Cargojet Stock Market Value
| CJT Stock | CAD 92.91 0.62 0.66% |
| Symbol | Cargojet |
Cargojet '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 Cargojet's stock 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 Cargojet.
| 06/28/2023 |
| 09/26/2023 |
If you would invest 0.00 in Cargojet on June 28, 2023 and sell it all today you would earn a total of 0.00 from holding Cargojet or generate 0.0% return on investment in Cargojet over 90 days. Cargojet is related to or competes with Andean Precious, Information Services, T2 Metals, Orbit Garant, Data Communications, Precision Drilling, and Givex Information. Cargojet Inc. provides time sensitive overnight air cargo services in Canada More
Cargojet 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 Cargojet's stock 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 Cargojet upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.009715) | |||
| Maximum Drawdown | 10.92 | |||
| Value At Risk | (2.07) | |||
| Potential Upside | 3.09 |
Cargojet Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Cargojet's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Cargojet's standard deviation. In reality, there are many statistical measures that can use Cargojet historical prices to predict the future Cargojet's volatility.| Risk Adjusted Performance | (0.001743) | |||
| Jensen Alpha | (0.030625) | |||
| Total Risk Alpha | 0.0146 | |||
| Treynor Ratio | (0.16) |
Sophisticated investors, who have witnessed many market ups and downs, frequently view the market will even out over time. This tendency of Cargojet'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 Cargojet in the context of predictive analytics.
Cargojet Backtested Returns
Cargojet secures Sharpe Ratio (or Efficiency) of -0.0134, which signifies that the company had -0.0134% of return per unit of risk over the last 3 months. Our standpoint towards foreseeing the risk of any stock is to look at both systematic and unsystematic factors of the business, including all available market data and technical indicators. Cargojet exposes fifteen different technical indicators, which can help you to evaluate volatility embedded in its stock price that cannot be diversified away. Please confirm Cargojet Standard Deviation of 1.81, risk adjusted performance of (0.001743), and Mean Deviation of 1.35 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of 0.2178, which signifies not very significant fluctuations relative to the market. As returns on the market increase, Cargojet returns are expected to increase less than the market. However, during the bear market, the loss on holding Cargojet will be expected to be smaller as well. Even though it is essential to pay attention to Cargojet historical returns, it is always good to be careful when utilizing equity current trending patterns. Our philosophy towards foreseeing any stock's future performance is to check both, its past performance charts as well as the business as a whole, including all available technical indicators. Cargojet exposes fifteen different technical indicators, which can help you to evaluate its performance. Cargojet has an expected return of -0.0243%. Please make sure to confirm Cargojet information ratio and potential upside to decide if Cargojet performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.53 |
Modest predictability
Cargojet has modest predictability. Overlapping area represents the amount of predictability between Cargojet time series from 28th of June 2023 to 12th of August 2023 and 12th of August 2023 to 26th of September 2023. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Cargojet price movement. The serial correlation of 0.53 indicates that about 53.0% of current Cargojet price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.53 | |
| Spearman Rank Test | 0.29 | |
| Residual Average | 0.0 | |
| Price Variance | 6.51 |
Cargojet lagged returns against current returns
Autocorrelation, which is Cargojet stock'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 Cargojet's stock expected returns. We can calculate the autocorrelation of Cargojet returns to help us make a trade decision. For example, suppose you find that Cargojet stock 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 |
Cargojet 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 Cargojet stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Cargojet stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Cargojet stock over time.
Current vs Lagged Prices |
| Timeline |
Cargojet Lagged Returns
When evaluating Cargojet's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Cargojet stock have on its future price. Cargojet 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, Cargojet autocorrelation shows the relationship between Cargojet stock current value and its past values and can show if there is a momentum factor associated with investing in Cargojet.
Regressed Prices |
| Timeline |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Cargojet without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Correlation AnalysisReduce portfolio risk simply by holding instruments which are not perfectly correlated |
| All Next | Launch Module |
Pair Trading with Cargojet
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Cargojet position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cargojet will appreciate offsetting losses from the drop in the long position's value.Moving against Cargojet Stock
The ability to find closely correlated positions to Cargojet could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cargojet when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Cargojet - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Cargojet to buy it.
The correlation of Cargojet is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Cargojet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cargojet moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Cargojet can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Cargojet Correlation, Cargojet Volatility and Cargojet Alpha and Beta module to complement your research on Cargojet. You can also try the Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Complementary Tools for Cargojet Stock analysis
When running Cargojet's price analysis, check to measure Cargojet'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 Cargojet is operating at the current time. Most of Cargojet's value examination focuses on studying past and present price action to predict the probability of Cargojet's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Cargojet's price. Additionally, you may evaluate how the addition of Cargojet to your portfolios can decrease your overall portfolio volatility.
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| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |
Cargojet technical stock 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, stock market cycles, or different charting patterns.