Western Copper And Stock Market Value
| WRN Stock | CAD 1.58 0.01 0.64% |
| Symbol | Western |
Western Copper Price To Book Ratio
Western Copper '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 Western Copper'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 Western Copper.
| 11/28/2023 |
| 11/22/2024 |
If you would invest 0.00 in Western Copper on November 28, 2023 and sell it all today you would earn a total of 0.00 from holding Western Copper and or generate 0.0% return on investment in Western Copper over 360 days. Western Copper is related to or competes with IShares Canadian, PHN Multi, and Altagas Cum. Western Copper and Gold Corporation, an exploration stage company, engages in the exploration and development of mineral... More
Western Copper 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 Western Copper'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 Western Copper and upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.42 | |||
| Information Ratio | (0.04) | |||
| Maximum Drawdown | 19.37 | |||
| Value At Risk | (3.66) | |||
| Potential Upside | 3.23 |
Western Copper Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Western Copper's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Western Copper's standard deviation. In reality, there are many statistical measures that can use Western Copper historical prices to predict the future Western Copper's volatility.| Risk Adjusted Performance | 0.0109 | |||
| Jensen Alpha | (0.05) | |||
| Total Risk Alpha | (0.33) | |||
| Sortino Ratio | (0.04) | |||
| Treynor Ratio | 0.0058 |
Western Copper Backtested Returns
As of now, Western Stock is very risky. Western Copper shows Sharpe Ratio of 0.0283, which attests that the company had a 0.0283% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for Western Copper, which you can use to evaluate the volatility of the company. Please check out Western Copper's Downside Deviation of 2.42, market risk adjusted performance of 0.0158, and Mean Deviation of 1.73 to validate if the risk estimate we provide is consistent with the expected return of 0.0734%. Western Copper has a performance score of 2 on a scale of 0 to 100. The firm maintains a market beta of 0.53, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Western Copper's returns are expected to increase less than the market. However, during the bear market, the loss of holding Western Copper is expected to be smaller as well. Western Copper right now maintains a risk of 2.6%. Please check out Western Copper skewness, and the relationship between the potential upside and rate of daily change , to decide if Western Copper will be following its historical returns.
Auto-correlation | 0.33 |
Below average predictability
Western Copper and has below average predictability. Overlapping area represents the amount of predictability between Western Copper time series from 28th of November 2023 to 26th of May 2024 and 26th of May 2024 to 22nd 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 Western Copper price movement. The serial correlation of 0.33 indicates that nearly 33.0% of current Western Copper price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.33 | |
| Spearman Rank Test | 0.0 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Western Copper lagged returns against current returns
Autocorrelation, which is Western Copper 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 Western Copper's stock expected returns. We can calculate the autocorrelation of Western Copper returns to help us make a trade decision. For example, suppose you find that Western Copper 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 |
Western Copper 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 Western Copper stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Western Copper stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Western Copper stock over time.
Current vs Lagged Prices |
| Timeline |
Western Copper Lagged Returns
When evaluating Western Copper's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Western Copper stock have on its future price. Western Copper 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, Western Copper autocorrelation shows the relationship between Western Copper stock current value and its past values and can show if there is a momentum factor associated with investing in Western Copper and.
Regressed Prices |
| Timeline |
Pair Trading with Western Copper
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 Western Copper 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 Western Copper will appreciate offsetting losses from the drop in the long position's value.Moving against Western Stock
The ability to find closely correlated positions to Western Copper could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Western Copper 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 Western Copper - 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 Western Copper and to buy it.
The correlation of Western Copper 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 Western Copper moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Western Copper 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 Western Copper 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 Western Copper Correlation, Western Copper Volatility and Western Copper Alpha and Beta module to complement your research on Western Copper. You can also try the Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Western Copper technical stock 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, stock market cycles, or different charting patterns.