Onyx Healthcare (Taiwan) Market Value
| 6569 Stock | TWD 158.00 1.00 0.64% |
| Symbol | Onyx |
Onyx Healthcare '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 Onyx Healthcare'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 Onyx Healthcare.
| 12/09/2023 |
| 12/03/2024 |
If you would invest 0.00 in Onyx Healthcare on December 9, 2023 and sell it all today you would earn a total of 0.00 from holding Onyx Healthcare or generate 0.0% return on investment in Onyx Healthcare over 360 days. Onyx Healthcare is related to or competes with YuantaP Shares, YuantaP Shares, YuantaP Shares, and Fubon MSCI. Onyx Healthcare Inc., a professional medical IT company, provides medical PC solutions for the hospitalclinical IT marke... More
Onyx Healthcare 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 Onyx Healthcare'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 Onyx Healthcare upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.28) | |||
| Maximum Drawdown | 6.96 | |||
| Value At Risk | (2.82) | |||
| Potential Upside | 2.08 |
Onyx Healthcare Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Onyx Healthcare's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Onyx Healthcare's standard deviation. In reality, there are many statistical measures that can use Onyx Healthcare historical prices to predict the future Onyx Healthcare's volatility.| Risk Adjusted Performance | (0.15) | |||
| Jensen Alpha | (0.38) | |||
| Total Risk Alpha | (0.57) | |||
| Treynor Ratio | (0.72) |
Onyx Healthcare Backtested Returns
Onyx Healthcare maintains Sharpe Ratio (i.e., Efficiency) of -0.12, which implies the firm had a -0.12% return per unit of risk over the last 3 months. Onyx Healthcare exposes twenty-four different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check Onyx Healthcare's Variance of 2.58, risk adjusted performance of (0.15), and Coefficient Of Variation of (503.76) to confirm the risk estimate we provide. The company holds a Beta of 0.46, which implies possible diversification benefits within a given portfolio. As returns on the market increase, Onyx Healthcare's returns are expected to increase less than the market. However, during the bear market, the loss of holding Onyx Healthcare is expected to be smaller as well. At this point, Onyx Healthcare has a negative expected return of -0.2%. Please make sure to check Onyx Healthcare's potential upside, kurtosis, and the relationship between the value at risk and skewness , to decide if Onyx Healthcare performance from the past will be repeated at some point in the near future.
Auto-correlation | -0.52 |
Good reverse predictability
Onyx Healthcare has good reverse predictability. Overlapping area represents the amount of predictability between Onyx Healthcare time series from 9th of December 2023 to 6th of June 2024 and 6th of June 2024 to 3rd 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 Onyx Healthcare price movement. The serial correlation of -0.52 indicates that about 52.0% of current Onyx Healthcare price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.52 | |
| Spearman Rank Test | -0.26 | |
| Residual Average | 0.0 | |
| Price Variance | 356.13 |
Onyx Healthcare lagged returns against current returns
Autocorrelation, which is Onyx Healthcare 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 Onyx Healthcare's stock expected returns. We can calculate the autocorrelation of Onyx Healthcare returns to help us make a trade decision. For example, suppose you find that Onyx Healthcare 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 |
Onyx Healthcare 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 Onyx Healthcare stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Onyx Healthcare stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Onyx Healthcare stock over time.
Current vs Lagged Prices |
| Timeline |
Onyx Healthcare Lagged Returns
When evaluating Onyx Healthcare's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Onyx Healthcare stock have on its future price. Onyx Healthcare 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, Onyx Healthcare autocorrelation shows the relationship between Onyx Healthcare stock current value and its past values and can show if there is a momentum factor associated with investing in Onyx Healthcare.
Regressed Prices |
| Timeline |
Pair Trading with Onyx Healthcare
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 Onyx Healthcare 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 Onyx Healthcare will appreciate offsetting losses from the drop in the long position's value.Moving together with Onyx Stock
Moving against Onyx Stock
| 0.57 | 0057 | Fubon MSCI Taiwan | PairCorr |
| 0.56 | 0050 | YuantaP shares Taiwan | PairCorr |
| 0.44 | 0053 | YuantaP shares Taiwan | PairCorr |
| 0.35 | 8042 | Taiwan Chinsan Electronic | PairCorr |
The ability to find closely correlated positions to Onyx Healthcare could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Onyx Healthcare 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 Onyx Healthcare - 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 Onyx Healthcare to buy it.
The correlation of Onyx Healthcare 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 Onyx Healthcare moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Onyx Healthcare 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 Onyx Healthcare 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.Additional Tools for Onyx Stock Analysis
When running Onyx Healthcare's price analysis, check to measure Onyx Healthcare'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 Onyx Healthcare is operating at the current time. Most of Onyx Healthcare's value examination focuses on studying past and present price action to predict the probability of Onyx Healthcare's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Onyx Healthcare's price. Additionally, you may evaluate how the addition of Onyx Healthcare to your portfolios can decrease your overall portfolio volatility.