Aggregated price index with volume information
- Forest Products stocks down 0.7% on average while median return down 1.0% in a day
- Forest Products stocks up 3.7% on average while median return up 4.1% in a week
- Forest Products stocks up 18.6% on average while median return up 9.7% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $JELD 32.2%, $TREX 14.6%
- 1M losers are : Losers for past month are
- 1W winners are : Winners for past week are $JELD 6.6%, $UFPI 4.1%
- 1W losers are : Losers for past week are
Index correlation analysis
Correlation for the past month is 73.2%, for the past 3 months is 69.3%
In the past month for a 5 days rolling window, the highest corrrelation is 98.2%, the lowest correlation is 38.9%, the latest correlation is 83.5%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 91.9% between BCC and UFPI
The lowest correlation is 47.5% between JELD and LPX
The Zacks Building Products - Wood industry is expected to gain from home improvement activities and cost control amid a challenging macro backdrop. Industry players like TREX, BCC and DORR are set to gain the most from the tailwinds.
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