Cardiol Therapeutics Class Stock Market Value
| CRDL Stock | CAD 1.93 0.10 4.93% |
| Symbol | Cardiol |
Cardiol Therapeutics Price To Book Ratio
Cardiol Therapeutics '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 Cardiol Therapeutics' 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 Cardiol Therapeutics.
| 11/13/2024 |
| 12/13/2024 |
If you would invest 0.00 in Cardiol Therapeutics on November 13, 2024 and sell it all today you would earn a total of 0.00 from holding Cardiol Therapeutics Class or generate 0.0% return on investment in Cardiol Therapeutics over 30 days. Cardiol Therapeutics is related to or competes with Avicanna, Medicenna Therapeutics, Charlottes Web, and Pharmacielo. Cardiol Therapeutics Inc., a biotechnology company, engages in the research and commercial development of proprietary dr... More
Cardiol Therapeutics 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 Cardiol Therapeutics' 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 Cardiol Therapeutics Class upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.23) | |||
| Maximum Drawdown | 16.93 | |||
| Value At Risk | (5.77) | |||
| Potential Upside | 5.0 |
Cardiol Therapeutics Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Cardiol Therapeutics' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Cardiol Therapeutics' standard deviation. In reality, there are many statistical measures that can use Cardiol Therapeutics historical prices to predict the future Cardiol Therapeutics' volatility.| Risk Adjusted Performance | (0.14) | |||
| Jensen Alpha | (0.79) | |||
| Total Risk Alpha | (1.16) | |||
| Treynor Ratio | (0.68) |
Cardiol Therapeutics Backtested Returns
Cardiol Therapeutics secures Sharpe Ratio (or Efficiency) of -0.21, which signifies that the company had a -0.21% return per unit of risk over the last 3 months. Cardiol Therapeutics Class exposes twenty-two different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Cardiol Therapeutics' Risk Adjusted Performance of (0.14), mean deviation of 2.61, and Standard Deviation of 3.41 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of 1.0, which signifies a somewhat significant risk relative to the market. Cardiol Therapeutics returns are very sensitive to returns on the market. As the market goes up or down, Cardiol Therapeutics is expected to follow. At this point, Cardiol Therapeutics has a negative expected return of -0.69%. Please make sure to confirm Cardiol Therapeutics' total risk alpha, maximum drawdown, skewness, as well as the relationship between the treynor ratio and potential upside , to decide if Cardiol Therapeutics performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.92 |
Excellent predictability
Cardiol Therapeutics Class has excellent predictability. Overlapping area represents the amount of predictability between Cardiol Therapeutics time series from 13th of November 2024 to 28th of November 2024 and 28th of November 2024 to 13th 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 Cardiol Therapeutics price movement. The serial correlation of 0.92 indicates that approximately 92.0% of current Cardiol Therapeutics price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.92 | |
| Spearman Rank Test | 0.75 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Cardiol Therapeutics lagged returns against current returns
Autocorrelation, which is Cardiol Therapeutics 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 Cardiol Therapeutics' stock expected returns. We can calculate the autocorrelation of Cardiol Therapeutics returns to help us make a trade decision. For example, suppose you find that Cardiol Therapeutics 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 |
Cardiol Therapeutics 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 Cardiol Therapeutics stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Cardiol Therapeutics stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Cardiol Therapeutics stock over time.
Current vs Lagged Prices |
| Timeline |
Cardiol Therapeutics Lagged Returns
When evaluating Cardiol Therapeutics' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Cardiol Therapeutics stock have on its future price. Cardiol Therapeutics 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, Cardiol Therapeutics autocorrelation shows the relationship between Cardiol Therapeutics stock current value and its past values and can show if there is a momentum factor associated with investing in Cardiol Therapeutics Class.
Regressed Prices |
| Timeline |
Pair Trading with Cardiol Therapeutics
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 Cardiol Therapeutics 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 Cardiol Therapeutics will appreciate offsetting losses from the drop in the long position's value.Moving together with Cardiol Stock
Moving against Cardiol Stock
The ability to find closely correlated positions to Cardiol Therapeutics could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cardiol Therapeutics 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 Cardiol Therapeutics - 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 Cardiol Therapeutics Class to buy it.
The correlation of Cardiol Therapeutics 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 Cardiol Therapeutics moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cardiol Therapeutics 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 Cardiol Therapeutics 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 Cardiol Therapeutics Correlation, Cardiol Therapeutics Volatility and Cardiol Therapeutics Alpha and Beta module to complement your research on Cardiol Therapeutics. You can also try the Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Cardiol Therapeutics 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.