CHO Pharma (Taiwan) Market Value
| 6586 Stock | TWD 50.90 0.50 0.97% |
| Symbol | CHO |
Please note, there is a significant difference between CHO Pharma's value and its price as these two are different measures arrived at by different means. Investors typically determine if CHO Pharma is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, CHO Pharma's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
CHO Pharma '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 CHO Pharma'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 CHO Pharma.
| 12/13/2022 |
| 12/02/2024 |
If you would invest 0.00 in CHO Pharma on December 13, 2022 and sell it all today you would earn a total of 0.00 from holding CHO Pharma or generate 0.0% return on investment in CHO Pharma over 720 days. CHO Pharma is related to or competes with Grand Plastic, C Media, General Plastic, Cheng Mei, U Tech, Eternal Materials, and CKM Building. More
CHO Pharma 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 CHO Pharma'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 CHO Pharma upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.34) | |||
| Maximum Drawdown | 6.55 | |||
| Value At Risk | (2.27) | |||
| Potential Upside | 2.35 |
CHO Pharma Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for CHO Pharma's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as CHO Pharma's standard deviation. In reality, there are many statistical measures that can use CHO Pharma historical prices to predict the future CHO Pharma's volatility.| Risk Adjusted Performance | (0.18) | |||
| Jensen Alpha | (0.38) | |||
| Total Risk Alpha | (0.58) | |||
| Treynor Ratio | (1.16) |
CHO Pharma Backtested Returns
CHO Pharma secures Sharpe Ratio (or Efficiency) of -0.19, which signifies that the company had a -0.19% return per unit of risk over the last 3 months. CHO Pharma exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm CHO Pharma's risk adjusted performance of (0.18), and Mean Deviation of 1.06 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of 0.3, which signifies not very significant fluctuations relative to the market. As returns on the market increase, CHO Pharma's returns are expected to increase less than the market. However, during the bear market, the loss of holding CHO Pharma is expected to be smaller as well. At this point, CHO Pharma has a negative expected return of -0.26%. Please make sure to confirm CHO Pharma's jensen alpha, treynor ratio, and the relationship between the information ratio and total risk alpha , to decide if CHO Pharma performance from the past will be repeated in the future.
Auto-correlation | 0.54 |
Modest predictability
CHO Pharma has modest predictability. Overlapping area represents the amount of predictability between CHO Pharma time series from 13th of December 2022 to 8th of December 2023 and 8th of December 2023 to 2nd 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 CHO Pharma price movement. The serial correlation of 0.54 indicates that about 54.0% of current CHO Pharma price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.54 | |
| Spearman Rank Test | 0.44 | |
| Residual Average | 0.0 | |
| Price Variance | 27.52 |
CHO Pharma lagged returns against current returns
Autocorrelation, which is CHO Pharma 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 CHO Pharma's stock expected returns. We can calculate the autocorrelation of CHO Pharma returns to help us make a trade decision. For example, suppose you find that CHO Pharma 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 |
CHO Pharma 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 CHO Pharma stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if CHO Pharma stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in CHO Pharma stock over time.
Current vs Lagged Prices |
| Timeline |
CHO Pharma Lagged Returns
When evaluating CHO Pharma's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of CHO Pharma stock have on its future price. CHO Pharma 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, CHO Pharma autocorrelation shows the relationship between CHO Pharma stock current value and its past values and can show if there is a momentum factor associated with investing in CHO Pharma.
Regressed Prices |
| Timeline |
Pair Trading with CHO Pharma
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 CHO Pharma 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 CHO Pharma will appreciate offsetting losses from the drop in the long position's value.Moving together with CHO Stock
Moving against CHO Stock
| 0.87 | 9904 | Pou Chen Corp | PairCorr |
| 0.85 | 2881A | Fubon Financial Holding | PairCorr |
| 0.84 | 2882B | Cathay Financial Holding | PairCorr |
| 0.83 | 2881B | Fubon Financial Holding | PairCorr |
| 0.67 | 2317 | Hon Hai Precision | PairCorr |
The ability to find closely correlated positions to CHO Pharma could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CHO Pharma 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 CHO Pharma - 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 CHO Pharma to buy it.
The correlation of CHO Pharma 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 CHO Pharma moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if CHO Pharma 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 CHO Pharma 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 CHO Stock Analysis
When running CHO Pharma's price analysis, check to measure CHO Pharma'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 CHO Pharma is operating at the current time. Most of CHO Pharma's value examination focuses on studying past and present price action to predict the probability of CHO Pharma's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move CHO Pharma's price. Additionally, you may evaluate how the addition of CHO Pharma to your portfolios can decrease your overall portfolio volatility.