Health Care Select Etf Market Value
| XLV Etf | USD 138.95 0.52 0.38% |
| Symbol | Health |
The market value of Health Care Select is measured differently than its book value, which is the value of Health that is recorded on the company's balance sheet. Investors also form their own opinion of Health Care's value that differs from its market value or its book value, called intrinsic value, which is Health Care's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Health Care's market value can be influenced by many factors that don't directly affect Health Care's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Health Care's value and its price as these two are different measures arrived at by different means. Investors typically determine if Health Care is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Health Care's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Health Care '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 Health Care's etf 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 Health Care.
| 03/21/2024 |
| 04/20/2024 |
If you would invest 0.00 in Health Care on March 21, 2024 and sell it all today you would earn a total of 0.00 from holding Health Care Select or generate 0.0% return on investment in Health Care over 30 days. Health Care is related to or competes with Consumer Staples, Industrial Select, Consumer Discretionary, Utilities Select, and Technology Select. In seeking to track the performance of the index, the fund employs a replication strategy More
Health Care 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 Health Care's etf 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 Health Care Select upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.6202 | |||
| Information Ratio | (0.13) | |||
| Maximum Drawdown | 2.89 | |||
| Value At Risk | (1.17) | |||
| Potential Upside | 1.09 |
Health Care Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Health Care's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Health Care's standard deviation. In reality, there are many statistical measures that can use Health Care historical prices to predict the future Health Care's volatility.| Risk Adjusted Performance | 0.0028 | |||
| Jensen Alpha | (0.07) | |||
| Total Risk Alpha | (0.09) | |||
| Sortino Ratio | (0.13) | |||
| Treynor Ratio | (0.01) |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Health Care's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Health Care Select Backtested Returns
Health Care Select holds Efficiency (Sharpe) Ratio of -0.0077, which attests that the entity had a -0.0077% return per unit of standard deviation over the last 3 months. Health Care Select exposes twenty-nine different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please check out Health Care's risk adjusted performance of 0.0028, and Market Risk Adjusted Performance of 7.0E-4 to validate the risk estimate we provide. The etf retains a Market Volatility (i.e., Beta) of 0.8, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Health Care's returns are expected to increase less than the market. However, during the bear market, the loss of holding Health Care is expected to be smaller as well.
Auto-correlation | 0.31 |
Below average predictability
Health Care Select has below average predictability. Overlapping area represents the amount of predictability between Health Care time series from 21st of March 2024 to 5th of April 2024 and 5th of April 2024 to 20th of April 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 Health Care Select price movement. The serial correlation of 0.31 indicates that nearly 31.0% of current Health Care price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.31 | |
| Spearman Rank Test | 0.25 | |
| Residual Average | 0.0 | |
| Price Variance | 3.79 |
Health Care Select lagged returns against current returns
Autocorrelation, which is Health Care etf'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 Health Care's etf expected returns. We can calculate the autocorrelation of Health Care returns to help us make a trade decision. For example, suppose you find that Health Care has exhibited high autocorrelation historically, and you observe that the etf 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 |
Health Care 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 Health Care etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Health Care etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Health Care etf over time.
Current vs Lagged Prices |
| Timeline |
Health Care Lagged Returns
When evaluating Health Care's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Health Care etf have on its future price. Health Care 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, Health Care autocorrelation shows the relationship between Health Care etf current value and its past values and can show if there is a momentum factor associated with investing in Health Care Select.
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.When determining whether Health Care Select is a strong investment it is important to analyze Health Care's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Health Care's future performance. For an informed investment choice regarding Health Etf, refer to the following important reports:Check out Health Care Correlation, Health Care Volatility and Health Care Alpha and Beta module to complement your research on Health Care. You can also try the Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Health Care technical etf 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, etf market cycles, or different charting patterns.