Tortoise North American Etf Market Value
| TPYP Etf | USD 36.09 0.60 1.64% |
| Symbol | Tortoise |
The market value of Tortoise North American is measured differently than its book value, which is the value of Tortoise that is recorded on the company's balance sheet. Investors also form their own opinion of Tortoise North's value that differs from its market value or its book value, called intrinsic value, which is Tortoise North's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Tortoise North's market value can be influenced by many factors that don't directly affect Tortoise North's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Tortoise North's value and its price as these two are different measures arrived at by different means. Investors typically determine if Tortoise North is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Tortoise North's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Tortoise North '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 Tortoise North's etf 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 Tortoise North.
| 10/26/2024 |
| 11/25/2024 |
If you would invest 0.00 in Tortoise North on October 26, 2024 and sell it all today you would earn a total of 0.00 from holding Tortoise North American or generate 0.0% return on investment in Tortoise North over 30 days. Tortoise North is related to or competes with UBS AG, ETRACS 2xMonthly, and UBS AG. The fund will normally invest at least 80 percent of its total assets in securities that comprise the underlying index More
Tortoise North 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 Tortoise North's etf 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 Tortoise North American upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.6008 | |||
| Information Ratio | 0.2108 | |||
| Maximum Drawdown | 3.32 | |||
| Value At Risk | (0.74) | |||
| Potential Upside | 1.57 |
Tortoise North Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Tortoise North's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Tortoise North's standard deviation. In reality, there are many statistical measures that can use Tortoise North historical prices to predict the future Tortoise North's volatility.| Risk Adjusted Performance | 0.2878 | |||
| Jensen Alpha | 0.224 | |||
| Total Risk Alpha | 0.1633 | |||
| Sortino Ratio | 0.28 | |||
| Treynor Ratio | 0.5373 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Tortoise North's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Tortoise North American Backtested Returns
Tortoise North appears to be very steady, given 3 months investment horizon. Tortoise North American owns Efficiency Ratio (i.e., Sharpe Ratio) of 0.36, which indicates the etf had a 0.36% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for Tortoise North American, which you can use to evaluate the volatility of the etf. Please review Tortoise North's Downside Deviation of 0.6008, risk adjusted performance of 0.2878, and Standard Deviation of 0.798 to confirm if our risk estimates are consistent with your expectations. The entity has a beta of 0.54, which indicates possible diversification benefits within a given portfolio. As returns on the market increase, Tortoise North's returns are expected to increase less than the market. However, during the bear market, the loss of holding Tortoise North is expected to be smaller as well.
Auto-correlation | 0.85 |
Very good predictability
Tortoise North American has very good predictability. Overlapping area represents the amount of predictability between Tortoise North time series from 26th of October 2024 to 10th of November 2024 and 10th of November 2024 to 25th 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 Tortoise North American price movement. The serial correlation of 0.85 indicates that around 85.0% of current Tortoise North price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.85 | |
| Spearman Rank Test | 0.71 | |
| Residual Average | 0.0 | |
| Price Variance | 0.53 |
Tortoise North American lagged returns against current returns
Autocorrelation, which is Tortoise North etf'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 Tortoise North's etf expected returns. We can calculate the autocorrelation of Tortoise North returns to help us make a trade decision. For example, suppose you find that Tortoise North has exhibited high autocorrelation historically, and you observe that the etf 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 |
Tortoise North 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 Tortoise North etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Tortoise North etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Tortoise North etf over time.
Current vs Lagged Prices |
| Timeline |
Tortoise North Lagged Returns
When evaluating Tortoise North's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Tortoise North etf have on its future price. Tortoise North 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, Tortoise North autocorrelation shows the relationship between Tortoise North etf current value and its past values and can show if there is a momentum factor associated with investing in Tortoise North American.
Regressed Prices |
| Timeline |
Pair Trading with Tortoise North
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 Tortoise North 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 Tortoise North will appreciate offsetting losses from the drop in the long position's value.Moving together with Tortoise Etf
| 0.99 | EMLP | First Trust North | PairCorr |
| 0.9 | AMJ | JPMorgan | PairCorr |
| 0.87 | MLPA | Global X MLP | PairCorr |
| 1.0 | MLPX | Global X MLP | PairCorr |
The ability to find closely correlated positions to Tortoise North could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tortoise North 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 Tortoise North - 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 Tortoise North American to buy it.
The correlation of Tortoise North 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 Tortoise North moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Tortoise North American 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 Tortoise North 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 Tortoise North Correlation, Tortoise North Volatility and Tortoise North Alpha and Beta module to complement your research on Tortoise North. You can also try the Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Tortoise North technical etf 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, etf market cycles, or different charting patterns.