NOVAREX CoLtd (Korea) Market Value
| 194700 Stock | KRW 7,380 90.00 1.23% |
| Symbol | NOVAREX |
NOVAREX CoLtd '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 NOVAREX CoLtd'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 NOVAREX CoLtd.
| 06/17/2024 |
| 12/14/2024 |
If you would invest 0.00 in NOVAREX CoLtd on June 17, 2024 and sell it all today you would earn a total of 0.00 from holding NOVAREX CoLtd or generate 0.0% return on investment in NOVAREX CoLtd over 180 days. NOVAREX CoLtd is related to or competes with HMCIB SPAC, Busan Industrial, UNISEM, Finebesteel, and Shinhan Inverse. NOVAREX Co., Ltd. develops and produces health functional foods and raw materials in South Korea and internationally More
NOVAREX CoLtd 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 NOVAREX CoLtd'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 NOVAREX CoLtd upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.15) | |||
| Maximum Drawdown | 25.57 | |||
| Value At Risk | (4.12) | |||
| Potential Upside | 4.44 |
NOVAREX CoLtd Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for NOVAREX CoLtd's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as NOVAREX CoLtd's standard deviation. In reality, there are many statistical measures that can use NOVAREX CoLtd historical prices to predict the future NOVAREX CoLtd's volatility.| Risk Adjusted Performance | (0.08) | |||
| Jensen Alpha | (0.43) | |||
| Total Risk Alpha | (0.83) | |||
| Treynor Ratio | (1.67) |
NOVAREX CoLtd Backtested Returns
NOVAREX CoLtd has Sharpe Ratio of -0.11, which conveys that the firm had a -0.11% return per unit of standard deviation over the last 3 months. NOVAREX CoLtd exposes twenty-three different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please verify NOVAREX CoLtd's Market Risk Adjusted Performance of (1.66), risk adjusted performance of (0.08), and Mean Deviation of 2.19 to check out the risk estimate we provide. The company secures a Beta (Market Risk) of 0.24, which conveys not very significant fluctuations relative to the market. As returns on the market increase, NOVAREX CoLtd's returns are expected to increase less than the market. However, during the bear market, the loss of holding NOVAREX CoLtd is expected to be smaller as well. At this point, NOVAREX CoLtd has a negative expected return of -0.39%. Please make sure to verify NOVAREX CoLtd's total risk alpha, maximum drawdown, potential upside, as well as the relationship between the treynor ratio and value at risk , to decide if NOVAREX CoLtd performance from the past will be repeated at some future point.
Auto-correlation | -0.06 |
Very weak reverse predictability
NOVAREX CoLtd has very weak reverse predictability. Overlapping area represents the amount of predictability between NOVAREX CoLtd time series from 17th of June 2024 to 15th of September 2024 and 15th of September 2024 to 14th of December 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 NOVAREX CoLtd price movement. The serial correlation of -0.06 indicates that barely 6.0% of current NOVAREX CoLtd price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.06 | |
| Spearman Rank Test | 0.14 | |
| Residual Average | 0.0 | |
| Price Variance | 1.9 M |
NOVAREX CoLtd lagged returns against current returns
Autocorrelation, which is NOVAREX CoLtd 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 NOVAREX CoLtd's stock expected returns. We can calculate the autocorrelation of NOVAREX CoLtd returns to help us make a trade decision. For example, suppose you find that NOVAREX CoLtd 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 |
NOVAREX CoLtd 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 NOVAREX CoLtd stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if NOVAREX CoLtd stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in NOVAREX CoLtd stock over time.
Current vs Lagged Prices |
| Timeline |
NOVAREX CoLtd Lagged Returns
When evaluating NOVAREX CoLtd's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of NOVAREX CoLtd stock have on its future price. NOVAREX CoLtd 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, NOVAREX CoLtd autocorrelation shows the relationship between NOVAREX CoLtd stock current value and its past values and can show if there is a momentum factor associated with investing in NOVAREX CoLtd.
Regressed Prices |
| Timeline |
Pair Trading with NOVAREX CoLtd
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 NOVAREX CoLtd 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 NOVAREX CoLtd will appreciate offsetting losses from the drop in the long position's value.Moving together with NOVAREX Stock
The ability to find closely correlated positions to NOVAREX CoLtd could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NOVAREX CoLtd 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 NOVAREX CoLtd - 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 NOVAREX CoLtd to buy it.
The correlation of NOVAREX CoLtd 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 NOVAREX CoLtd moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NOVAREX CoLtd 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 NOVAREX CoLtd 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.Other Information on Investing in NOVAREX Stock
NOVAREX CoLtd financial ratios help investors to determine whether NOVAREX Stock is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in NOVAREX with respect to the benefits of owning NOVAREX CoLtd security.