Correlations Analysis
Correlation Analytics
Key Observations
- RJDG is most correlated with $NSEI (r = 0.18, β = 1.89), the closest co-mover in this set — it explains about 3% of RJDG daily moves (R² = 0.03).
- $BVSP is effectively uncorrelated (r = -0.07), the best diversifier against RJDG here.
- Across the set (all Equity Indices), average correlation to RJDG is 0.02.
- Overall, RJDG is largely idiosyncratic versus this set (avg |r| = 0.06) — its moves are mostly stock-specific.
- Versus $NSEI, Pearson r and Spearman ρ agree (0.18 vs 0.14), so the relationship is broadly linear and the β is dependable.
- RJDG and $NSEI move contemporaneously (correlation is strongest same-day) — no usable lead-lag timing within ±3 days.
- Correlation to $NSEI is stable across volatility regimes (r ≈ 0.16 calm vs 0.21 high-VIX).
| Symbol | Name | 1M | 3M | 6M | 1Y | Trend | β | R² |
|---|---|---|---|---|---|---|---|---|
| $NSEI | Nifty 50 | 0.14 | 0.13 | 0.13 | 0.14 | ≈ | 1.89 | 0.03 |
| $BSESN | BSE Sensex 30 | 0.15 | 0.14 | 0.14 | 0.14 | ≈ | 1.80 | 0.03 |
| $KS11 | KOSPI | 0.10 | 0.07 | 0.07 | 0.05 | ≈ | 0.42 | 0.01 |
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