Chernan Metal (Taiwan) Market Value
| 3631 Stock | TWD 41.30 1.75 4.07% |
| Symbol | Chernan |
Chernan Metal '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 Chernan Metal'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 Chernan Metal.
| 12/18/2023 |
| 12/12/2024 |
If you would invest 0.00 in Chernan Metal on December 18, 2023 and sell it all today you would earn a total of 0.00 from holding Chernan Metal Industrial or generate 0.0% return on investment in Chernan Metal over 360 days. Chernan Metal is related to or competes with Catcher Technology, Solar Applied, Evergreen Steel, Shin Zu, China Metal, Waffer Technology, and Yeong Guan. More
Chernan Metal 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 Chernan Metal'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 Chernan Metal Industrial upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.19) | |||
| Maximum Drawdown | 12.38 | |||
| Value At Risk | (3.33) | |||
| Potential Upside | 4.1 |
Chernan Metal Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Chernan Metal's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Chernan Metal's standard deviation. In reality, there are many statistical measures that can use Chernan Metal historical prices to predict the future Chernan Metal's volatility.| Risk Adjusted Performance | (0.08) | |||
| Jensen Alpha | (0.30) | |||
| Total Risk Alpha | (0.57) | |||
| Treynor Ratio | (0.62) |
Chernan Metal Industrial Backtested Returns
Chernan Metal Industrial secures Sharpe Ratio (or Efficiency) of -0.0874, which signifies that the company had a -0.0874% return per unit of standard deviation over the last 3 months. Chernan Metal Industrial exposes twenty-three different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Chernan Metal's risk adjusted performance of (0.08), and Mean Deviation of 1.25 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of 0.41, which signifies possible diversification benefits within a given portfolio. As returns on the market increase, Chernan Metal's returns are expected to increase less than the market. However, during the bear market, the loss of holding Chernan Metal is expected to be smaller as well. At this point, Chernan Metal Industrial has a negative expected return of -0.17%. Please make sure to confirm Chernan Metal's coefficient of variation, jensen alpha, and the relationship between the mean deviation and standard deviation , to decide if Chernan Metal Industrial performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.21 |
Weak predictability
Chernan Metal Industrial has weak predictability. Overlapping area represents the amount of predictability between Chernan Metal time series from 18th of December 2023 to 15th of June 2024 and 15th of June 2024 to 12th 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 Chernan Metal Industrial price movement. The serial correlation of 0.21 indicates that over 21.0% of current Chernan Metal price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.21 | |
| Spearman Rank Test | 0.19 | |
| Residual Average | 0.0 | |
| Price Variance | 7.17 |
Chernan Metal Industrial lagged returns against current returns
Autocorrelation, which is Chernan Metal 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 Chernan Metal's stock expected returns. We can calculate the autocorrelation of Chernan Metal returns to help us make a trade decision. For example, suppose you find that Chernan Metal 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 |
Chernan Metal 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 Chernan Metal stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Chernan Metal stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Chernan Metal stock over time.
Current vs Lagged Prices |
| Timeline |
Chernan Metal Lagged Returns
When evaluating Chernan Metal's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Chernan Metal stock have on its future price. Chernan Metal 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, Chernan Metal autocorrelation shows the relationship between Chernan Metal stock current value and its past values and can show if there is a momentum factor associated with investing in Chernan Metal Industrial.
Regressed Prices |
| Timeline |
Pair Trading with Chernan Metal
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 Chernan Metal 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 Chernan Metal will appreciate offsetting losses from the drop in the long position's value.Moving together with Chernan Stock
| 0.67 | 2474 | Catcher Technology | PairCorr |
| 0.86 | 2211 | Evergreen Steel Corp | PairCorr |
| 0.79 | 1532 | China Metal Products | PairCorr |
Moving against Chernan Stock
| 0.86 | 2882B | Cathay Financial Holding | PairCorr |
| 0.84 | 2881A | Fubon Financial Holding | PairCorr |
| 0.79 | 9904 | Pou Chen Corp | PairCorr |
| 0.78 | 1569 | Bin Chuan Enterprise | PairCorr |
| 0.65 | 2882A | Cathay Financial Holding | PairCorr |
The ability to find closely correlated positions to Chernan Metal could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Chernan Metal 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 Chernan Metal - 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 Chernan Metal Industrial to buy it.
The correlation of Chernan Metal 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 Chernan Metal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Chernan Metal Industrial 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 Chernan Metal 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.Additional Tools for Chernan Stock Analysis
When running Chernan Metal's price analysis, check to measure Chernan Metal's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Chernan Metal is operating at the current time. Most of Chernan Metal's value examination focuses on studying past and present price action to predict the probability of Chernan Metal's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Chernan Metal's price. Additionally, you may evaluate how the addition of Chernan Metal to your portfolios can decrease your overall portfolio volatility.