Aggregated price index with volume information
Summary:
- Gig Economy stocks down 1.4% on average while median return down 2.0% in a day
- Gig Economy stocks down 2.5% on average while median return down 3.6% in a week
- Gig Economy stocks down 12.6% on average while median return down 12.7% 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
- 1M losers are : Losers for past month are $LYFT -16.3%
- 1W winners are : Winners for past week are $FVRR 1.7%
- 1W losers are : Losers for past week are $LYFT -5.6%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 59.2%, for the past 3 months is 52.1%
In the past month for a 5 days rolling window, the highest corrrelation is 90.8%, the lowest correlation is -16.4%, the latest correlation is 50.9%
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 67.0% between LYFT and UBER
The lowest correlation is 54.8% between FVRR and LYFT
Shares of TSLA (TSLA) are trading higher Wednesday, fueled by the electric vehicle maker's ambitious robotaxi plans. While details surrounding the project and its timeline remain somewhat a mystery, ride-share stocks like Uber (UBER) and Lyft (LYFT) are under pressure due to heightened competition concerns. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
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