Oceanagold Stock Market Value
| OGC Stock | CAD 4.44 0.01 0.22% |
| Symbol | OceanaGold |
OceanaGold Price To Book Ratio
OceanaGold '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 OceanaGold'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 OceanaGold.
| 10/24/2024 |
| 11/23/2024 |
If you would invest 0.00 in OceanaGold on October 24, 2024 and sell it all today you would earn a total of 0.00 from holding OceanaGold or generate 0.0% return on investment in OceanaGold over 30 days. OceanaGold is related to or competes with Torex Gold, Wesdome Gold, Centerra Gold, and New Gold. OceanaGold Corporation, a gold producer, engages in the exploration, development, and operation of mineral properties More
OceanaGold 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 OceanaGold'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 OceanaGold upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.28 | |||
| Information Ratio | 0.083 | |||
| Maximum Drawdown | 13.14 | |||
| Value At Risk | (3.88) | |||
| Potential Upside | 5.2 |
OceanaGold Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for OceanaGold's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as OceanaGold's standard deviation. In reality, there are many statistical measures that can use OceanaGold historical prices to predict the future OceanaGold's volatility.| Risk Adjusted Performance | 0.1016 | |||
| Jensen Alpha | 0.3745 | |||
| Total Risk Alpha | (0.03) | |||
| Sortino Ratio | 0.0972 | |||
| Treynor Ratio | (0.60) |
OceanaGold Backtested Returns
OceanaGold appears to be moderately volatile, given 3 months investment horizon. OceanaGold maintains Sharpe Ratio (i.e., Efficiency) of 0.14, which implies the firm had a 0.14% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for OceanaGold, which you can use to evaluate the volatility of the company. Please evaluate OceanaGold's Semi Deviation of 2.0, risk adjusted performance of 0.1016, and Coefficient Of Variation of 807.23 to confirm if our risk estimates are consistent with your expectations. On a scale of 0 to 100, OceanaGold holds a performance score of 11. The company holds a Beta of -0.53, which implies possible diversification benefits within a given portfolio. As returns on the market increase, returns on owning OceanaGold are expected to decrease at a much lower rate. During the bear market, OceanaGold is likely to outperform the market. Please check OceanaGold's standard deviation, value at risk, kurtosis, as well as the relationship between the sortino ratio and semi variance , to make a quick decision on whether OceanaGold's historical price patterns will revert.
Auto-correlation | -0.67 |
Very good reverse predictability
OceanaGold has very good reverse predictability. Overlapping area represents the amount of predictability between OceanaGold time series from 24th of October 2024 to 8th of November 2024 and 8th of November 2024 to 23rd 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 OceanaGold price movement. The serial correlation of -0.67 indicates that around 67.0% of current OceanaGold price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.67 | |
| Spearman Rank Test | -0.57 | |
| Residual Average | 0.0 | |
| Price Variance | 0.06 |
OceanaGold lagged returns against current returns
Autocorrelation, which is OceanaGold 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 OceanaGold's stock expected returns. We can calculate the autocorrelation of OceanaGold returns to help us make a trade decision. For example, suppose you find that OceanaGold 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 |
OceanaGold 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 OceanaGold stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if OceanaGold stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in OceanaGold stock over time.
Current vs Lagged Prices |
| Timeline |
OceanaGold Lagged Returns
When evaluating OceanaGold's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of OceanaGold stock have on its future price. OceanaGold 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, OceanaGold autocorrelation shows the relationship between OceanaGold stock current value and its past values and can show if there is a momentum factor associated with investing in OceanaGold.
Regressed Prices |
| Timeline |
Pair Trading with OceanaGold
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 OceanaGold 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 OceanaGold will appreciate offsetting losses from the drop in the long position's value.Moving together with OceanaGold Stock
| 0.8 | AG | First Majestic Silver | PairCorr |
| 0.68 | IE | Ivanhoe Energy | PairCorr |
| 0.72 | FDY | Faraday Copper Corp | PairCorr |
Moving against OceanaGold Stock
The ability to find closely correlated positions to OceanaGold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace OceanaGold 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 OceanaGold - 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 OceanaGold to buy it.
The correlation of OceanaGold 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 OceanaGold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if OceanaGold 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 OceanaGold 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 OceanaGold Stock
OceanaGold financial ratios help investors to determine whether OceanaGold 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 OceanaGold with respect to the benefits of owning OceanaGold security.