Nova Technology (Taiwan) Market Value
| 6613 Stock | 187.50 1.00 0.54% |
| Symbol | Nova |
Nova Technology '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 Nova Technology'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 Nova Technology.
| 09/30/2024 |
| 11/29/2024 |
If you would invest 0.00 in Nova Technology on September 30, 2024 and sell it all today you would earn a total of 0.00 from holding Nova Technology or generate 0.0% return on investment in Nova Technology over 60 days. Nova Technology is related to or competes with Golden Friends, Sunonwealth Electric, Rechi Precision, Fittech, C Sun, Symtek Automation, and Kenmec Mechanical. More
Nova Technology 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 Nova Technology'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 Nova Technology upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.79 | |||
| Information Ratio | 0.1106 | |||
| Maximum Drawdown | 10.63 | |||
| Value At Risk | (1.96) | |||
| Potential Upside | 3.62 |
Nova Technology Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Nova Technology's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Nova Technology's standard deviation. In reality, there are many statistical measures that can use Nova Technology historical prices to predict the future Nova Technology's volatility.| Risk Adjusted Performance | 0.1398 | |||
| Jensen Alpha | 0.2888 | |||
| Total Risk Alpha | 0.037 | |||
| Sortino Ratio | 0.1214 | |||
| Treynor Ratio | 0.8811 |
Nova Technology Backtested Returns
Nova Technology appears to be very steady, given 3 months investment horizon. Nova Technology has Sharpe Ratio of 0.18, which conveys that the firm had a 0.18% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for Nova Technology, which you can use to evaluate the volatility of the firm. Please exercise Nova Technology's Downside Deviation of 1.79, risk adjusted performance of 0.1398, and Mean Deviation of 1.42 to check out if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Nova Technology holds a performance score of 14. The company secures a Beta (Market Risk) of 0.38, which conveys possible diversification benefits within a given portfolio. As returns on the market increase, Nova Technology's returns are expected to increase less than the market. However, during the bear market, the loss of holding Nova Technology is expected to be smaller as well. Please check Nova Technology's jensen alpha, sortino ratio, maximum drawdown, as well as the relationship between the total risk alpha and treynor ratio , to make a quick decision on whether Nova Technology's current price movements will revert.
Auto-correlation | 0.26 |
Poor predictability
Nova Technology has poor predictability. Overlapping area represents the amount of predictability between Nova Technology time series from 30th of September 2024 to 30th of October 2024 and 30th of October 2024 to 29th of November 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 Nova Technology price movement. The serial correlation of 0.26 indicates that nearly 26.0% of current Nova Technology price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.26 | |
| Spearman Rank Test | 0.38 | |
| Residual Average | 0.0 | |
| Price Variance | 13.52 |
Nova Technology lagged returns against current returns
Autocorrelation, which is Nova Technology 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 Nova Technology's stock expected returns. We can calculate the autocorrelation of Nova Technology returns to help us make a trade decision. For example, suppose you find that Nova Technology 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 |
Nova Technology 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 Nova Technology stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Nova Technology stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Nova Technology stock over time.
Current vs Lagged Prices |
| Timeline |
Nova Technology Lagged Returns
When evaluating Nova Technology's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Nova Technology stock have on its future price. Nova Technology 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, Nova Technology autocorrelation shows the relationship between Nova Technology stock current value and its past values and can show if there is a momentum factor associated with investing in Nova Technology.
Regressed Prices |
| Timeline |
Pair Trading with Nova Technology
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 Nova Technology 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 Nova Technology will appreciate offsetting losses from the drop in the long position's value.Moving together with Nova Stock
Moving against Nova Stock
The ability to find closely correlated positions to Nova Technology could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nova Technology 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 Nova Technology - 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 Nova Technology to buy it.
The correlation of Nova Technology 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 Nova Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nova Technology 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 Nova Technology 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 Nova Stock Analysis
When running Nova Technology's price analysis, check to measure Nova Technology'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 Nova Technology is operating at the current time. Most of Nova Technology's value examination focuses on studying past and present price action to predict the probability of Nova Technology's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Nova Technology's price. Additionally, you may evaluate how the addition of Nova Technology to your portfolios can decrease your overall portfolio volatility.