Commonwealth Australianew Zealand Fund Market Value
| CNZLX Fund | USD 10.46 0.10 0.97% |
| Symbol | Commonwealth |
Commonwealth Australia/new '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 Commonwealth Australia/new's mutual fund 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 Commonwealth Australia/new.
| 04/05/2024 |
| 05/05/2024 |
If you would invest 0.00 in Commonwealth Australia/new on April 5, 2024 and sell it all today you would earn a total of 0.00 from holding Commonwealth Australianew Zealand or generate 0.0% return on investment in Commonwealth Australia/new over 30 days. Commonwealth Australia/new is related to or competes with Fidelity Series, Fidelity Canada, Fidelity Canada, Fidelity Canada, and Fidelity Nordic. The fund normally invests at least 80 percent of its net assets in the securities of, and depositary receipts , Global D... More
Commonwealth Australia/new 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 Commonwealth Australia/new's mutual fund 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 Commonwealth Australianew Zealand upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.21) | |||
| Maximum Drawdown | 3.67 | |||
| Value At Risk | (1.22) | |||
| Potential Upside | 1.12 |
Commonwealth Australia/new Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Commonwealth Australia/new's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Commonwealth Australia/new's standard deviation. In reality, there are many statistical measures that can use Commonwealth Australia/new historical prices to predict the future Commonwealth Australia/new's volatility.| Risk Adjusted Performance | (0.06) | |||
| Jensen Alpha | (0.14) | |||
| Total Risk Alpha | (0.17) | |||
| Treynor Ratio | (0.12) |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Commonwealth Australia/new'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.
Commonwealth Australia/new Backtested Returns
Commonwealth Australia/new secures Sharpe Ratio (or Efficiency) of -0.0737, which signifies that the fund had a -0.0737% return per unit of risk over the last 3 months. Commonwealth Australianew Zealand exposes twenty-one different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Commonwealth Australia/new's Standard Deviation of 0.7433, mean deviation of 0.5733, and Risk Adjusted Performance of (0.06) to double-check the risk estimate we provide. The fund shows a Beta (market volatility) of 0.74, which signifies possible diversification benefits within a given portfolio. As returns on the market increase, Commonwealth Australia/new's returns are expected to increase less than the market. However, during the bear market, the loss of holding Commonwealth Australia/new is expected to be smaller as well.
Auto-correlation | 0.39 |
Below average predictability
Commonwealth Australianew Zealand has below average predictability. Overlapping area represents the amount of predictability between Commonwealth Australia/new time series from 5th of April 2024 to 20th of April 2024 and 20th of April 2024 to 5th of May 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 Commonwealth Australia/new price movement. The serial correlation of 0.39 indicates that just about 39.0% of current Commonwealth Australia/new price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.39 | |
| Spearman Rank Test | -0.17 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Commonwealth Australia/new lagged returns against current returns
Autocorrelation, which is Commonwealth Australia/new mutual fund'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 Commonwealth Australia/new's mutual fund expected returns. We can calculate the autocorrelation of Commonwealth Australia/new returns to help us make a trade decision. For example, suppose you find that Commonwealth Australia/new has exhibited high autocorrelation historically, and you observe that the mutual fund 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 |
Commonwealth Australia/new 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 Commonwealth Australia/new mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Commonwealth Australia/new mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Commonwealth Australia/new mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Commonwealth Australia/new Lagged Returns
When evaluating Commonwealth Australia/new's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Commonwealth Australia/new mutual fund have on its future price. Commonwealth Australia/new 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, Commonwealth Australia/new autocorrelation shows the relationship between Commonwealth Australia/new mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Commonwealth Australianew Zealand.
Regressed Prices |
| Timeline |
Pair Trading with Commonwealth Australia/new
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 Commonwealth Australia/new 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 Commonwealth Australia/new will appreciate offsetting losses from the drop in the long position's value.Moving against Commonwealth Mutual Fund
| 0.65 | RYMEX | Commodities Strategy | PairCorr |
| 0.65 | RYMBX | Commodities Strategy | PairCorr |
| 0.64 | RYMJX | Commodities Strategy | PairCorr |
| 0.51 | TTEEX | T Rowe Price | PairCorr |
The ability to find closely correlated positions to Commonwealth Australia/new could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Commonwealth Australia/new 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 Commonwealth Australia/new - 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 Commonwealth Australianew Zealand to buy it.
The correlation of Commonwealth Australia/new 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 Commonwealth Australia/new moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Commonwealth Australia/new 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 Commonwealth Australia/new 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 Commonwealth Australia/new Correlation, Commonwealth Australia/new Volatility and Commonwealth Australia/new Alpha and Beta module to complement your research on Commonwealth Australia/new. You can also try the Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Commonwealth Australia/new technical mutual fund 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, fund market cycles, or different charting patterns.