Nova Fund Class Fund Market Value
| RYNHX Fund | USD 107.72 1.89 1.79% |
| Symbol | Nova |
Nova Fund '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 Nova Fund's mutual fund 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 Nova Fund.
| 05/06/2022 |
| 04/25/2024 |
If you would invest 0.00 in Nova Fund on May 6, 2022 and sell it all today you would earn a total of 0.00 from holding Nova Fund Class or generate 0.0% return on investment in Nova Fund over 720 days. Nova Fund is related to or competes with Nasdaq-100(r), Direxion Monthly, Ultranasdaq 100, Nasdaq-100(r), and Dow 2x. The fund employs as its investment strategy a program of investing in the common stock of companies that are generally w... More
Nova Fund 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 Nova Fund's mutual fund 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 Nova Fund Class upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.08 | |||
| Information Ratio | 0.0117 | |||
| Maximum Drawdown | 5.32 | |||
| Value At Risk | (1.86) | |||
| Potential Upside | 1.66 |
Nova Fund Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Nova Fund's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Nova Fund's standard deviation. In reality, there are many statistical measures that can use Nova Fund historical prices to predict the future Nova Fund's volatility.| Risk Adjusted Performance | 0.0613 | |||
| Jensen Alpha | 0.0954 | |||
| Total Risk Alpha | (0.05) | |||
| Sortino Ratio | 0.012 | |||
| Treynor Ratio | (1.52) |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Nova Fund's 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.
Nova Fund Class Backtested Returns
We consider Nova Fund very steady. Nova Fund Class has Sharpe Ratio of 0.073, which conveys that the entity had a 0.073% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Nova Fund, which you can use to evaluate the volatility of the fund. Please verify Nova Fund's Mean Deviation of 0.861, downside deviation of 1.08, and Risk Adjusted Performance of 0.0613 to check out if the risk estimate we provide is consistent with the expected return of 0.0829%. The fund secures a Beta (Market Risk) of -0.0596, which conveys not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Nova Fund are expected to decrease at a much lower rate. During the bear market, Nova Fund is likely to outperform the market.
Auto-correlation | 0.25 |
Poor predictability
Nova Fund Class has poor predictability. Overlapping area represents the amount of predictability between Nova Fund time series from 6th of May 2022 to 1st of May 2023 and 1st of May 2023 to 25th 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 Nova Fund Class price movement. The serial correlation of 0.25 indicates that over 25.0% of current Nova Fund price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.25 | |
| Spearman Rank Test | 0.01 | |
| Residual Average | 0.0 | |
| Price Variance | 91.45 |
Nova Fund Class lagged returns against current returns
Autocorrelation, which is Nova Fund mutual fund'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 Nova Fund's mutual fund expected returns. We can calculate the autocorrelation of Nova Fund returns to help us make a trade decision. For example, suppose you find that Nova Fund has exhibited high autocorrelation historically, and you observe that the mutual fund 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 |
Nova Fund 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 Nova Fund mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Nova Fund mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Nova Fund mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Nova Fund Lagged Returns
When evaluating Nova Fund's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Nova Fund mutual fund have on its future price. Nova Fund 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, Nova Fund autocorrelation shows the relationship between Nova Fund mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Nova Fund Class.
Regressed Prices |
| Timeline |
Currently Active Assets on Macroaxis
Check out Nova Fund Correlation, Nova Fund Volatility and Nova Fund Alpha and Beta module to complement your research on Nova Fund. Note that the Nova Fund Class information on this page should be used as a complementary analysis to other Nova Fund's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Nova Fund technical mutual fund analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, fund market cycles, or different charting patterns.