Canfor Stock Market Value
| CFP Stock | CAD 17.04 0.27 1.56% |
| Symbol | Canfor |
Canfor Price To Book Ratio
Canfor '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 Canfor'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 Canfor.
| 02/27/2024 |
| 11/23/2024 |
If you would invest 0.00 in Canfor on February 27, 2024 and sell it all today you would earn a total of 0.00 from holding Canfor or generate 0.0% return on investment in Canfor over 270 days. Canfor is related to or competes with MTY Food, Verizon Communications, Guru Organic, Dream Office, QC Copper, Nicola Mining, and Chemtrade Logistics. Canfor Corporation operates as an integrated forest products company in the United States, Canada, Europe, Asia, and int... More
Canfor 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 Canfor'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 Canfor upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.61 | |||
| Information Ratio | 0.0608 | |||
| Maximum Drawdown | 11.34 | |||
| Value At Risk | (2.54) | |||
| Potential Upside | 4.48 |
Canfor Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Canfor's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Canfor's standard deviation. In reality, there are many statistical measures that can use Canfor historical prices to predict the future Canfor's volatility.| Risk Adjusted Performance | 0.0975 | |||
| Jensen Alpha | 0.2866 | |||
| Total Risk Alpha | (0.1) | |||
| Sortino Ratio | 0.0858 | |||
| Treynor Ratio | (1.12) |
Canfor Backtested Returns
Canfor appears to be not too volatile, given 3 months investment horizon. Canfor secures Sharpe Ratio (or Efficiency) of 0.0965, which signifies that the company had a 0.0965% return per unit of risk over the last 3 months. We have found thirty technical indicators for Canfor, which you can use to evaluate the volatility of the firm. Please makes use of Canfor's Risk Adjusted Performance of 0.0975, downside deviation of 1.61, and Mean Deviation of 1.7 to double-check if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Canfor holds a performance score of 7. The firm shows a Beta (market volatility) of -0.23, which signifies not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Canfor are expected to decrease at a much lower rate. During the bear market, Canfor is likely to outperform the market. Please check Canfor's sortino ratio, skewness, price action indicator, as well as the relationship between the potential upside and rate of daily change , to make a quick decision on whether Canfor's price patterns will revert.
Auto-correlation | -0.5 |
Modest reverse predictability
Canfor has modest reverse predictability. Overlapping area represents the amount of predictability between Canfor time series from 27th of February 2024 to 11th of July 2024 and 11th of July 2024 to 23rd 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 Canfor price movement. The serial correlation of -0.5 indicates that about 50.0% of current Canfor price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.5 | |
| Spearman Rank Test | -0.66 | |
| Residual Average | 0.0 | |
| Price Variance | 1.34 |
Canfor lagged returns against current returns
Autocorrelation, which is Canfor 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 Canfor's stock expected returns. We can calculate the autocorrelation of Canfor returns to help us make a trade decision. For example, suppose you find that Canfor 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 |
Canfor 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 Canfor stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Canfor stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Canfor stock over time.
Current vs Lagged Prices |
| Timeline |
Canfor Lagged Returns
When evaluating Canfor's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Canfor stock have on its future price. Canfor 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, Canfor autocorrelation shows the relationship between Canfor stock current value and its past values and can show if there is a momentum factor associated with investing in Canfor.
Regressed Prices |
| Timeline |
Pair Trading with Canfor
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 Canfor 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 Canfor will appreciate offsetting losses from the drop in the long position's value.Moving together with Canfor Stock
| 0.75 | AG | First Majestic Silver | PairCorr |
| 0.78 | IE | Ivanhoe Energy | PairCorr |
| 0.84 | FDY | Faraday Copper Corp | PairCorr |
Moving against Canfor Stock
The ability to find closely correlated positions to Canfor could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canfor 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 Canfor - 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 Canfor to buy it.
The correlation of Canfor 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 Canfor moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canfor 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 Canfor 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 Canfor Stock
Canfor financial ratios help investors to determine whether Canfor 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 Canfor with respect to the benefits of owning Canfor security.