Covalon Technologies Stock Market Value
| COV Stock | CAD 3.65 0.05 1.35% |
| 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.
| 06/03/2024 |
| 11/30/2024 |
If you would invest 0.00 in Covalon Technologies on June 3, 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 180 days. Covalon Technologies is related to or competes with Biosyent, and Microbix Biosystems. 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 | 2.71 | |||
| Information Ratio | 0.0354 | |||
| Maximum Drawdown | 15.59 | |||
| Value At Risk | (3.30) | |||
| Potential Upside | 6.3 |
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 | 0.0706 | |||
| Jensen Alpha | 0.3145 | |||
| Total Risk Alpha | (0.26) | |||
| Sortino Ratio | 0.0382 | |||
| Treynor Ratio | (0.35) |
Covalon Technologies Backtested Returns
Covalon Technologies appears to be relatively risky, given 3 months investment horizon. Covalon Technologies secures Sharpe Ratio (or Efficiency) of 0.1, which signifies that the company had a 0.1% 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 makes use of Covalon Technologies' Mean Deviation of 2.04, downside deviation of 2.71, and Risk Adjusted Performance of 0.0706 to double-check if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Covalon Technologies holds a performance score of 8. The firm shows a Beta (market volatility) of -0.66, which signifies possible diversification benefits within a given portfolio. As returns on the market increase, returns on owning Covalon Technologies are expected to decrease at a much lower rate. During the bear market, Covalon Technologies is likely to outperform the market. Please check Covalon Technologies' expected short fall, and the relationship between the value at risk and daily balance of power , to make a quick decision on whether Covalon Technologies' price patterns will revert.
Auto-correlation | 0.73 |
Good predictability
Covalon Technologies has good predictability. Overlapping area represents the amount of predictability between Covalon Technologies time series from 3rd of June 2024 to 1st of September 2024 and 1st of September 2024 to 30th 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 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 | 0.64 | |
| Residual Average | 0.0 | |
| Price Variance | 0.07 |
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 |
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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 |
Thematic Opportunities
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Additional 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.