Choil Aluminum (Korea) Market Value
| 018470 Stock | 1,499 1.00 0.07% |
| Symbol | Choil |
Choil Aluminum '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 Choil Aluminum'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 Choil Aluminum.
| 12/03/2022 |
| 11/22/2024 |
If you would invest 0.00 in Choil Aluminum on December 3, 2022 and sell it all today you would earn a total of 0.00 from holding Choil Aluminum or generate 0.0% return on investment in Choil Aluminum over 720 days. Choil Aluminum is related to or competes with Busan Industrial, UNISEM, Finebesteel, Fine Besteel, Hyundai Heavy, and Hanwha Aerospace. More
Choil Aluminum 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 Choil Aluminum'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 Choil Aluminum upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.12) | |||
| Maximum Drawdown | 11.11 | |||
| Value At Risk | (3.80) | |||
| Potential Upside | 4.71 |
Choil Aluminum Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Choil Aluminum's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Choil Aluminum's standard deviation. In reality, there are many statistical measures that can use Choil Aluminum historical prices to predict the future Choil Aluminum's volatility.| Risk Adjusted Performance | (0.05) | |||
| Jensen Alpha | (0.15) | |||
| Total Risk Alpha | (0.48) | |||
| Treynor Ratio | 0.5356 |
Choil Aluminum Backtested Returns
Choil Aluminum secures Sharpe Ratio (or Efficiency) of -0.0882, which signifies that the company had a -0.0882% return per unit of risk over the last 3 months. Choil Aluminum exposes twenty-three different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Choil Aluminum's Risk Adjusted Performance of (0.05), mean deviation of 1.71, and Standard Deviation of 2.32 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of -0.33, which signifies possible diversification benefits within a given portfolio. As returns on the market increase, returns on owning Choil Aluminum are expected to decrease at a much lower rate. During the bear market, Choil Aluminum is likely to outperform the market. At this point, Choil Aluminum has a negative expected return of -0.2%. Please make sure to confirm Choil Aluminum's standard deviation, total risk alpha, maximum drawdown, as well as the relationship between the jensen alpha and treynor ratio , to decide if Choil Aluminum performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.35 |
Below average predictability
Choil Aluminum has below average predictability. Overlapping area represents the amount of predictability between Choil Aluminum time series from 3rd of December 2022 to 28th of November 2023 and 28th of November 2023 to 22nd 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 Choil Aluminum price movement. The serial correlation of 0.35 indicates that nearly 35.0% of current Choil Aluminum price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.35 | |
| Spearman Rank Test | -0.03 | |
| Residual Average | 0.0 | |
| Price Variance | 60.2 K |
Choil Aluminum lagged returns against current returns
Autocorrelation, which is Choil Aluminum 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 Choil Aluminum's stock expected returns. We can calculate the autocorrelation of Choil Aluminum returns to help us make a trade decision. For example, suppose you find that Choil Aluminum 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 |
Choil Aluminum 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 Choil Aluminum stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Choil Aluminum stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Choil Aluminum stock over time.
Current vs Lagged Prices |
| Timeline |
Choil Aluminum Lagged Returns
When evaluating Choil Aluminum's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Choil Aluminum stock have on its future price. Choil Aluminum 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, Choil Aluminum autocorrelation shows the relationship between Choil Aluminum stock current value and its past values and can show if there is a momentum factor associated with investing in Choil Aluminum.
Regressed Prices |
| Timeline |
Pair Trading with Choil Aluminum
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 Choil Aluminum 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 Choil Aluminum will appreciate offsetting losses from the drop in the long position's value.The ability to find closely correlated positions to Choil Aluminum could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Choil Aluminum 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 Choil Aluminum - 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 Choil Aluminum to buy it.
The correlation of Choil Aluminum 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 Choil Aluminum moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Choil Aluminum 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 Choil Aluminum 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 Choil Stock
Choil Aluminum financial ratios help investors to determine whether Choil 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 Choil with respect to the benefits of owning Choil Aluminum security.