Onward Medical (Belgium) Market Value
| ONWD Stock | 4.89 0.23 4.94% |
| Symbol | Onward |
Onward Medical '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 Onward Medical'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 Onward Medical.
| 11/28/2023 |
| 12/22/2024 |
If you would invest 0.00 in Onward Medical on November 28, 2023 and sell it all today you would earn a total of 0.00 from holding Onward Medical NV or generate 0.0% return on investment in Onward Medical over 390 days.
Onward Medical 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 Onward Medical'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 Onward Medical NV upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 3.72 | |||
| Information Ratio | 0.0041 | |||
| Maximum Drawdown | 22.63 | |||
| Value At Risk | (3.12) | |||
| Potential Upside | 3.89 |
Onward Medical Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Onward Medical's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Onward Medical's standard deviation. In reality, there are many statistical measures that can use Onward Medical historical prices to predict the future Onward Medical's volatility.| Risk Adjusted Performance | 0.0193 | |||
| Jensen Alpha | 0.0092 | |||
| Total Risk Alpha | (0.05) | |||
| Sortino Ratio | 0.0032 | |||
| Treynor Ratio | 0.0303 |
Onward Medical NV Backtested Returns
Onward Medical NV maintains Sharpe Ratio (i.e., Efficiency) of -0.0051, which implies the firm had a -0.0051% return per unit of risk over the last 3 months. Onward Medical NV exposes thirty different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check Onward Medical's Coefficient Of Variation of 6614.87, semi deviation of 3.11, and Risk Adjusted Performance of 0.0193 to confirm the risk estimate we provide. The company holds a Beta of 1.13, which implies a somewhat significant risk relative to the market. Onward Medical returns are very sensitive to returns on the market. As the market goes up or down, Onward Medical is expected to follow. At this point, Onward Medical NV has a negative expected return of -0.0146%. Please make sure to check Onward Medical's maximum drawdown, potential upside, semi variance, as well as the relationship between the value at risk and downside variance , to decide if Onward Medical NV performance from the past will be repeated at some point in the near future.
Auto-correlation | -0.03 |
Very weak reverse predictability
Onward Medical NV has very weak reverse predictability. Overlapping area represents the amount of predictability between Onward Medical time series from 28th of November 2023 to 10th of June 2024 and 10th of June 2024 to 22nd 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 Onward Medical NV price movement. The serial correlation of -0.03 indicates that only 3.0% of current Onward Medical price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.03 | |
| Spearman Rank Test | -0.19 | |
| Residual Average | 0.0 | |
| Price Variance | 0.07 |
Onward Medical NV lagged returns against current returns
Autocorrelation, which is Onward Medical 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 Onward Medical's stock expected returns. We can calculate the autocorrelation of Onward Medical returns to help us make a trade decision. For example, suppose you find that Onward Medical 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 |
Onward Medical 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 Onward Medical stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Onward Medical stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Onward Medical stock over time.
Current vs Lagged Prices |
| Timeline |
Onward Medical Lagged Returns
When evaluating Onward Medical's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Onward Medical stock have on its future price. Onward Medical 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, Onward Medical autocorrelation shows the relationship between Onward Medical stock current value and its past values and can show if there is a momentum factor associated with investing in Onward Medical NV.
Regressed Prices |
| Timeline |
Pair Trading with Onward Medical
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 Onward Medical 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 Onward Medical will appreciate offsetting losses from the drop in the long position's value.Moving together with Onward Stock
| 0.71 | ABI | Anheuser Busch Inbev | PairCorr |
| 0.73 | SOLB | Solvay SA | PairCorr |
| 0.71 | GBLB | Groep Brussel Lambert | PairCorr |
Moving against Onward Stock
The ability to find closely correlated positions to Onward Medical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Onward Medical 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 Onward Medical - 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 Onward Medical NV to buy it.
The correlation of Onward Medical 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 Onward Medical moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Onward Medical NV 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 Onward Medical 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 Onward Stock Analysis
When running Onward Medical's price analysis, check to measure Onward Medical'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 Onward Medical is operating at the current time. Most of Onward Medical's value examination focuses on studying past and present price action to predict the probability of Onward Medical's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Onward Medical's price. Additionally, you may evaluate how the addition of Onward Medical to your portfolios can decrease your overall portfolio volatility.