Novo Resources Corp Stock Market Value
| NVO Stock | CAD 0.07 0.01 7.14% |
| Symbol | Novo |
Novo Resources Corp Price To Book Ratio
Novo Resources '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 Novo Resources' 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 Novo Resources.
| 11/04/2024 |
| 12/04/2024 |
If you would invest 0.00 in Novo Resources on November 4, 2024 and sell it all today you would earn a total of 0.00 from holding Novo Resources Corp or generate 0.0% return on investment in Novo Resources over 30 days. Novo Resources is related to or competes with Lion One, New Found, Eskay Mining, and Goliath Resources. Novo Resources Corp., together with its subsidiaries, engages in evaluating, acquiring, exploring, and developing natura... More
Novo Resources 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 Novo Resources' 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 Novo Resources Corp upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.04) | |||
| Maximum Drawdown | 26.76 | |||
| Value At Risk | (6.25) | |||
| Potential Upside | 7.14 |
Novo Resources Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Novo Resources' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Novo Resources' standard deviation. In reality, there are many statistical measures that can use Novo Resources historical prices to predict the future Novo Resources' volatility.| Risk Adjusted Performance | (0.01) | |||
| Jensen Alpha | (0.18) | |||
| Total Risk Alpha | (0.72) | |||
| Treynor Ratio | (0.13) |
Novo Resources Corp Backtested Returns
Novo Resources Corp has Sharpe Ratio of -0.0211, which conveys that the firm had a -0.0211% return per unit of risk over the last 3 months. Novo Resources exposes twenty-four different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please verify Novo Resources' Standard Deviation of 4.56, risk adjusted performance of (0.01), and Mean Deviation of 2.83 to check out the risk estimate we provide. The company secures a Beta (Market Risk) of 0.77, which conveys possible diversification benefits within a given portfolio. As returns on the market increase, Novo Resources' returns are expected to increase less than the market. However, during the bear market, the loss of holding Novo Resources is expected to be smaller as well. At this point, Novo Resources Corp has a negative expected return of -0.0961%. Please make sure to verify Novo Resources' accumulation distribution, as well as the relationship between the day typical price and relative strength index , to decide if Novo Resources Corp performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.40 |
Average predictability
Novo Resources Corp has average predictability. Overlapping area represents the amount of predictability between Novo Resources time series from 4th of November 2024 to 19th of November 2024 and 19th of November 2024 to 4th of December 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 Novo Resources Corp price movement. The serial correlation of 0.4 indicates that just about 40.0% of current Novo Resources price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.4 | |
| Spearman Rank Test | -0.26 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Novo Resources Corp lagged returns against current returns
Autocorrelation, which is Novo Resources 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 Novo Resources' stock expected returns. We can calculate the autocorrelation of Novo Resources returns to help us make a trade decision. For example, suppose you find that Novo Resources 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 |
Novo Resources 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 Novo Resources stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Novo Resources stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Novo Resources stock over time.
Current vs Lagged Prices |
| Timeline |
Novo Resources Lagged Returns
When evaluating Novo Resources' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Novo Resources stock have on its future price. Novo Resources 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, Novo Resources autocorrelation shows the relationship between Novo Resources stock current value and its past values and can show if there is a momentum factor associated with investing in Novo Resources Corp.
Regressed Prices |
| Timeline |
Pair Trading with Novo Resources
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 Novo Resources 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 Novo Resources will appreciate offsetting losses from the drop in the long position's value.Moving together with Novo Stock
Moving against Novo Stock
The ability to find closely correlated positions to Novo Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Novo Resources 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 Novo Resources - 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 Novo Resources Corp to buy it.
The correlation of Novo Resources 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 Novo Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Novo Resources Corp 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 Novo Resources 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 Novo Stock
Novo Resources financial ratios help investors to determine whether Novo 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 Novo with respect to the benefits of owning Novo Resources security.