Innergex Renewable Energy Stock Market Value
| INE Stock | CAD 8.65 0.33 3.97% |
| Symbol | Innergex |
Innergex Renewable Energy Price To Book Ratio
Innergex Renewable '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 Innergex Renewable'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 Innergex Renewable.
| 10/27/2024 |
| 11/26/2024 |
If you would invest 0.00 in Innergex Renewable on October 27, 2024 and sell it all today you would earn a total of 0.00 from holding Innergex Renewable Energy or generate 0.0% return on investment in Innergex Renewable over 30 days. Innergex Renewable is related to or competes with Boralex, Capital Power, and Brookfield Renewable. Innergex Renewable Energy Inc. operates as an independent renewable power producer in Canada, the United States, France,... More
Innergex Renewable 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 Innergex Renewable'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 Innergex Renewable Energy upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.14) | |||
| Maximum Drawdown | 8.61 | |||
| Value At Risk | (2.59) | |||
| Potential Upside | 3.67 |
Innergex Renewable Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Innergex Renewable's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Innergex Renewable's standard deviation. In reality, there are many statistical measures that can use Innergex Renewable historical prices to predict the future Innergex Renewable's volatility.| Risk Adjusted Performance | (0.04) | |||
| Jensen Alpha | (0.15) | |||
| Total Risk Alpha | (0.42) | |||
| Treynor Ratio | (0.91) |
Innergex Renewable Energy Backtested Returns
Innergex Renewable Energy holds Efficiency (Sharpe) Ratio of -0.0343, which attests that the entity had a -0.0343% return per unit of risk over the last 3 months. Innergex Renewable Energy exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check out Innergex Renewable's Standard Deviation of 1.86, market risk adjusted performance of (0.90), and Risk Adjusted Performance of (0.04) to validate the risk estimate we provide. The company retains a Market Volatility (i.e., Beta) of 0.14, which attests to not very significant fluctuations relative to the market. As returns on the market increase, Innergex Renewable's returns are expected to increase less than the market. However, during the bear market, the loss of holding Innergex Renewable is expected to be smaller as well. At this point, Innergex Renewable Energy has a negative expected return of -0.0656%. Please make sure to check out Innergex Renewable's skewness, and the relationship between the treynor ratio and daily balance of power , to decide if Innergex Renewable Energy performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.44 |
Average predictability
Innergex Renewable Energy has average predictability. Overlapping area represents the amount of predictability between Innergex Renewable 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 Innergex Renewable Energy price movement. The serial correlation of 0.44 indicates that just about 44.0% of current Innergex Renewable price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.44 | |
| Spearman Rank Test | 0.3 | |
| Residual Average | 0.0 | |
| Price Variance | 0.02 |
Innergex Renewable Energy lagged returns against current returns
Autocorrelation, which is Innergex Renewable 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 Innergex Renewable's stock expected returns. We can calculate the autocorrelation of Innergex Renewable returns to help us make a trade decision. For example, suppose you find that Innergex Renewable 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 |
Innergex Renewable 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 Innergex Renewable stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Innergex Renewable stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Innergex Renewable stock over time.
Current vs Lagged Prices |
| Timeline |
Innergex Renewable Lagged Returns
When evaluating Innergex Renewable's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Innergex Renewable stock have on its future price. Innergex Renewable 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, Innergex Renewable autocorrelation shows the relationship between Innergex Renewable stock current value and its past values and can show if there is a momentum factor associated with investing in Innergex Renewable Energy.
Regressed Prices |
| Timeline |
Pair Trading with Innergex Renewable
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 Innergex Renewable 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 Innergex Renewable will appreciate offsetting losses from the drop in the long position's value.Moving against Innergex Stock
| 0.73 | JPM | JPMorgan Chase | PairCorr |
| 0.64 | RY-PS | Royal Bank | PairCorr |
| 0.62 | RY-PM | Royal Bank | PairCorr |
| 0.61 | BOFA | Bank of America | PairCorr |
| 0.52 | RY-PJ | Royal Bank | PairCorr |
The ability to find closely correlated positions to Innergex Renewable could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Innergex Renewable 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 Innergex Renewable - 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 Innergex Renewable Energy to buy it.
The correlation of Innergex Renewable 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 Innergex Renewable moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innergex Renewable Energy 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 Innergex Renewable 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 Innergex Stock
Innergex Renewable financial ratios help investors to determine whether Innergex 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 Innergex with respect to the benefits of owning Innergex Renewable security.