Dayforce Stock Market Value
| DAY Stock | 107.52 1.02 0.96% |
| Symbol | Dayforce |
Dayforce '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 Dayforce'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 Dayforce.
| 11/21/2024 |
| 12/21/2024 |
If you would invest 0.00 in Dayforce on November 21, 2024 and sell it all today you would earn a total of 0.00 from holding Dayforce or generate 0.0% return on investment in Dayforce over 30 days. Dayforce is related to or competes with Descartes Systems, TECSYS, Real Matters, and Intermap Technologies. Dayforce is entity of Canada. It is traded as Stock on TO exchange. More
Dayforce 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 Dayforce'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 Dayforce upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.63 | |||
| Information Ratio | 0.2003 | |||
| Maximum Drawdown | 11.83 | |||
| Value At Risk | (2.74) | |||
| Potential Upside | 3.66 |
Dayforce Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Dayforce's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Dayforce's standard deviation. In reality, there are many statistical measures that can use Dayforce historical prices to predict the future Dayforce's volatility.| Risk Adjusted Performance | 0.1771 | |||
| Jensen Alpha | 0.4337 | |||
| Total Risk Alpha | 0.3822 | |||
| Sortino Ratio | 0.257 | |||
| Treynor Ratio | 1.41 |
Dayforce Backtested Returns
Dayforce appears to be very steady, given 3 months investment horizon. Dayforce secures Sharpe Ratio (or Efficiency) of 0.23, which denotes the company had a 0.23% return per unit of risk over the last 3 months. We have found thirty technical indicators for Dayforce, which you can use to evaluate the volatility of the firm. Please utilize Dayforce's Mean Deviation of 1.48, coefficient of variation of 463.65, and Downside Deviation of 1.63 to check if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Dayforce holds a performance score of 18. The firm shows a Beta (market volatility) of 0.31, which means possible diversification benefits within a given portfolio. As returns on the market increase, Dayforce's returns are expected to increase less than the market. However, during the bear market, the loss of holding Dayforce is expected to be smaller as well. Please check Dayforce's skewness, and the relationship between the potential upside and rate of daily change , to make a quick decision on whether Dayforce's price patterns will revert.
Auto-correlation | -0.06 |
Very weak reverse predictability
Dayforce has very weak reverse predictability. Overlapping area represents the amount of predictability between Dayforce time series from 21st of November 2024 to 6th of December 2024 and 6th of December 2024 to 21st 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 Dayforce price movement. The serial correlation of -0.06 indicates that barely 6.0% of current Dayforce price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.06 | |
| Spearman Rank Test | -0.52 | |
| Residual Average | 0.0 | |
| Price Variance | 3.99 |
Dayforce lagged returns against current returns
Autocorrelation, which is Dayforce 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 Dayforce's stock expected returns. We can calculate the autocorrelation of Dayforce returns to help us make a trade decision. For example, suppose you find that Dayforce 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 |
Dayforce 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 Dayforce stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Dayforce stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Dayforce stock over time.
Current vs Lagged Prices |
| Timeline |
Dayforce Lagged Returns
When evaluating Dayforce's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Dayforce stock have on its future price. Dayforce 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, Dayforce autocorrelation shows the relationship between Dayforce stock current value and its past values and can show if there is a momentum factor associated with investing in Dayforce.
Regressed Prices |
| Timeline |
Pair Trading with Dayforce
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 Dayforce 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 Dayforce will appreciate offsetting losses from the drop in the long position's value.Moving together with Dayforce Stock
Moving against Dayforce Stock
| 0.9 | REAL | Real Matters | PairCorr |
| 0.87 | CMC | Cielo Waste Solutions | PairCorr |
| 0.77 | AEMC | Alaska Energy Metals | PairCorr |
| 0.52 | MAS | MAS Gold Corp | PairCorr |
| 0.4 | PNTI-P | Pentagon I Capital | PairCorr |
The ability to find closely correlated positions to Dayforce could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dayforce 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 Dayforce - 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 Dayforce to buy it.
The correlation of Dayforce 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 Dayforce moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Dayforce 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 Dayforce 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 Dayforce Correlation, Dayforce Volatility and Dayforce Alpha and Beta module to complement your research on Dayforce. To learn how to invest in Dayforce Stock, please use our How to Invest in Dayforce guide.You can also try the Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Dayforce 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.