Macroaxis considers Red Hat to be not too risky. Red Hat
maintains Sharpe Ratio (i.e. Efficiency) of -0.1926 which implies Red Hat
had -0.1926% of return per unit of risk over the last 1 month. Macroaxis philosophy towards forecasting risk of any stock is to look at both systematic and un-systematic factors of the business, including all available market data and technical indicators
. Red Hat exposes twenty-one different technical indicators
which can help you to evaluate volatility that cannot be diversified away. Please be advised to check Red Hat Coefficient Of Variation
of 566.40 and Risk Adjusted Performance of 0.01 to confirm risk estimate we provide. Macroaxis gives Red Hat performance score of 0 on a scale of 0 to 100. The organization holds Beta of 0.0 which implies the returns on MARKET and Red Hat are completely uncorrelated. Even though it is essential to pay attention to Red Hat current trending patterns, it is always good to be careful when utilizing equity existing price patterns. Macroaxis philosophy towards forecasting future performance of any stock is to check both, its past performance charts as well as the business as a whole, including all available technical indicators. Red Hat exposes twenty-one different technical indicators which can help you to evaluate its performance. Red Hat has expected return of -0.6815%. Please be advised to check Red Hat Semi Deviation, Jensen Alpha as well as the relationship between Jensen Alpha and Semi Variance to decide if Red Hat past performance will be repeated at some point in the near future.
|15 days auto-correlation||(0.43) |
Modest reverse predictability
Red Hat has modest reverse predictability. Overlapping area represents the amount of predictability between Red Hat time series from May 25, 2018 to June 9, 2018 and June 9, 2018 to June 24, 2018. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Red Hat price movement. The serial correlation of -0.43 indicates that just about 43.0% of current Red Hat price fluctuation can be explain by its past prices. Given that Red Hat has negative autocorrelation for selected time horizon, investors may consider taking a contrarian position regarding future price movement of Red Hat for similar time interval.
|Correlation Coefficient|| -0.43|
|Spearman Rank Test|| -0.27|
|Price Variance|| 91.37|
|Lagged Price Variance|| 12.92|