North American Construction Stock Market Value
| NOA Stock | CAD 28.00 0.64 2.34% |
| Symbol | North |
North American Const Price To Book Ratio
North American '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 North American'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 North American.
| 10/30/2024 |
| 11/29/2024 |
If you would invest 0.00 in North American on October 30, 2024 and sell it all today you would earn a total of 0.00 from holding North American Construction or generate 0.0% return on investment in North American over 30 days. North American is related to or competes with IShares Canadian, PHN Multi, Global X, Altagas Cum, EcoSynthetix, Financial, and Rubicon Organics. North American Construction Group Ltd. provides mining and heavy construction services to the resource development and i... More
North American 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 North American'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 North American Construction upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.4 | |||
| Information Ratio | 0.0204 | |||
| Maximum Drawdown | 15.83 | |||
| Value At Risk | (2.92) | |||
| Potential Upside | 3.28 |
North American Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for North American's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as North American's standard deviation. In reality, there are many statistical measures that can use North American historical prices to predict the future North American's volatility.| Risk Adjusted Performance | 0.0586 | |||
| Jensen Alpha | 0.142 | |||
| Total Risk Alpha | (0.23) | |||
| Sortino Ratio | 0.0228 | |||
| Treynor Ratio | 0.7012 |
North American Const Backtested Returns
As of now, North Stock is not too volatile. North American Const has Sharpe Ratio of 0.0624, which conveys that the firm had a 0.0624% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for North American, which you can use to evaluate the volatility of the firm. Please verify North American's Downside Deviation of 2.4, mean deviation of 1.69, and Risk Adjusted Performance of 0.0586 to check out if the risk estimate we provide is consistent with the expected return of 0.17%. North American has a performance score of 4 on a scale of 0 to 100. The company secures a Beta (Market Risk) of 0.24, which conveys not very significant fluctuations relative to the market. As returns on the market increase, North American's returns are expected to increase less than the market. However, during the bear market, the loss of holding North American is expected to be smaller as well. North American Const right now secures a risk of 2.64%. Please verify North American Construction maximum drawdown, skewness, day typical price, as well as the relationship between the downside variance and daily balance of power , to decide if North American Construction will be following its current price movements.
Auto-correlation | -0.2 |
Insignificant reverse predictability
North American Construction has insignificant reverse predictability. Overlapping area represents the amount of predictability between North American time series from 30th of October 2024 to 14th of November 2024 and 14th of November 2024 to 29th of November 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 North American Const price movement. The serial correlation of -0.2 indicates that over 20.0% of current North American price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.2 | |
| Spearman Rank Test | -0.15 | |
| Residual Average | 0.0 | |
| Price Variance | 0.12 |
North American Const lagged returns against current returns
Autocorrelation, which is North American 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 North American's stock expected returns. We can calculate the autocorrelation of North American returns to help us make a trade decision. For example, suppose you find that North American 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 |
North American 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 North American stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if North American stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in North American stock over time.
Current vs Lagged Prices |
| Timeline |
North American Lagged Returns
When evaluating North American's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of North American stock have on its future price. North American 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, North American autocorrelation shows the relationship between North American stock current value and its past values and can show if there is a momentum factor associated with investing in North American Construction.
Regressed Prices |
| Timeline |
Pair Trading with North American
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 North American 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 North American will appreciate offsetting losses from the drop in the long position's value.The ability to find closely correlated positions to North American could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace North American 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 North American - 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 North American Construction to buy it.
The correlation of North American 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 North American moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if North American Const 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 North American 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 North American Correlation, North American Volatility and North American Alpha and Beta module to complement your research on North American. You can also try the Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
North American 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.