COWAY (Korea) Market Value
| 021240 Stock | 65,900 2,300 3.37% |
| Symbol | COWAY |
COWAY '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 COWAY'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 COWAY.
| 11/02/2024 |
| 12/02/2024 |
If you would invest 0.00 in COWAY on November 2, 2024 and sell it all today you would earn a total of 0.00 from holding COWAY Co or generate 0.0% return on investment in COWAY over 30 days. COWAY is related to or competes with Korea Real, Busan Industrial, UNISEM, Finebesteel, Shinhan Inverse, Fine Besteel, and Hyundai Heavy. More
COWAY 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 COWAY'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 COWAY Co upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.33 | |||
| Information Ratio | (0.03) | |||
| Maximum Drawdown | 12.77 | |||
| Value At Risk | (3.37) | |||
| Potential Upside | 3.75 |
COWAY Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for COWAY's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as COWAY's standard deviation. In reality, there are many statistical measures that can use COWAY historical prices to predict the future COWAY's volatility.| Risk Adjusted Performance | 0.0286 | |||
| Jensen Alpha | 0.0176 | |||
| Total Risk Alpha | (0.32) | |||
| Sortino Ratio | (0.03) | |||
| Treynor Ratio | 0.1885 |
COWAY Backtested Returns
At this point, COWAY is very steady. COWAY secures Sharpe Ratio (or Efficiency) of 0.0055, which signifies that the company had a 0.0055% return per unit of volatility over the last 3 months. We have found twenty-nine technical indicators for COWAY Co, which you can use to evaluate the volatility of the firm. Please confirm COWAY's mean deviation of 1.57, and Risk Adjusted Performance of 0.0286 to double-check if the risk estimate we provide is consistent with the expected return of 0.0125%. The firm shows a Beta (market volatility) of 0.29, which signifies not very significant fluctuations relative to the market. As returns on the market increase, COWAY's returns are expected to increase less than the market. However, during the bear market, the loss of holding COWAY is expected to be smaller as well. COWAY currently shows a risk of 2.27%. Please confirm COWAY sortino ratio, maximum drawdown, and the relationship between the total risk alpha and treynor ratio , to decide if COWAY will be following its price patterns.
Auto-correlation | -0.1 |
Very weak reverse predictability
COWAY Co has very weak reverse predictability. Overlapping area represents the amount of predictability between COWAY time series from 2nd of November 2024 to 17th of November 2024 and 17th of November 2024 to 2nd of December 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 COWAY price movement. The serial correlation of -0.1 indicates that less than 10.0% of current COWAY price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.1 | |
| Spearman Rank Test | -0.13 | |
| Residual Average | 0.0 | |
| Price Variance | 4.2 M |
COWAY lagged returns against current returns
Autocorrelation, which is COWAY 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 COWAY's stock expected returns. We can calculate the autocorrelation of COWAY returns to help us make a trade decision. For example, suppose you find that COWAY 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 |
COWAY 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 COWAY stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if COWAY stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in COWAY stock over time.
Current vs Lagged Prices |
| Timeline |
COWAY Lagged Returns
When evaluating COWAY's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of COWAY stock have on its future price. COWAY 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, COWAY autocorrelation shows the relationship between COWAY stock current value and its past values and can show if there is a momentum factor associated with investing in COWAY Co.
Regressed Prices |
| Timeline |
Pair Trading with COWAY
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 COWAY 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 COWAY will appreciate offsetting losses from the drop in the long position's value.Moving together with COWAY Stock
Moving against COWAY Stock
The ability to find closely correlated positions to COWAY could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace COWAY 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 COWAY - 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 COWAY Co to buy it.
The correlation of COWAY 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 COWAY moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if COWAY 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 COWAY 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 COWAY Stock
COWAY financial ratios help investors to determine whether COWAY 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 COWAY with respect to the benefits of owning COWAY security.