Wajax Stock Market Value
| WJX Stock | CAD 21.46 0.36 1.65% |
| Symbol | Wajax |
Wajax Price To Book Ratio
Wajax '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 Wajax'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 Wajax.
| 05/07/2023 |
| 11/27/2024 |
If you would invest 0.00 in Wajax on May 7, 2023 and sell it all today you would earn a total of 0.00 from holding Wajax or generate 0.0% return on investment in Wajax over 570 days. Wajax is related to or competes with ATS P, Richelieu Hardware, West Fraser, Brookfield, and Stella Jones. Wajax Corporation, an integrated distribution company, provides sales, parts, and services to construction, forestry, mi... More
Wajax 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 Wajax'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 Wajax upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.11) | |||
| Maximum Drawdown | 20.11 | |||
| Value At Risk | (2.61) | |||
| Potential Upside | 2.0 |
Wajax Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Wajax's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Wajax's standard deviation. In reality, there are many statistical measures that can use Wajax historical prices to predict the future Wajax's volatility.| Risk Adjusted Performance | (0.04) | |||
| Jensen Alpha | (0.16) | |||
| Total Risk Alpha | (0.55) | |||
| Treynor Ratio | 9.47 |
Wajax Backtested Returns
Wajax shows Sharpe Ratio of -0.0869, which attests that the company had a -0.0869% return per unit of risk over the last 3 months. Wajax exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check out Wajax's Market Risk Adjusted Performance of 9.48, standard deviation of 2.49, and Mean Deviation of 1.31 to validate the risk estimate we provide. The firm maintains a market beta of -0.0174, which attests to not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Wajax are expected to decrease at a much lower rate. During the bear market, Wajax is likely to outperform the market. At this point, Wajax has a negative expected return of -0.22%. Please make sure to check out Wajax's potential upside, as well as the relationship between the daily balance of power and price action indicator , to decide if Wajax performance from the past will be repeated at some point in the near future.
Auto-correlation | -0.84 |
Excellent reverse predictability
Wajax has excellent reverse predictability. Overlapping area represents the amount of predictability between Wajax time series from 7th of May 2023 to 16th of February 2024 and 16th of February 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 Wajax price movement. The serial correlation of -0.84 indicates that around 84.0% of current Wajax price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.84 | |
| Spearman Rank Test | -0.66 | |
| Residual Average | 0.0 | |
| Price Variance | 11.66 |
Wajax lagged returns against current returns
Autocorrelation, which is Wajax 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 Wajax's stock expected returns. We can calculate the autocorrelation of Wajax returns to help us make a trade decision. For example, suppose you find that Wajax 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 |
Wajax 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 Wajax stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Wajax stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Wajax stock over time.
Current vs Lagged Prices |
| Timeline |
Wajax Lagged Returns
When evaluating Wajax's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Wajax stock have on its future price. Wajax 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, Wajax autocorrelation shows the relationship between Wajax stock current value and its past values and can show if there is a momentum factor associated with investing in Wajax.
Regressed Prices |
| Timeline |
Pair Trading with Wajax
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 Wajax 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 Wajax will appreciate offsetting losses from the drop in the long position's value.Moving against Wajax Stock
| 0.78 | BOFA | Bank of America | PairCorr |
| 0.77 | JPM | JPMorgan Chase | PairCorr |
| 0.72 | RY-PS | Royal Bank Earnings Call This Week | PairCorr |
| 0.66 | RY-PM | Royal Bank Earnings Call This Week | PairCorr |
| 0.62 | TD-PFI | Toronto Dominion Bank | PairCorr |
The ability to find closely correlated positions to Wajax could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Wajax 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 Wajax - 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 Wajax to buy it.
The correlation of Wajax 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 Wajax moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Wajax 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 Wajax 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 Wajax Stock
Wajax financial ratios help investors to determine whether Wajax 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 Wajax with respect to the benefits of owning Wajax security.