New Gold Stock Market Value
| NGD Stock | CAD 3.79 0.07 1.88% |
| Symbol | New |
New Gold Price To Book Ratio
New Gold '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 New Gold'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 New Gold.
| 10/27/2024 |
| 11/26/2024 |
If you would invest 0.00 in New Gold on October 27, 2024 and sell it all today you would earn a total of 0.00 from holding New Gold or generate 0.0% return on investment in New Gold over 30 days. New Gold is related to or competes with IAMGold, Eldorado Gold, Alamos Gold, NovaGold Resources, and Centerra Gold. New Gold Inc., an intermediate gold mining company, engages in the development and operation of mineral properties More
New Gold 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 New Gold'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 New Gold upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.96 | |||
| Information Ratio | (0.01) | |||
| Maximum Drawdown | 15.92 | |||
| Value At Risk | (5.00) | |||
| Potential Upside | 5.08 |
New Gold Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for New Gold's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as New Gold's standard deviation. In reality, there are many statistical measures that can use New Gold historical prices to predict the future New Gold's volatility.| Risk Adjusted Performance | 0.0346 | |||
| Jensen Alpha | 0.1152 | |||
| Total Risk Alpha | (0.38) | |||
| Sortino Ratio | (0.01) | |||
| Treynor Ratio | (0.72) |
New Gold Backtested Returns
New Gold appears to be relatively risky, given 3 months investment horizon. New Gold has Sharpe Ratio of 0.0723, which conveys that the firm had a 0.0723% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for New Gold, which you can use to evaluate the volatility of the firm. Please exercise New Gold's Mean Deviation of 2.32, risk adjusted performance of 0.0346, and Downside Deviation of 2.96 to check out if our risk estimates are consistent with your expectations. On a scale of 0 to 100, New Gold holds a performance score of 5. The company secures a Beta (Market Risk) of -0.14, which conveys not very significant fluctuations relative to the market. As returns on the market increase, returns on owning New Gold are expected to decrease at a much lower rate. During the bear market, New Gold is likely to outperform the market. Please check New Gold's value at risk, kurtosis, price action indicator, as well as the relationship between the semi variance and rate of daily change , to make a quick decision on whether New Gold's current price movements will revert.
Auto-correlation | -0.35 |
Poor reverse predictability
New Gold has poor reverse predictability. Overlapping area represents the amount of predictability between New Gold 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 New Gold price movement. The serial correlation of -0.35 indicates that nearly 35.0% of current New Gold price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.35 | |
| Spearman Rank Test | -0.55 | |
| Residual Average | 0.0 | |
| Price Variance | 0.03 |
New Gold lagged returns against current returns
Autocorrelation, which is New Gold 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 New Gold's stock expected returns. We can calculate the autocorrelation of New Gold returns to help us make a trade decision. For example, suppose you find that New Gold 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 |
New Gold 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 New Gold stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if New Gold stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in New Gold stock over time.
Current vs Lagged Prices |
| Timeline |
New Gold Lagged Returns
When evaluating New Gold's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of New Gold stock have on its future price. New Gold 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, New Gold autocorrelation shows the relationship between New Gold stock current value and its past values and can show if there is a momentum factor associated with investing in New Gold.
Regressed Prices |
| Timeline |
Pair Trading with New Gold
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 New Gold 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 New Gold will appreciate offsetting losses from the drop in the long position's value.Moving against New Stock
The ability to find closely correlated positions to New Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace New Gold 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 New Gold - 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 New Gold to buy it.
The correlation of New Gold 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 New Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if New Gold 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 New Gold 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 New Gold Correlation, New Gold Volatility and New Gold Alpha and Beta module to complement your research on New Gold. To learn how to invest in New Stock, please use our How to Invest in New Gold guide.You can also try the Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
New Gold 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.