Aggregated price index with volume information
Summary:
- Homebuilding stocks down 1.4% on average while median return down 1.4% in a day
- Homebuilding stocks down 0.7% on average while median return down 0.3% in a week
- Homebuilding stocks down 7.9% on average while median return down 10.3% 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 $CHCI 9.2%
- 1M losers are : Losers for past month are $MHO -13.3%, $BZH -13.7%, $LEGH -14.2%, $GRBK -16.9%, $LGIH -19.9%
- 1W winners are : Winners for past week are $SSD 2.0%, $CVCO 0.8%, $KBH 0.2%, $PHM 0.1%, $FTDR 0.1%
- 1W losers are : Losers for past week are $CHCI -1.4%, $DHI -1.7%, $MHO -3.5%, $LGIH -3.6%, $LEGH -4.4%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 61.3%, for the past 3 months is 54.9%
In the past month for a 5 days rolling window, the highest corrrelation is 73.6%, the lowest correlation is 36.4%, the latest correlation is 64.4%
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 97.4% between DHI and LEN
The lowest correlation is -56.7% between FTDR and MCACU
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Yahoo Finance Live anchor Josh Lipton breaks down what investors should pay attention to for tomorrow, including, most notably, the Federal Reserve's September interest rate decision, an interview with former Atlanta Fed President Dennis Lockhart, and corporate earnings expected out from FedEx (FDX), General Mills (GIS), and KB Home (KBH). For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.