Health Care Select Etf Market Value
XLV Etf | USD 144.82 0.54 0.37% |
Symbol | Health |
The market value of Health Care Select is measured differently than its book value, which is the value of Health that is recorded on the company's balance sheet. Investors also form their own opinion of Health Care's value that differs from its market value or its book value, called intrinsic value, which is Health Care's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Health Care's market value can be influenced by many factors that don't directly affect Health Care's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Health Care's value and its price as these two are different measures arrived at by different means. Investors typically determine if Health Care is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Health Care's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Health Care '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 Health Care's etf 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 Health Care.
09/25/2022 |
| 03/18/2024 |
If you would invest 0.00 in Health Care on September 25, 2022 and sell it all today you would earn a total of 0.00 from holding Health Care Select or generate 0.0% return on investment in Health Care over 540 days. Health Care is related to or competes with First Trust, Fidelity MSCI, Virtus LifeSci, VanEck Biotech, Virtus LifeSci, ProShares Ultra, and ProShares UltraShort. In seeking to track the performance of the index, the fund employs a replication strategy More
Health Care 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 Health Care's etf 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 Health Care Select upside and downside potential and time the market with a certain degree of confidence.
Downside Deviation | 0.5085 | |||
Information Ratio | 0.0035 | |||
Maximum Drawdown | 3.28 | |||
Value At Risk | (0.85) | |||
Potential Upside | 1.22 |
Health Care Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Health Care's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Health Care's standard deviation. In reality, there are many statistical measures that can use Health Care historical prices to predict the future Health Care's volatility.Risk Adjusted Performance | 0.1442 | |||
Jensen Alpha | 0.0406 | |||
Total Risk Alpha | 0.0023 | |||
Sortino Ratio | 0.0044 | |||
Treynor Ratio | 0.1892 |
Sophisticated investors, who have witnessed many market ups and downs, frequently view the market will even out over time. This tendency of Health Care'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. Please use the tools below to analyze the current value of Health Care in the context of predictive analytics.
Health Care Select Backtested Returns
We consider Health Care very steady. Health Care Select holds Efficiency (Sharpe) Ratio of 0.21, which attests that the entity had 0.21% return per unit of standard deviation over the last 3 months. Our philosophy in determining the volatility of an etf is to use all available market data together with etf-specific technical indicators that cannot be diversified away. We have found twenty-eight technical indicators for Health Care Select, which you can use to evaluate the future volatility of the entity. Please check out Health Care's risk adjusted performance of 0.1442, and Market Risk Adjusted Performance of 0.1992 to validate if the risk estimate we provide is consistent with the expected return of 0.12%. The etf retains a Market Volatility (i.e., Beta) of 0.71, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Health Care returns are expected to increase less than the market. However, during the bear market, the loss on holding Health Care will be expected to be smaller as well. Although it is important to respect Health Care Select current price history, it is better to be realistic regarding the information on the equity's current price movements.
Auto-correlation | 0.07 |
Virtually no predictability
Health Care Select has virtually no predictability. Overlapping area represents the amount of predictability between Health Care time series from 25th of September 2022 to 22nd of June 2023 and 22nd of June 2023 to 18th of March 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 Health Care Select price movement. The serial correlation of 0.07 indicates that barely 7.0% of current Health Care price fluctuation can be explain by its past prices.
Correlation Coefficient | 0.07 | |
Spearman Rank Test | -0.26 | |
Residual Average | 0.0 | |
Price Variance | 39.89 |
Health Care Select lagged returns against current returns
Autocorrelation, which is Health Care etf'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 Health Care's etf expected returns. We can calculate the autocorrelation of Health Care returns to help us make a trade decision. For example, suppose you find that Health Care etf has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the stock movement to match the lagging time series.
Current and Lagged Values |
Timeline |
Health Care 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 Health Care etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Health Care etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Health Care etf over time.
Current vs Lagged Prices |
Timeline |
Health Care Lagged Returns
When evaluating Health Care's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Health Care etf have on its future price. Health Care 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, Health Care autocorrelation shows the relationship between Health Care etf current value and its past values and can show if there is a momentum factor associated with investing in Health Care Select.
Regressed Prices |
Timeline |
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Check out Health Care Correlation, Health Care Volatility and Health Care Alpha and Beta module to complement your research on Health Care. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Complementary Tools for Health Etf analysis
When running Health Care's price analysis, check to measure Health Care's 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 Health Care is operating at the current time. Most of Health Care's value examination focuses on studying past and present price action to predict the probability of Health Care's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Health Care's price. Additionally, you may evaluate how the addition of Health Care to your portfolios can decrease your overall portfolio volatility.
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Health Care technical etf 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, etf market cycles, or different charting patterns.