Trican Well Service Stock Market Value
| TCW Stock | CAD 4.89 0.05 1.03% |
| Symbol | Trican |
Trican Well Service Price To Book Ratio
Trican Well '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 Trican Well'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 Trican Well.
| 06/04/2024 |
| 12/01/2024 |
If you would invest 0.00 in Trican Well on June 4, 2024 and sell it all today you would earn a total of 0.00 from holding Trican Well Service or generate 0.0% return on investment in Trican Well over 180 days. Trican Well is related to or competes with Calfrac Well, Precision Drilling, Ensign Energy, and Birchcliff Energy. Trican Well Service Ltd., an equipment services company, provides various specialized products, equipment, services, and... More
Trican Well 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 Trican Well'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 Trican Well Service upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.07) | |||
| Maximum Drawdown | 8.59 | |||
| Value At Risk | (3.39) | |||
| Potential Upside | 3.31 |
Trican Well Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Trican Well's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Trican Well's standard deviation. In reality, there are many statistical measures that can use Trican Well historical prices to predict the future Trican Well's volatility.| Risk Adjusted Performance | 0.0015 | |||
| Jensen Alpha | (0.06) | |||
| Total Risk Alpha | (0.37) | |||
| Treynor Ratio | (0.08) |
Trican Well Service Backtested Returns
As of now, Trican Stock is somewhat reliable. Trican Well Service owns Efficiency Ratio (i.e., Sharpe Ratio) of 0.0179, which indicates the firm had a 0.0179% return per unit of risk over the last 3 months. We have found twenty-three technical indicators for Trican Well Service, which you can use to evaluate the volatility of the company. Please validate Trican Well's Risk Adjusted Performance of 0.0015, coefficient of variation of (15,926), and Variance of 4.22 to confirm if the risk estimate we provide is consistent with the expected return of 0.0365%. Trican Well has a performance score of 1 on a scale of 0 to 100. The entity has a beta of 0.28, which indicates not very significant fluctuations relative to the market. As returns on the market increase, Trican Well's returns are expected to increase less than the market. However, during the bear market, the loss of holding Trican Well is expected to be smaller as well. Trican Well Service right now has a risk of 2.04%. Please validate Trican Well value at risk, as well as the relationship between the accumulation distribution and day typical price , to decide if Trican Well will be following its existing price patterns.
Auto-correlation | -0.08 |
Very weak reverse predictability
Trican Well Service has very weak reverse predictability. Overlapping area represents the amount of predictability between Trican Well time series from 4th of June 2024 to 2nd of September 2024 and 2nd of September 2024 to 1st 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 Trican Well Service price movement. The serial correlation of -0.08 indicates that barely 8.0% of current Trican Well price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.08 | |
| Spearman Rank Test | 0.12 | |
| Residual Average | 0.0 | |
| Price Variance | 0.03 |
Trican Well Service lagged returns against current returns
Autocorrelation, which is Trican Well 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 Trican Well's stock expected returns. We can calculate the autocorrelation of Trican Well returns to help us make a trade decision. For example, suppose you find that Trican Well 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 |
Trican Well 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 Trican Well stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Trican Well stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Trican Well stock over time.
Current vs Lagged Prices |
| Timeline |
Trican Well Lagged Returns
When evaluating Trican Well's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Trican Well stock have on its future price. Trican Well 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, Trican Well autocorrelation shows the relationship between Trican Well stock current value and its past values and can show if there is a momentum factor associated with investing in Trican Well Service.
Regressed Prices |
| Timeline |
Pair Trading with Trican Well
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 Trican Well 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 Trican Well will appreciate offsetting losses from the drop in the long position's value.The ability to find closely correlated positions to Trican Well could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Trican Well 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 Trican Well - 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 Trican Well Service to buy it.
The correlation of Trican Well 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 Trican Well moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Trican Well Service 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 Trican Well 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 Trican Stock
Trican Well financial ratios help investors to determine whether Trican 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 Trican with respect to the benefits of owning Trican Well security.