Hudbay Minerals Stock Market Value
| HBM Stock | CAD 12.24 0.38 3.01% |
| Symbol | HudBay |
HudBay Minerals Price To Book Ratio
HudBay Minerals '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 HudBay Minerals' 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 HudBay Minerals.
| 10/28/2024 |
| 11/27/2024 |
If you would invest 0.00 in HudBay Minerals on October 28, 2024 and sell it all today you would earn a total of 0.00 from holding HudBay Minerals or generate 0.0% return on investment in HudBay Minerals over 30 days. HudBay Minerals is related to or competes with Lundin Mining, First Quantum, Ivanhoe Mines, Capstone Mining, and Eldorado Gold. Hudbay Minerals Inc., a diversified mining company, together with its subsidiaries, focuses on the discovery, production... More
HudBay Minerals 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 HudBay Minerals' 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 HudBay Minerals upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 3.13 | |||
| Information Ratio | 0.053 | |||
| Maximum Drawdown | 14.84 | |||
| Value At Risk | (4.81) | |||
| Potential Upside | 4.17 |
HudBay Minerals Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for HudBay Minerals' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as HudBay Minerals' standard deviation. In reality, there are many statistical measures that can use HudBay Minerals historical prices to predict the future HudBay Minerals' volatility.| Risk Adjusted Performance | 0.0808 | |||
| Jensen Alpha | 0.3397 | |||
| Total Risk Alpha | (0.19) | |||
| Sortino Ratio | 0.0508 | |||
| Treynor Ratio | (0.53) |
HudBay Minerals Backtested Returns
HudBay Minerals appears to be somewhat reliable, given 3 months investment horizon. HudBay Minerals holds Efficiency (Sharpe) Ratio of 0.0935, which attests that the entity had a 0.0935% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for HudBay Minerals, which you can use to evaluate the volatility of the firm. Please utilize HudBay Minerals' Risk Adjusted Performance of 0.0808, downside deviation of 3.13, and Market Risk Adjusted Performance of (0.52) to validate if our risk estimates are consistent with your expectations. On a scale of 0 to 100, HudBay Minerals holds a performance score of 7. The company retains a Market Volatility (i.e., Beta) of -0.52, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, returns on owning HudBay Minerals are expected to decrease at a much lower rate. During the bear market, HudBay Minerals is likely to outperform the market. Please check HudBay Minerals' coefficient of variation, maximum drawdown, skewness, as well as the relationship between the total risk alpha and downside variance , to make a quick decision on whether HudBay Minerals' current trending patterns will revert.
Auto-correlation | -0.04 |
Very weak reverse predictability
HudBay Minerals has very weak reverse predictability. Overlapping area represents the amount of predictability between HudBay Minerals time series from 28th of October 2024 to 12th of November 2024 and 12th of November 2024 to 27th 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 HudBay Minerals price movement. The serial correlation of -0.04 indicates that only as little as 4.0% of current HudBay Minerals price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.04 | |
| Spearman Rank Test | -0.15 | |
| Residual Average | 0.0 | |
| Price Variance | 0.09 |
HudBay Minerals lagged returns against current returns
Autocorrelation, which is HudBay Minerals 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 HudBay Minerals' stock expected returns. We can calculate the autocorrelation of HudBay Minerals returns to help us make a trade decision. For example, suppose you find that HudBay Minerals 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 |
HudBay Minerals 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 HudBay Minerals stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if HudBay Minerals stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in HudBay Minerals stock over time.
Current vs Lagged Prices |
| Timeline |
HudBay Minerals Lagged Returns
When evaluating HudBay Minerals' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of HudBay Minerals stock have on its future price. HudBay Minerals 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, HudBay Minerals autocorrelation shows the relationship between HudBay Minerals stock current value and its past values and can show if there is a momentum factor associated with investing in HudBay Minerals.
Regressed Prices |
| Timeline |
Pair Trading with HudBay Minerals
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 HudBay Minerals 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 HudBay Minerals will appreciate offsetting losses from the drop in the long position's value.Moving together with HudBay Stock
| 0.83 | AG | First Majestic Silver | PairCorr |
| 0.85 | IE | Ivanhoe Energy | PairCorr |
| 0.89 | FDY | Faraday Copper Corp | PairCorr |
Moving against HudBay Stock
The ability to find closely correlated positions to HudBay Minerals could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace HudBay Minerals 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 HudBay Minerals - 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 HudBay Minerals to buy it.
The correlation of HudBay Minerals 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 HudBay Minerals moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if HudBay Minerals 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 HudBay Minerals 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.Check out HudBay Minerals Correlation, HudBay Minerals Volatility and HudBay Minerals Alpha and Beta module to complement your research on HudBay Minerals. To learn how to invest in HudBay Stock, please use our How to Invest in HudBay Minerals guide.You can also try the Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
HudBay Minerals technical stock analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, stock market cycles, or different charting patterns.