Confidence Petroleum Correlations

CONFIPET

41.19 0.11 0.27%

The current 90-days correlation between Confidence Petroleum and Nippon Life India is 0.11 (i.e., Average diversification). The correlation of Confidence Petroleum 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.

Confidence Petroleum Correlation With Market

Significant diversification

The correlation between Confidence Petroleum India and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Confidence Petroleum India and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Confidence Stock

0.77	KIOCL	KIOCL Limited	Pair Corr
0.76	PANACHE	Panache Digilife	Pair Corr
0.74	NMDC	NMDC Limited	Pair Corr
0.73	TAKE	Take Solutions	Pair Corr
0.73	CARTRADE	Cartrade Tech Limited	Pair Corr
0.71	KAYNES	Kaynes Technology India	Pair Corr
0.71	CMICABLES	CMI Limited	Pair Corr
0.69	SUBROS	Subros Limited	Pair Corr
0.67	AKSHAR	Akshar Spintex	Pair Corr
0.6	AMDIND	AMD Industries	Pair Corr
0.59	AXISCADES	AXISCADES Technologies	Pair Corr
0.58	CREDITACC	CREDITACCESS GRAMEEN Earnings Call This Week	Pair Corr
0.56	V2RETAIL	V2 Retail Limited Earnings Call This Week	Pair Corr
0.55	DIGISPICE	DiGiSPICE Technologies	Pair Corr
0.52	DOMS	DOMS INDUSTRIES	Pair Corr
0.38	IOC	Indian OilLimited	Pair Corr
0.83	MARUTI	Maruti Suzuki India	Pair Corr
0.76	SIGMA	Sigma Solve Limited Split	Pair Corr
0.73	ONMOBILE	OnMobile Global	Pair Corr
0.72	KINGFA	Kingfa Science Technology	Pair Corr
0.69	SBIN	State Bank	Pair Corr
0.67	INDORAMA	Indo Rama Synthetics	Pair Corr
0.65	HINDCOPPER	Hindustan Copper	Pair Corr
0.65	ORIENTTECH	Orient Technologies	Pair Corr
0.65	CCCL	Consolidated Construction	Pair Corr
0.64	HITECH	Hi Tech Pipes	Pair Corr
0.63	PVRINOX	PVR INOX	Pair Corr
0.61	RMDRIP	RMDRIP Split	Pair Corr

Related Correlations Analysis

	DIGJAMLMTD	GUJRAFFIA	NAM-INDIA	GENCON	TIINDIA	PVRINOX	KIOCL	GLOBUSSPR	SBIN	NMDC
DIGJAMLMTD		-0.35	-0.36	0.18	0.09	0.15	0.22	-0.02	-0.14	0.34	DIGJAMLMTD
GUJRAFFIA	-0.35		0.38	-0.16	0.02	-0.05	-0.02	-0.23	0.15	-0.05	GUJRAFFIA
NAM-INDIA	-0.36	0.38		0.42	0.36	0.1	0.4	-0.41	0.8	0.39	NAM-INDIA
GENCON	0.18	-0.16	0.42		0.44	0.17	0.69	-0.35	0.62	0.75	GENCON
TIINDIA	0.09	0.02	0.36	0.44		0.71	0.64	-0.55	0.63	0.68	TIINDIA
PVRINOX	0.15	-0.05	0.1	0.17	0.71		0.71	-0.33	0.34	0.51	PVRINOX
KIOCL	0.22	-0.02	0.4	0.69	0.64	0.71		-0.38	0.58	0.75	KIOCL
GLOBUSSPR	-0.02	-0.23	-0.41	-0.35	-0.55	-0.33	-0.38		-0.56	-0.56	GLOBUSSPR
SBIN	-0.14	0.15	0.8	0.62	0.63	0.34	0.58	-0.56		0.71	SBIN
NMDC	0.34	-0.05	0.39	0.75	0.68	0.51	0.75	-0.56	0.71		NMDC
	DIGJAMLMTD	GUJRAFFIA	NAM-INDIA	GENCON	TIINDIA	PVRINOX	KIOCL	GLOBUSSPR	SBIN	NMDC

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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

SBIN	+ 0.8	NAM-INDIA
NMDC	+ 0.75	GENCON
NMDC	+ 0.75	KIOCL
PVRINOX	+ 0.71	TIINDIA
KIOCL	+ 0.71	PVRINOX
NMDC	+ 0.71	SBIN

High negative correlations

NMDC	- 0.56	GLOBUSSPR
SBIN	- 0.56	GLOBUSSPR
GLOBUSSPR	- 0.55	TIINDIA
GLOBUSSPR	- 0.41	NAM-INDIA
GLOBUSSPR	- 0.38	KIOCL
NAM-INDIA	- 0.36	DIGJAMLMTD

Risk-Adjusted Indicators

There is a big difference between Confidence Stock performing well and Confidence Petroleum 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 Confidence Petroleum'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
DIGJAMLMTD	1.86	0.00	(0.01)	0.07	1.96	(2.24)	3.81	(3.35)	9.73
GUJRAFFIA	1.93	0.17	0.06	0.72	1.88	(2.39)	3.67	(3.00)	9.57
NAM-INDIA	1.24	0.11	0.02	(0.36)	1.33	(1.38)	2.81	(2.18)	7.28
GENCON	2.22	0.23	0.04	(0.16)	2.50	(2.70)	4.97	(4.53)	14.84
TIINDIA	1.34	0.11	0.03	2.08	1.29	(1.64)	3.40	(2.60)	9.03
PVRINOX	1.16	0.18	0.08	(0.76)	1.03	(1.48)	3.09	(2.14)	7.44
KIOCL	4.02	0.92	0.21	(1.84)	3.26	(5.21)	15.48	(6.47)	29.88
GLOBUSSPR	1.54	0.16	0.03	(0.27)	2.08	(1.68)	3.37	(3.44)	13.60
SBIN	0.65	0.12	0.07	(4.15)	0.51	(0.75)	1.87	(1.12)	4.15
NMDC	1.08	0.20	0.08	(0.55)	1.17	(1.14)	2.57	(1.76)	7.09

Be your own money manager

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