Pakistan State Correlations

PSO Stock

241.68 4.66 1.97%

The current 90-days correlation between Pakistan State Oil and Air Link Communication is 0.05 (i.e., Significant diversification). The correlation of Pakistan State 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Pakistan State Correlation With Market

Good diversification

The correlation between Pakistan State Oil and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pakistan State Oil and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Pakistan Stock

0.95	OGDC	Oil and Gas	Pair Corr
0.93	INDU	Indus Motor	Pair Corr
0.97	PPL	Pakistan Petroleum	Pair Corr
0.91	NML	Nishat Mills	Pair Corr

Moving against Pakistan Stock

0.43	ENGRO	Engro	Pair Corr
0.39	NRL	National Refinery	Pair Corr

Related Correlations Analysis

	AIRLINK	UNITY	TPLI	PSYL	ATIL	SHNI	JSGBETF
AIRLINK		-0.5	-0.04	-0.47	-0.01	0.25	-0.47	AIRLINK
UNITY	-0.5		0.68	0.9	-0.33	0.04	0.04	UNITY
TPLI	-0.04	0.68		0.69	-0.51	0.0	-0.2	TPLI
PSYL	-0.47	0.9	0.69		-0.46	-0.18	0.14	PSYL
ATIL	-0.01	-0.33	-0.51	-0.46		0.55	0.34	ATIL
SHNI	0.25	0.04	0.0	-0.18	0.55		-0.31	SHNI
JSGBETF	-0.47	0.04	-0.2	0.14	0.34	-0.31		JSGBETF
	AIRLINK	UNITY	TPLI	PSYL	ATIL	SHNI	JSGBETF

Click cells to compare fundamentals

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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

PSYL	+ 0.9	UNITY
PSYL	+ 0.69	TPLI
TPLI	+ 0.68	UNITY
SHNI	+ 0.55	ATIL
JSGBETF	+ 0.34	ATIL
SHNI	+ 0.25	AIRLINK

High negative correlations

ATIL	- 0.51	TPLI
UNITY	- 0.5	AIRLINK
JSGBETF	- 0.47	AIRLINK
PSYL	- 0.47	AIRLINK
ATIL	- 0.46	PSYL
ATIL	- 0.33	UNITY

Risk-Adjusted Indicators

There is a big difference between Pakistan Stock performing well and Pakistan State 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 Pakistan State'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
AIRLINK	2.19	0.38	0.13	(6.80)	2.21	(2.50)	6.41	(3.64)	16.25
UNITY	1.22	(0.19)	0.00	1.65	0.00	0.00	3.40	(2.39)	11.09
TPLI	2.40	(0.09)	0.00	1.27	0.00	0.00	4.09	(5.79)	15.47
PSYL	2.36	(0.42)	0.00	(1.28)	0.00	0.00	5.56	(4.32)	17.01
ATIL	1.07	0.23	0.12	(2.61)	0.96	(1.31)	3.02	(2.17)	7.31
SHNI	2.22	0.30	0.08	(1.67)	2.27	(3.12)	5.26	(3.89)	13.26
JSGBETF	1.56	(0.02)	0.00	(0.07)	0.00	0.00	3.18	(2.45)	22.72

Be your own money manager

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