Algoma Central Stock Market Value
| ALC Stock | CAD 15.07 0.10 0.66% |
| Symbol | Algoma |
Algoma Central Price To Book Ratio
Algoma Central '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 Algoma Central'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 Algoma Central.
| 08/28/2024 |
| 11/26/2024 |
If you would invest 0.00 in Algoma Central on August 28, 2024 and sell it all today you would earn a total of 0.00 from holding Algoma Central or generate 0.0% return on investment in Algoma Central over 90 days. Algoma Central is related to or competes with Ritchie Bros, Winpak, North West, and Altus Group. Algoma Central Corporation owns and operates a fleet of dry and liquid bulk carriers on the Great Lakes - St More
Algoma Central 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 Algoma Central'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 Algoma Central upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.9507 | |||
| Information Ratio | (0.04) | |||
| Maximum Drawdown | 6.19 | |||
| Value At Risk | (1.45) | |||
| Potential Upside | 1.49 |
Algoma Central Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Algoma Central's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Algoma Central's standard deviation. In reality, there are many statistical measures that can use Algoma Central historical prices to predict the future Algoma Central's volatility.| Risk Adjusted Performance | 0.0647 | |||
| Jensen Alpha | 0.0721 | |||
| Total Risk Alpha | (0.09) | |||
| Sortino Ratio | (0.04) | |||
| Treynor Ratio | 1.59 |
Algoma Central Backtested Returns
As of now, Algoma Stock is very steady. Algoma Central secures Sharpe Ratio (or Efficiency) of 0.0689, which signifies that the company had a 0.0689% return per unit of standard deviation over the last 3 months. We have found twenty-eight technical indicators for Algoma Central, which you can use to evaluate the volatility of the firm. Please confirm Algoma Central's mean deviation of 0.7768, and Risk Adjusted Performance of 0.0647 to double-check if the risk estimate we provide is consistent with the expected return of 0.0759%. Algoma Central has a performance score of 5 on a scale of 0 to 100. The firm shows a Beta (market volatility) of 0.049, which signifies not very significant fluctuations relative to the market. As returns on the market increase, Algoma Central's returns are expected to increase less than the market. However, during the bear market, the loss of holding Algoma Central is expected to be smaller as well. Algoma Central right now shows a risk of 1.1%. Please confirm Algoma Central coefficient of variation, maximum drawdown, skewness, as well as the relationship between the total risk alpha and downside variance , to decide if Algoma Central will be following its price patterns.
Auto-correlation | -0.17 |
Insignificant reverse predictability
Algoma Central has insignificant reverse predictability. Overlapping area represents the amount of predictability between Algoma Central time series from 28th of August 2024 to 12th of October 2024 and 12th of October 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 Algoma Central price movement. The serial correlation of -0.17 indicates that over 17.0% of current Algoma Central price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.17 | |
| Spearman Rank Test | -0.14 | |
| Residual Average | 0.0 | |
| Price Variance | 0.02 |
Algoma Central lagged returns against current returns
Autocorrelation, which is Algoma Central 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 Algoma Central's stock expected returns. We can calculate the autocorrelation of Algoma Central returns to help us make a trade decision. For example, suppose you find that Algoma Central 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 |
Algoma Central 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 Algoma Central stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Algoma Central stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Algoma Central stock over time.
Current vs Lagged Prices |
| Timeline |
Algoma Central Lagged Returns
When evaluating Algoma Central's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Algoma Central stock have on its future price. Algoma Central 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, Algoma Central autocorrelation shows the relationship between Algoma Central stock current value and its past values and can show if there is a momentum factor associated with investing in Algoma Central.
Regressed Prices |
| Timeline |
Pair Trading with Algoma Central
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 Algoma Central 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 Algoma Central will appreciate offsetting losses from the drop in the long position's value.The ability to find closely correlated positions to Algoma Central could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Algoma Central 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 Algoma Central - 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 Algoma Central to buy it.
The correlation of Algoma Central 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 Algoma Central moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Algoma Central 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 Algoma Central 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 Algoma Stock
Algoma Central financial ratios help investors to determine whether Algoma 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 Algoma with respect to the benefits of owning Algoma Central security.