Wesdome Gold Mines Stock Market Value
| WDO Stock | CAD 12.05 0.05 0.42% |
| Symbol | Wesdome |
Wesdome Gold Mines Price To Book Ratio
Wesdome 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 Wesdome 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 Wesdome Gold.
| 10/28/2024 |
| 11/27/2024 |
If you would invest 0.00 in Wesdome Gold on October 28, 2024 and sell it all today you would earn a total of 0.00 from holding Wesdome Gold Mines or generate 0.0% return on investment in Wesdome Gold over 30 days. Wesdome Gold is related to or competes with OceanaGold, Torex Gold, Alamos Gold, and Dundee Precious. Wesdome Gold Mines Ltd. engages in the exploration, extraction, processing, and reclamation of gold in Canada More
Wesdome 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 Wesdome 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 Wesdome Gold Mines upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.10) | |||
| Maximum Drawdown | 11.8 | |||
| Value At Risk | (3.66) | |||
| Potential Upside | 4.97 |
Wesdome Gold Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Wesdome Gold's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Wesdome Gold's standard deviation. In reality, there are many statistical measures that can use Wesdome Gold historical prices to predict the future Wesdome Gold's volatility.| Risk Adjusted Performance | (0.03) | |||
| Jensen Alpha | (0.18) | |||
| Total Risk Alpha | (0.51) | |||
| Treynor Ratio | (0.37) |
Wesdome Gold Mines Backtested Returns
Wesdome Gold Mines shows Sharpe Ratio of -0.0559, which attests that the company had a -0.0559% return per unit of risk over the last 3 months. Wesdome Gold Mines exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check out Wesdome Gold's Market Risk Adjusted Performance of (0.36), standard deviation of 2.42, and Mean Deviation of 1.81 to validate the risk estimate we provide. The firm maintains a market beta of 0.36, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Wesdome Gold's returns are expected to increase less than the market. However, during the bear market, the loss of holding Wesdome Gold is expected to be smaller as well. At this point, Wesdome Gold Mines has a negative expected return of -0.14%. Please make sure to check out Wesdome Gold's maximum drawdown, accumulation distribution, as well as the relationship between the Accumulation Distribution and day typical price , to decide if Wesdome Gold Mines performance from the past will be repeated at some point in the near future.
Auto-correlation | -0.52 |
Good reverse predictability
Wesdome Gold Mines has good reverse predictability. Overlapping area represents the amount of predictability between Wesdome Gold time series from 28th of October 2024 to 12th of November 2024 and 12th of November 2024 to 27th 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 Wesdome Gold Mines price movement. The serial correlation of -0.52 indicates that about 52.0% of current Wesdome Gold price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.52 | |
| Spearman Rank Test | -0.41 | |
| Residual Average | 0.0 | |
| Price Variance | 0.14 |
Wesdome Gold Mines lagged returns against current returns
Autocorrelation, which is Wesdome 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 Wesdome Gold's stock expected returns. We can calculate the autocorrelation of Wesdome Gold returns to help us make a trade decision. For example, suppose you find that Wesdome 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 |
Wesdome 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 Wesdome Gold stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Wesdome Gold stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Wesdome Gold stock over time.
Current vs Lagged Prices |
| Timeline |
Wesdome Gold Lagged Returns
When evaluating Wesdome Gold's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Wesdome Gold stock have on its future price. Wesdome 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, Wesdome Gold autocorrelation shows the relationship between Wesdome Gold stock current value and its past values and can show if there is a momentum factor associated with investing in Wesdome Gold Mines.
Regressed Prices |
| Timeline |
Pair Trading with Wesdome 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 Wesdome 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 Wesdome Gold will appreciate offsetting losses from the drop in the long position's value.Moving against Wesdome Stock
| 0.67 | TSLA | Tesla Inc CDR | PairCorr |
| 0.55 | AMZN | Amazon CDR | PairCorr |
| 0.54 | GOOG | Alphabet CDR | PairCorr |
| 0.54 | WMT | Walmart Inc CDR | PairCorr |
| 0.45 | FDY | Faraday Copper Corp | PairCorr |
The ability to find closely correlated positions to Wesdome 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 Wesdome 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 Wesdome 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 Wesdome Gold Mines to buy it.
The correlation of Wesdome 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 Wesdome Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Wesdome Gold Mines 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 Wesdome 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.Other Information on Investing in Wesdome Stock
Wesdome Gold financial ratios help investors to determine whether Wesdome 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 Wesdome with respect to the benefits of owning Wesdome Gold security.