Canex Metals Stock Market Value
NOMNF Stock | USD 0.07 0.01 14.84% |
Symbol | CANEX |
CANEX Metals 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to CANEX Metals' pink sheet what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of CANEX Metals.
03/20/2024 |
| 04/19/2024 |
If you would invest 0.00 in CANEX Metals on March 20, 2024 and sell it all today you would earn a total of 0.00 from holding CANEX Metals or generate 0.0% return on investment in CANEX Metals over 30 days. CANEX Metals is related to or competes with Osisko Mining, Almadex Minerals, Galiano Gold, and US Gold. CANEX Metals Inc. engages in the acquisition, exploration, and development of mineral properties More
CANEX Metals Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure CANEX Metals' pink sheet current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess CANEX Metals upside and downside potential and time the market with a certain degree of confidence.
Information Ratio | 0.1447 | |||
Maximum Drawdown | 76.33 | |||
Potential Upside | 21.95 |
CANEX Metals Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for CANEX Metals' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as CANEX Metals' standard deviation. In reality, there are many statistical measures that can use CANEX Metals historical prices to predict the future CANEX Metals' volatility.Risk Adjusted Performance | 0.1021 | |||
Jensen Alpha | 2.3 | |||
Total Risk Alpha | 0.7466 | |||
Treynor Ratio | (0.48) |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of CANEX Metals' price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
CANEX Metals Backtested Returns
CANEX Metals is out of control given 3 months investment horizon. CANEX Metals secures Sharpe Ratio (or Efficiency) of 0.15, which signifies that the company had a 0.15% return per unit of risk over the last 3 months. We were able to interpolate twenty different technical indicators, which can help you to evaluate if expected returns of 2.2% are justified by taking the suggested risk. Use CANEX Metals Variance of 190.05, mean deviation of 5.68, and Coefficient Of Variation of 668.08 to evaluate company specific risk that cannot be diversified away. CANEX Metals holds a performance score of 12 on a scale of zero to a hundred. The firm shows a Beta (market volatility) of -4.24, which signifies a somewhat significant risk relative to the market. As returns on the market increase, returns on owning CANEX Metals are expected to decrease by larger amounts. On the other hand, during market turmoil, CANEX Metals is expected to outperform it. Use CANEX Metals information ratio, skewness, as well as the relationship between the Skewness and day median price , to analyze future returns on CANEX Metals.
Auto-correlation | -0.17 |
Insignificant reverse predictability
CANEX Metals has insignificant reverse predictability. Overlapping area represents the amount of predictability between CANEX Metals time series from 20th of March 2024 to 4th of April 2024 and 4th of April 2024 to 19th of April 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of CANEX Metals price movement. The serial correlation of -0.17 indicates that over 17.0% of current CANEX Metals price fluctuation can be explain by its past prices.
Correlation Coefficient | -0.17 | |
Spearman Rank Test | 0.5 | |
Residual Average | 0.0 | |
Price Variance | 0.0 |
CANEX Metals lagged returns against current returns
Autocorrelation, which is CANEX Metals pink sheet's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting CANEX Metals' pink sheet expected returns. We can calculate the autocorrelation of CANEX Metals returns to help us make a trade decision. For example, suppose you find that CANEX Metals has exhibited high autocorrelation historically, and you observe that the pink sheet is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
Timeline |
CANEX Metals regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If CANEX Metals pink sheet is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if CANEX Metals pink sheet is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in CANEX Metals pink sheet over time.
Current vs Lagged Prices |
Timeline |
CANEX Metals Lagged Returns
When evaluating CANEX Metals' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of CANEX Metals pink sheet have on its future price. CANEX Metals autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, CANEX Metals autocorrelation shows the relationship between CANEX Metals pink sheet current value and its past values and can show if there is a momentum factor associated with investing in CANEX Metals.
Regressed Prices |
Timeline |
Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. Unlike more traditional methods such as technical analysis, investor sentiment usually refers to the aggregate attitude towards CANEX Metals in the overall investment community. So, suppose investors can accurately measure the market's sentiment. In that case, they can use it for their benefit. For example, some tools to gauge market sentiment could be utilized using contrarian indexes, CANEX Metals' short interest history, or implied volatility extrapolated from CANEX Metals options trading.
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Complementary Tools for CANEX Pink Sheet analysis
When running CANEX Metals' price analysis, check to measure CANEX Metals' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy CANEX Metals is operating at the current time. Most of CANEX Metals' value examination focuses on studying past and present price action to predict the probability of CANEX Metals' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move CANEX Metals' price. Additionally, you may evaluate how the addition of CANEX Metals to your portfolios can decrease your overall portfolio volatility.
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