Boralex Stock Market Value
| BLX Stock | CAD 29.63 0.49 1.63% |
| Symbol | Boralex |
Boralex Price To Book Ratio
Boralex '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 Boralex'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 Boralex.
| 10/27/2024 |
| 11/26/2024 |
If you would invest 0.00 in Boralex on October 27, 2024 and sell it all today you would earn a total of 0.00 from holding Boralex or generate 0.0% return on investment in Boralex over 30 days. Boralex is related to or competes with Innergex Renewable, Northland Power, Capital Power, and Brookfield Renewable. Boralex Inc., together with its subsidiaries, develops, constructs, and operates renewable energy power facilities prima... More
Boralex 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 Boralex'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 Boralex upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.13) | |||
| Maximum Drawdown | 9.02 | |||
| Value At Risk | (3.26) | |||
| Potential Upside | 2.59 |
Boralex Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Boralex's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Boralex's standard deviation. In reality, there are many statistical measures that can use Boralex historical prices to predict the future Boralex's volatility.| Risk Adjusted Performance | (0.03) | |||
| Jensen Alpha | (0.07) | |||
| Total Risk Alpha | (0.36) | |||
| Treynor Ratio | 0.4919 |
Boralex Backtested Returns
Boralex secures Sharpe Ratio (or Efficiency) of -0.0923, which signifies that the company had a -0.0923% return per unit of risk over the last 3 months. Boralex exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Boralex's Risk Adjusted Performance of (0.03), standard deviation of 1.67, and Mean Deviation of 1.2 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of -0.2, which signifies not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Boralex are expected to decrease at a much lower rate. During the bear market, Boralex is likely to outperform the market. At this point, Boralex has a negative expected return of -0.16%. Please make sure to confirm Boralex's potential upside, as well as the relationship between the daily balance of power and price action indicator , to decide if Boralex performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.40 |
Average predictability
Boralex has average predictability. Overlapping area represents the amount of predictability between Boralex 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 Boralex price movement. The serial correlation of 0.4 indicates that just about 40.0% of current Boralex price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.4 | |
| Spearman Rank Test | 0.62 | |
| Residual Average | 0.0 | |
| Price Variance | 1.61 |
Boralex lagged returns against current returns
Autocorrelation, which is Boralex 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 Boralex's stock expected returns. We can calculate the autocorrelation of Boralex returns to help us make a trade decision. For example, suppose you find that Boralex 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 |
Boralex 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 Boralex stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Boralex stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Boralex stock over time.
Current vs Lagged Prices |
| Timeline |
Boralex Lagged Returns
When evaluating Boralex's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Boralex stock have on its future price. Boralex 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, Boralex autocorrelation shows the relationship between Boralex stock current value and its past values and can show if there is a momentum factor associated with investing in Boralex.
Regressed Prices |
| Timeline |
Pair Trading with Boralex
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 Boralex 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 Boralex will appreciate offsetting losses from the drop in the long position's value.Moving against Boralex Stock
| 0.56 | JPM | JPMorgan Chase | PairCorr |
| 0.46 | BOFA | Bank of America | PairCorr |
| 0.43 | RY-PS | Royal Bank Earnings Call Next Week | PairCorr |
| 0.41 | RY-PO | Royal Bank Earnings Call Next Week | PairCorr |
| 0.37 | RY-PM | Royal Bank Earnings Call Next Week | PairCorr |
The ability to find closely correlated positions to Boralex could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Boralex 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 Boralex - 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 Boralex to buy it.
The correlation of Boralex 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 Boralex moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Boralex 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 Boralex 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 Boralex Stock
Boralex financial ratios help investors to determine whether Boralex 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 Boralex with respect to the benefits of owning Boralex security.