ECOVE Environment (Taiwan) Market Value
| 6803 Stock | TWD 281.50 4.50 1.62% |
| Symbol | ECOVE |
ECOVE Environment '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 ECOVE Environment'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 ECOVE Environment.
| 10/27/2024 |
| 11/26/2024 |
If you would invest 0.00 in ECOVE Environment on October 27, 2024 and sell it all today you would earn a total of 0.00 from holding ECOVE Environment Corp or generate 0.0% return on investment in ECOVE Environment over 30 days. ECOVE Environment is related to or competes with Cleanaway, Taiwan Secom, Sunny Friend, TTET Union, and Tehmag Foods. ECOVE Environment Corp. provides resources management services to public and private entities in China, Southeast Asia, ... More
ECOVE Environment 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 ECOVE Environment'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 ECOVE Environment Corp upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.35) | |||
| Maximum Drawdown | 2.39 | |||
| Value At Risk | (0.88) | |||
| Potential Upside | 1.02 |
ECOVE Environment Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for ECOVE Environment's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as ECOVE Environment's standard deviation. In reality, there are many statistical measures that can use ECOVE Environment historical prices to predict the future ECOVE Environment's volatility.| Risk Adjusted Performance | (0.09) | |||
| Jensen Alpha | (0.07) | |||
| Total Risk Alpha | (0.15) | |||
| Treynor Ratio | (4.33) |
ECOVE Environment Corp Backtested Returns
ECOVE Environment Corp secures Sharpe Ratio (or Efficiency) of -0.13, which denotes the company had a -0.13% return per unit of risk over the last 3 months. ECOVE Environment Corp exposes twenty-three different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm ECOVE Environment's Mean Deviation of 0.3906, coefficient of variation of (895.45), and Standard Deviation of 0.5307 to check the risk estimate we provide. The firm shows a Beta (market volatility) of 0.016, which means not very significant fluctuations relative to the market. As returns on the market increase, ECOVE Environment's returns are expected to increase less than the market. However, during the bear market, the loss of holding ECOVE Environment is expected to be smaller as well. At this point, ECOVE Environment Corp has a negative expected return of -0.0675%. Please make sure to confirm ECOVE Environment's standard deviation, total risk alpha, maximum drawdown, as well as the relationship between the jensen alpha and treynor ratio , to decide if ECOVE Environment Corp performance from the past will be repeated in the future.
Auto-correlation | -0.25 |
Weak reverse predictability
ECOVE Environment Corp has weak reverse predictability. Overlapping area represents the amount of predictability between ECOVE Environment time series from 27th of October 2024 to 11th of November 2024 and 11th of November 2024 to 26th 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 ECOVE Environment Corp price movement. The serial correlation of -0.25 indicates that over 25.0% of current ECOVE Environment price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.25 | |
| Spearman Rank Test | -0.19 | |
| Residual Average | 0.0 | |
| Price Variance | 7.07 |
ECOVE Environment Corp lagged returns against current returns
Autocorrelation, which is ECOVE Environment 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 ECOVE Environment's stock expected returns. We can calculate the autocorrelation of ECOVE Environment returns to help us make a trade decision. For example, suppose you find that ECOVE Environment 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 |
ECOVE Environment 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 ECOVE Environment stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if ECOVE Environment stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in ECOVE Environment stock over time.
Current vs Lagged Prices |
| Timeline |
ECOVE Environment Lagged Returns
When evaluating ECOVE Environment's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of ECOVE Environment stock have on its future price. ECOVE Environment 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, ECOVE Environment autocorrelation shows the relationship between ECOVE Environment stock current value and its past values and can show if there is a momentum factor associated with investing in ECOVE Environment Corp.
Regressed Prices |
| Timeline |
Pair Trading with ECOVE Environment
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 ECOVE Environment 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 ECOVE Environment will appreciate offsetting losses from the drop in the long position's value.Moving together with ECOVE Stock
Moving against ECOVE Stock
| 0.62 | 0050 | YuantaP shares Taiwan | PairCorr |
| 0.61 | 0057 | Fubon MSCI Taiwan | PairCorr |
| 0.49 | 910322 | Tingyi Holding Corp | PairCorr |
| 0.49 | 0053 | YuantaP shares Taiwan | PairCorr |
| 0.46 | 6581 | Taiwan Steel Union | PairCorr |
The ability to find closely correlated positions to ECOVE Environment could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ECOVE Environment 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 ECOVE Environment - 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 ECOVE Environment Corp to buy it.
The correlation of ECOVE Environment 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 ECOVE Environment moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ECOVE Environment Corp 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 ECOVE Environment 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 ECOVE Stock Analysis
When running ECOVE Environment's price analysis, check to measure ECOVE Environment'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 ECOVE Environment is operating at the current time. Most of ECOVE Environment's value examination focuses on studying past and present price action to predict the probability of ECOVE Environment's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move ECOVE Environment's price. Additionally, you may evaluate how the addition of ECOVE Environment to your portfolios can decrease your overall portfolio volatility.