Major Drilling Group Stock Market Value
| MDI Stock | CAD 8.79 0.13 1.50% |
| Symbol | Major |
Major Drilling Group Price To Book Ratio
Major Drilling '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 Major Drilling'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 Major Drilling.
| 10/25/2024 |
| 11/24/2024 |
If you would invest 0.00 in Major Drilling on October 25, 2024 and sell it all today you would earn a total of 0.00 from holding Major Drilling Group or generate 0.0% return on investment in Major Drilling over 30 days. Major Drilling is related to or competes with Pason Systems, HudBay Minerals, Ensign Energy, Precision Drilling, and Trican Well. Major Drilling Group International Inc. provides contract drilling services for mining and mineral exploration companies... More
Major Drilling 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 Major Drilling'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 Major Drilling Group upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.09) | |||
| Maximum Drawdown | 12.93 | |||
| Value At Risk | (2.77) | |||
| Potential Upside | 3.3 |
Major Drilling Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Major Drilling's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Major Drilling's standard deviation. In reality, there are many statistical measures that can use Major Drilling historical prices to predict the future Major Drilling's volatility.| Risk Adjusted Performance | (0.03) | |||
| Jensen Alpha | (0.20) | |||
| Total Risk Alpha | (0.54) | |||
| Treynor Ratio | (0.20) |
Major Drilling Group Backtested Returns
Major Drilling Group has Sharpe Ratio of -0.044, which conveys that the firm had a -0.044% return per unit of risk over the last 3 months. Major Drilling exposes twenty-four different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please verify Major Drilling's Standard Deviation of 2.65, risk adjusted performance of (0.03), and Mean Deviation of 1.79 to check out the risk estimate we provide. The company secures a Beta (Market Risk) of 0.61, which conveys possible diversification benefits within a given portfolio. As returns on the market increase, Major Drilling's returns are expected to increase less than the market. However, during the bear market, the loss of holding Major Drilling is expected to be smaller as well. At this point, Major Drilling Group has a negative expected return of -0.12%. Please make sure to verify Major Drilling's treynor ratio, accumulation distribution, price action indicator, as well as the relationship between the potential upside and day median price , to decide if Major Drilling Group performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.69 |
Good predictability
Major Drilling Group has good predictability. Overlapping area represents the amount of predictability between Major Drilling time series from 25th of October 2024 to 9th of November 2024 and 9th of November 2024 to 24th 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 Major Drilling Group price movement. The serial correlation of 0.69 indicates that around 69.0% of current Major Drilling price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.69 | |
| Spearman Rank Test | 0.78 | |
| Residual Average | 0.0 | |
| Price Variance | 0.03 |
Major Drilling Group lagged returns against current returns
Autocorrelation, which is Major Drilling 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 Major Drilling's stock expected returns. We can calculate the autocorrelation of Major Drilling returns to help us make a trade decision. For example, suppose you find that Major Drilling 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 |
Major Drilling 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 Major Drilling stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Major Drilling stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Major Drilling stock over time.
Current vs Lagged Prices |
| Timeline |
Major Drilling Lagged Returns
When evaluating Major Drilling's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Major Drilling stock have on its future price. Major Drilling 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, Major Drilling autocorrelation shows the relationship between Major Drilling stock current value and its past values and can show if there is a momentum factor associated with investing in Major Drilling Group.
Regressed Prices |
| Timeline |
Pair Trading with Major Drilling
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 Major Drilling 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 Major Drilling will appreciate offsetting losses from the drop in the long position's value.Moving against Major Stock
The ability to find closely correlated positions to Major Drilling could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Major Drilling 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 Major Drilling - 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 Major Drilling Group to buy it.
The correlation of Major Drilling 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 Major Drilling moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Major Drilling Group 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 Major Drilling 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 Major Stock
Major Drilling financial ratios help investors to determine whether Major 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 Major with respect to the benefits of owning Major Drilling security.