Westport Fuel Systems Stock Market Value
| WPRT Stock | CAD 5.89 0.17 2.81% |
| Symbol | Westport |
Westport Fuel Systems Price To Book Ratio
Westport Fuel '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 Westport Fuel'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 Westport Fuel.
| 11/19/2023 |
| 12/13/2024 |
If you would invest 0.00 in Westport Fuel on November 19, 2023 and sell it all today you would earn a total of 0.00 from holding Westport Fuel Systems or generate 0.0% return on investment in Westport Fuel over 390 days. Westport Fuel is related to or competes with Ballard Power, NFI, GreenPower, Real Matters, and Boralex. Westport Fuel Systems Inc. engages in the engineering, manufacturing, and supplying alternative fuel systems and compone... More
Westport Fuel 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 Westport Fuel'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 Westport Fuel Systems upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.16) | |||
| Maximum Drawdown | 9.53 | |||
| Value At Risk | (3.78) | |||
| Potential Upside | 3.17 |
Westport Fuel Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Westport Fuel's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Westport Fuel's standard deviation. In reality, there are many statistical measures that can use Westport Fuel historical prices to predict the future Westport Fuel's volatility.| Risk Adjusted Performance | (0.07) | |||
| Jensen Alpha | (0.27) | |||
| Total Risk Alpha | (0.51) | |||
| Treynor Ratio | (0.53) |
Westport Fuel Systems Backtested Returns
Westport Fuel Systems shows Sharpe Ratio of -0.0744, which attests that the company had a -0.0744% return per unit of risk over the last 3 months. Westport Fuel Systems exposes twenty-three different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check out Westport Fuel's Standard Deviation of 2.01, market risk adjusted performance of (0.52), and Mean Deviation of 1.43 to validate the risk estimate we provide. The firm maintains a market beta of 0.43, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Westport Fuel's returns are expected to increase less than the market. However, during the bear market, the loss of holding Westport Fuel is expected to be smaller as well. At this point, Westport Fuel Systems has a negative expected return of -0.14%. Please make sure to check out Westport Fuel's potential upside, kurtosis, daily balance of power, as well as the relationship between the skewness and accumulation distribution , to decide if Westport Fuel Systems performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.38 |
Below average predictability
Westport Fuel Systems has below average predictability. Overlapping area represents the amount of predictability between Westport Fuel time series from 19th of November 2023 to 1st of June 2024 and 1st of June 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 Westport Fuel Systems price movement. The serial correlation of 0.38 indicates that just about 38.0% of current Westport Fuel price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.38 | |
| Spearman Rank Test | 0.42 | |
| Residual Average | 0.0 | |
| Price Variance | 1.05 |
Westport Fuel Systems lagged returns against current returns
Autocorrelation, which is Westport Fuel 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 Westport Fuel's stock expected returns. We can calculate the autocorrelation of Westport Fuel returns to help us make a trade decision. For example, suppose you find that Westport Fuel 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 |
Westport Fuel 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 Westport Fuel stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Westport Fuel stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Westport Fuel stock over time.
Current vs Lagged Prices |
| Timeline |
Westport Fuel Lagged Returns
When evaluating Westport Fuel's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Westport Fuel stock have on its future price. Westport Fuel 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, Westport Fuel autocorrelation shows the relationship between Westport Fuel stock current value and its past values and can show if there is a momentum factor associated with investing in Westport Fuel Systems.
Regressed Prices |
| Timeline |
Pair Trading with Westport Fuel
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 Westport Fuel 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 Westport Fuel will appreciate offsetting losses from the drop in the long position's value.The ability to find closely correlated positions to Westport Fuel could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Westport Fuel 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 Westport Fuel - 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 Westport Fuel Systems to buy it.
The correlation of Westport Fuel 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 Westport Fuel moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Westport Fuel Systems 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 Westport Fuel 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 Westport Fuel Correlation, Westport Fuel Volatility and Westport Fuel Alpha and Beta module to complement your research on Westport Fuel. You can also try the Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Westport Fuel 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.