Evolve Automobile Innovation Etf Market Value
| CARS Etf | CAD 20.26 0.02 0.1% |
| Symbol | Evolve |
Evolve Automobile '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 Evolve Automobile's etf 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 Evolve Automobile.
| 05/08/2023 |
| 11/28/2024 |
If you would invest 0.00 in Evolve Automobile on May 8, 2023 and sell it all today you would earn a total of 0.00 from holding Evolve Automobile Innovation or generate 0.0% return on investment in Evolve Automobile over 570 days. Evolve Automobile is related to or competes with Evolve Cyber, Evolve E, Evolve Innovation, Harvest Clean, and Blockchain Technologies. CARS seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactiv... More
Evolve Automobile 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 Evolve Automobile's etf 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 Evolve Automobile Innovation upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.06 | |||
| Information Ratio | (0.03) | |||
| Maximum Drawdown | 7.57 | |||
| Value At Risk | (3.06) | |||
| Potential Upside | 2.41 |
Evolve Automobile Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Evolve Automobile's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Evolve Automobile's standard deviation. In reality, there are many statistical measures that can use Evolve Automobile historical prices to predict the future Evolve Automobile's volatility.| Risk Adjusted Performance | 0.0392 | |||
| Jensen Alpha | 0.0312 | |||
| Total Risk Alpha | (0.20) | |||
| Sortino Ratio | (0.03) | |||
| Treynor Ratio | 0.2336 |
Evolve Automobile Backtested Returns
As of now, Evolve Etf is very steady. Evolve Automobile secures Sharpe Ratio (or Efficiency) of 0.0421, which denotes the etf had a 0.0421% return per unit of risk over the last 3 months. We have found thirty technical indicators for Evolve Automobile Innovation, which you can use to evaluate the volatility of the entity. Please confirm Evolve Automobile's Downside Deviation of 2.06, mean deviation of 1.33, and Coefficient Of Variation of 2266.73 to check if the risk estimate we provide is consistent with the expected return of 0.0733%. The etf shows a Beta (market volatility) of 0.28, which means not very significant fluctuations relative to the market. As returns on the market increase, Evolve Automobile's returns are expected to increase less than the market. However, during the bear market, the loss of holding Evolve Automobile is expected to be smaller as well.
Auto-correlation | 0.09 |
Virtually no predictability
Evolve Automobile Innovation has virtually no predictability. Overlapping area represents the amount of predictability between Evolve Automobile time series from 8th of May 2023 to 17th of February 2024 and 17th of February 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 Evolve Automobile price movement. The serial correlation of 0.09 indicates that less than 9.0% of current Evolve Automobile price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.09 | |
| Spearman Rank Test | 0.13 | |
| Residual Average | 0.0 | |
| Price Variance | 0.88 |
Evolve Automobile lagged returns against current returns
Autocorrelation, which is Evolve Automobile etf'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 Evolve Automobile's etf expected returns. We can calculate the autocorrelation of Evolve Automobile returns to help us make a trade decision. For example, suppose you find that Evolve Automobile has exhibited high autocorrelation historically, and you observe that the etf 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 |
Evolve Automobile 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 Evolve Automobile etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Evolve Automobile etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Evolve Automobile etf over time.
Current vs Lagged Prices |
| Timeline |
Evolve Automobile Lagged Returns
When evaluating Evolve Automobile's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Evolve Automobile etf have on its future price. Evolve Automobile 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, Evolve Automobile autocorrelation shows the relationship between Evolve Automobile etf current value and its past values and can show if there is a momentum factor associated with investing in Evolve Automobile Innovation.
Regressed Prices |
| Timeline |
Pair Trading with Evolve Automobile
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 Evolve Automobile 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 Evolve Automobile will appreciate offsetting losses from the drop in the long position's value.Moving together with Evolve Etf
Moving against Evolve Etf
| 0.59 | TCLB | TD Canadian Long | PairCorr |
| 0.4 | ZAG | BMO Aggregate Bond | PairCorr |
| 0.38 | XBB | iShares Canadian Universe | PairCorr |
The ability to find closely correlated positions to Evolve Automobile could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Evolve Automobile 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 Evolve Automobile - 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 Evolve Automobile Innovation to buy it.
The correlation of Evolve Automobile 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 Evolve Automobile moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Evolve Automobile 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 Evolve Automobile 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 Evolve Etf
Evolve Automobile financial ratios help investors to determine whether Evolve Etf 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 Evolve with respect to the benefits of owning Evolve Automobile security.