Denison Mines Corp Stock Market Value
| DML Stock | CAD 2.97 0.11 3.57% |
| Symbol | Denison |
Denison Mines Corp Price To Book Ratio
Denison Mines '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 Denison Mines' 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 Denison Mines.
| 11/15/2024 |
| 12/15/2024 |
If you would invest 0.00 in Denison Mines on November 15, 2024 and sell it all today you would earn a total of 0.00 from holding Denison Mines Corp or generate 0.0% return on investment in Denison Mines over 30 days. Denison Mines is related to or competes with K2 Gold. Denison Mines Corp. operates as a uranium exploration and development company in Canada More
Denison Mines 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 Denison Mines' 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 Denison Mines Corp upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.54 | |||
| Information Ratio | 0.1276 | |||
| Maximum Drawdown | 16.78 | |||
| Value At Risk | (3.98) | |||
| Potential Upside | 6.05 |
Denison Mines Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Denison Mines' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Denison Mines' standard deviation. In reality, there are many statistical measures that can use Denison Mines historical prices to predict the future Denison Mines' volatility.| Risk Adjusted Performance | 0.1232 | |||
| Jensen Alpha | 0.4808 | |||
| Total Risk Alpha | 0.1007 | |||
| Sortino Ratio | 0.1592 | |||
| Treynor Ratio | 3.35 |
Denison Mines Corp Backtested Returns
Denison Mines appears to be unstable, given 3 months investment horizon. Denison Mines Corp secures Sharpe Ratio (or Efficiency) of 0.18, which denotes the company had a 0.18% return per unit of risk over the last 3 months. By reviewing Denison Mines' technical indicators, you can evaluate if the expected return of 0.57% is justified by implied risk. Please utilize Denison Mines' Coefficient Of Variation of 628.04, downside deviation of 2.54, and Mean Deviation of 2.41 to check if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Denison Mines holds a performance score of 14. The firm shows a Beta (market volatility) of 0.15, which means not very significant fluctuations relative to the market. As returns on the market increase, Denison Mines' returns are expected to increase less than the market. However, during the bear market, the loss of holding Denison Mines is expected to be smaller as well. Please check Denison Mines' sortino ratio, skewness, price action indicator, as well as the relationship between the potential upside and rate of daily change , to make a quick decision on whether Denison Mines' price patterns will revert.
Auto-correlation | -0.37 |
Poor reverse predictability
Denison Mines Corp has poor reverse predictability. Overlapping area represents the amount of predictability between Denison Mines time series from 15th of November 2024 to 30th of November 2024 and 30th of November 2024 to 15th 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 Denison Mines Corp price movement. The serial correlation of -0.37 indicates that just about 37.0% of current Denison Mines price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.37 | |
| Spearman Rank Test | -0.31 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Denison Mines Corp lagged returns against current returns
Autocorrelation, which is Denison Mines 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 Denison Mines' stock expected returns. We can calculate the autocorrelation of Denison Mines returns to help us make a trade decision. For example, suppose you find that Denison Mines 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 |
Denison Mines 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 Denison Mines stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Denison Mines stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Denison Mines stock over time.
Current vs Lagged Prices |
| Timeline |
Denison Mines Lagged Returns
When evaluating Denison Mines' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Denison Mines stock have on its future price. Denison Mines 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, Denison Mines autocorrelation shows the relationship between Denison Mines stock current value and its past values and can show if there is a momentum factor associated with investing in Denison Mines Corp.
Regressed Prices |
| Timeline |
Pair Trading with Denison Mines
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 Denison Mines 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 Denison Mines will appreciate offsetting losses from the drop in the long position's value.Moving together with Denison Stock
Moving against Denison Stock
| 0.74 | MFC-PC | Manulife Finl Srs | PairCorr |
| 0.64 | SLF-PC | Sun Life Financial | PairCorr |
| 0.62 | SLF-PD | Sun Life Financial | PairCorr |
| 0.59 | SAGE | Sage Potash Corp | PairCorr |
| 0.45 | SLF-PG | Sun Life Non | PairCorr |
The ability to find closely correlated positions to Denison Mines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Denison Mines 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 Denison Mines - 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 Denison Mines Corp to buy it.
The correlation of Denison Mines 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 Denison Mines moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Denison Mines Corp 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 Denison Mines 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 Denison Mines Correlation, Denison Mines Volatility and Denison Mines Alpha and Beta module to complement your research on Denison Mines. You can also try the Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Denison Mines 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.