Cowealth Medical (Taiwan) Market Value
| 4745 Stock | TWD 20.55 0.05 0.24% |
| Symbol | Cowealth |
Cowealth 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 Cowealth 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 Cowealth Medical.
| 06/01/2024 |
| 11/28/2024 |
If you would invest 0.00 in Cowealth Medical on June 1, 2024 and sell it all today you would earn a total of 0.00 from holding Cowealth Medical Holding or generate 0.0% return on investment in Cowealth Medical over 180 days. Cowealth Medical is related to or competes with Universal Vision, Excelsior Medical, Delta Asia, Hi Clearance, Brighten Optix, United Orthopedic, and Ok Biotech. Cowealth Medical Holding Co., Ltd. operates as a medical distribution company primarily in the diagnostic clinical labor... More
Cowealth 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 Cowealth 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 Cowealth Medical Holding upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.09) | |||
| Maximum Drawdown | 13.47 | |||
| Value At Risk | (2.62) | |||
| Potential Upside | 1.76 |
Cowealth Medical Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Cowealth Medical's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Cowealth Medical's standard deviation. In reality, there are many statistical measures that can use Cowealth Medical historical prices to predict the future Cowealth Medical's volatility.| Risk Adjusted Performance | (0.01) | |||
| Jensen Alpha | (0.10) | |||
| Total Risk Alpha | (0.39) | |||
| Treynor Ratio | (0.24) |
Cowealth Medical Holding Backtested Returns
Cowealth Medical Holding secures Sharpe Ratio (or Efficiency) of -0.0232, which signifies that the company had a -0.0232% return per unit of risk over the last 3 months. Cowealth Medical Holding exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Cowealth Medical's Mean Deviation of 1.11, standard deviation of 2.11, and Risk Adjusted Performance of (0.01) to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of 0.28, which signifies not very significant fluctuations relative to the market. As returns on the market increase, Cowealth Medical's returns are expected to increase less than the market. However, during the bear market, the loss of holding Cowealth Medical is expected to be smaller as well. At this point, Cowealth Medical Holding has a negative expected return of -0.0504%. Please make sure to confirm Cowealth Medical's total risk alpha, maximum drawdown, skewness, as well as the relationship between the treynor ratio and potential upside , to decide if Cowealth Medical Holding performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.14 |
Insignificant predictability
Cowealth Medical Holding has insignificant predictability. Overlapping area represents the amount of predictability between Cowealth Medical time series from 1st of June 2024 to 30th of August 2024 and 30th of August 2024 to 28th 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 Cowealth Medical Holding price movement. The serial correlation of 0.14 indicates that less than 14.0% of current Cowealth Medical price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.14 | |
| Spearman Rank Test | -0.02 | |
| Residual Average | 0.0 | |
| Price Variance | 1.25 |
Cowealth Medical Holding lagged returns against current returns
Autocorrelation, which is Cowealth 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 Cowealth Medical's stock expected returns. We can calculate the autocorrelation of Cowealth Medical returns to help us make a trade decision. For example, suppose you find that Cowealth 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 |
Cowealth 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 Cowealth Medical stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Cowealth Medical stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Cowealth Medical stock over time.
Current vs Lagged Prices |
| Timeline |
Cowealth Medical Lagged Returns
When evaluating Cowealth Medical's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Cowealth Medical stock have on its future price. Cowealth 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, Cowealth Medical autocorrelation shows the relationship between Cowealth Medical stock current value and its past values and can show if there is a momentum factor associated with investing in Cowealth Medical Holding.
Regressed Prices |
| Timeline |
Pair Trading with Cowealth 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 Cowealth 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 Cowealth Medical will appreciate offsetting losses from the drop in the long position's value.The ability to find closely correlated positions to Cowealth 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 Cowealth 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 Cowealth 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 Cowealth Medical Holding to buy it.
The correlation of Cowealth 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 Cowealth Medical moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cowealth Medical Holding 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 Cowealth 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 Cowealth Stock Analysis
When running Cowealth Medical's price analysis, check to measure Cowealth 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 Cowealth Medical is operating at the current time. Most of Cowealth Medical's value examination focuses on studying past and present price action to predict the probability of Cowealth 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 Cowealth Medical's price. Additionally, you may evaluate how the addition of Cowealth Medical to your portfolios can decrease your overall portfolio volatility.