Steelcast Correlations

STEELCAS   1,181  5.00  0.42%   
The current 90-days correlation between Steelcast Limited and Gujarat Alkalies and is 0.28 (i.e., Modest diversification). The correlation of Steelcast 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.

Steelcast Correlation With Market

Weak diversification

The correlation between Steelcast Limited and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steelcast Limited and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Steelcast could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Steelcast 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 Steelcast - 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 Steelcast Limited to buy it.

Moving together with Steelcast Stock

  0.92SAIL Steel AuthorityPairCorr
  0.76EMBASSY-RR Embassy Office ParksPairCorr
  0.84GNFC Gujarat Narmada ValleyPairCorr
  0.87INDIAGLYCO India Glycols LimitedPairCorr
  0.92IMFA Indian Metals FerroPairCorr
  0.9MAITHANALL Maithan AlloysPairCorr
  0.7GAYAHWS Gayatri HighwaysPairCorr
  0.89DLF DLF Limited Earnings Call This WeekPairCorr

Moving against Steelcast Stock

  0.79BINANIIND Binani IndustriesPairCorr
  0.61GUJALKALI Gujarat AlkaliesPairCorr

Related Correlations Analysis

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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   
INDIAGLYCOGNFC
MAITHANALLIMFA
MAITHANALLGNFC
MAITHANALLINDIAGLYCO
MAITHANALLEMBASSY-RR
IMFAGNFC
  
High negative correlations   
GUJALKALIGNFC
GUJALKALIINDIAGLYCO
MAITHANALLGUJALKALI
IMFAGUJALKALI
GUJALKALIEMBASSY-RR
JAIBALAJINMDC

Risk-Adjusted Indicators

There is a big difference between Steelcast Stock performing well and Steelcast 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 Steelcast'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 Steelcast 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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Steelcast Corporate Management

Elected by the shareholders, the Steelcast's board of directors comprises two types of representatives: Steelcast inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Steelcast. The board's role is to monitor Steelcast's management team and ensure that shareholders' interests are well served. Steelcast's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Steelcast's outside directors are responsible for providing unbiased perspectives on the board's policies.
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