Covalon Technologies Stock Market Value
| COV Stock | CAD 0.97 0.13 11.82% |
| Symbol | Covalon |
Covalon Technologies Price To Book Ratio
Covalon Technologies '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 Covalon Technologies' 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 Covalon Technologies.
| 03/25/2024 |
| 04/24/2024 |
If you would invest 0.00 in Covalon Technologies on March 25, 2024 and sell it all today you would earn a total of 0.00 from holding Covalon Technologies or generate 0.0% return on investment in Covalon Technologies over 30 days. Covalon Technologies is related to or competes with Extendicare, Rogers Sugar, Chemtrade Logistics, and Exchange Income. Covalon Technologies Ltd. researches, develops, manufactures, commercializes, and licenses medical technologies and prod... More
Covalon Technologies 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 Covalon Technologies' 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 Covalon Technologies upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 6.26 | |||
| Information Ratio | 0.0322 | |||
| Maximum Drawdown | 32.19 | |||
| Value At Risk | (6.47) | |||
| Potential Upside | 9.84 |
Covalon Technologies Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Covalon Technologies' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Covalon Technologies' standard deviation. In reality, there are many statistical measures that can use Covalon Technologies historical prices to predict the future Covalon Technologies' volatility.| Risk Adjusted Performance | 0.0399 | |||
| Jensen Alpha | 0.1876 | |||
| Total Risk Alpha | (0.48) | |||
| Sortino Ratio | 0.0277 | |||
| Treynor Ratio | 0.3108 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Covalon Technologies' 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.
Covalon Technologies Backtested Returns
We consider Covalon Technologies extremely dangerous. Covalon Technologies secures Sharpe Ratio (or Efficiency) of 0.0342, which signifies that the company had a 0.0342% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for Covalon Technologies, which you can use to evaluate the volatility of the firm. Please confirm Covalon Technologies' Risk Adjusted Performance of 0.0399, downside deviation of 6.26, and Mean Deviation of 3.34 to double-check if the risk estimate we provide is consistent with the expected return of 0.19%. Covalon Technologies has a performance score of 2 on a scale of 0 to 100. The firm shows a Beta (market volatility) of 0.83, which signifies possible diversification benefits within a given portfolio. As returns on the market increase, Covalon Technologies' returns are expected to increase less than the market. However, during the bear market, the loss of holding Covalon Technologies is expected to be smaller as well. Covalon Technologies right now shows a risk of 5.47%. Please confirm Covalon Technologies value at risk and the relationship between the expected short fall and price action indicator , to decide if Covalon Technologies will be following its price patterns.
Auto-correlation | -0.73 |
Almost perfect reverse predictability
Covalon Technologies has almost perfect reverse predictability. Overlapping area represents the amount of predictability between Covalon Technologies time series from 25th of March 2024 to 9th of April 2024 and 9th of April 2024 to 24th 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 Covalon Technologies price movement. The serial correlation of -0.73 indicates that around 73.0% of current Covalon Technologies price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.73 | |
| Spearman Rank Test | -0.53 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Covalon Technologies lagged returns against current returns
Autocorrelation, which is Covalon Technologies 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 Covalon Technologies' stock expected returns. We can calculate the autocorrelation of Covalon Technologies returns to help us make a trade decision. For example, suppose you find that Covalon Technologies 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 price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Covalon Technologies 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 Covalon Technologies stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Covalon Technologies stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Covalon Technologies stock over time.
Current vs Lagged Prices |
| Timeline |
Covalon Technologies Lagged Returns
When evaluating Covalon Technologies' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Covalon Technologies stock have on its future price. Covalon Technologies 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, Covalon Technologies autocorrelation shows the relationship between Covalon Technologies stock current value and its past values and can show if there is a momentum factor associated with investing in Covalon Technologies.
Regressed Prices |
| Timeline |
Pair Trading with Covalon Technologies
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 Covalon Technologies 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 Covalon Technologies will appreciate offsetting losses from the drop in the long position's value.Moving against Covalon Stock
| 0.56 | XIM | Ximen Mining Corp | PairCorr |
The ability to find closely correlated positions to Covalon Technologies could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Covalon Technologies 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 Covalon Technologies - 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 Covalon Technologies to buy it.
The correlation of Covalon Technologies is a statistical measure of how it moves in relation to other instruments. 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 Covalon Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Covalon Technologies 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 Covalon Technologies 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 Covalon Technologies Correlation, Covalon Technologies Volatility and Covalon Technologies Alpha and Beta module to complement your research on Covalon Technologies. You can also try the Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Complementary Tools for Covalon Stock analysis
When running Covalon Technologies' price analysis, check to measure Covalon Technologies' 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 Covalon Technologies is operating at the current time. Most of Covalon Technologies' value examination focuses on studying past and present price action to predict the probability of Covalon Technologies' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Covalon Technologies' price. Additionally, you may evaluate how the addition of Covalon Technologies to your portfolios can decrease your overall portfolio volatility.
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Covalon Technologies 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.