		WFC
	TFC	SMFG	DB	LYG	USB	AFL	JPM	ITUB	WFC

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

LYG	+ 0.82	DB
USB	+ 0.81	TFC
DB	+ 0.8	SMFG
ITUB	+ 0.79	SMFG
ITUB	+ 0.79	AFL
ITUB	+ 0.78	USB

High negative correlations

WFC

- 0.03

Risk-Adjusted Indicators

There is a big difference between HDFC Stock performing well and HDFC Bank 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 HDFC Bank'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
TFC	1.07	(0.15)	0.00	(0.04)	0.00	0.00	2.28	(1.71)	9.19
SMFG	1.29	0.06	0.05	0.09	1.50	(1.46)	3.06	(2.15)	11.59
DB	1.24	0.14	0.07	0.26	1.51	(1.38)	2.81	(2.35)	12.67
LYG	1.10	0.07	0.04	0.14	1.44	(1.13)	2.21	(2.59)	6.80
USB	0.91	(0.05)	(0.01)	0.02	1.17	(0.95)	2.01	(1.92)	8.44
AFL	0.86	0.07	0.04	0.16	1.00	(0.92)	1.70	(1.52)	6.23
JPM	0.81	(0.01)	(0.01)	0.04	1.13	(0.80)	1.69	(1.91)	4.93
ITUB	1.22	0.08	0.05	0.12	1.48	(1.32)	2.65	(2.45)	7.89
WFC	1.21	0.02	0.02	0.06	1.60	(1.23)	2.25	(2.91)	9.99

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