Aggregated price index with volume information
- Online Retail stocks down 0.8% on average while median return down 0.9% in a day
- Online Retail stocks down 1.5% on average while median return down -0.1% in a week
- Online Retail stocks up 10.0% on average while median return up 6.1% 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 $PDD 34.8%, $ETSY 25.1%, $SHOP 21.6%, $MELI 14.2%, $W 12.1%
- 1M losers are : Losers for past month are $VIPS -2.0%, $JD -3.0%, $IQ -11.6%, $BABA -15.2%, $FTCH -31.4%
- 1W winners are : Winners for past week are $ETSY 8.5%, $PETS 5.5%, $FLWS 5.4%, $BBY 4.2%, $LE 3.7%
- 1W losers are : Losers for past week are $IQ -5.0%, $BABA -5.7%, $JD -7.2%, $VIPS -7.4%, $FTCH -43.8%
Index correlation analysis
Correlation for the past month is 29.0%, for the past 3 months is 30.4%
In the past month for a 5 days rolling window, the highest corrrelation is 66.6%, the lowest correlation is 0.3%, the latest correlation is 6.1%
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 93.5% between IBUY and ONLN
The lowest correlation is -35.1% between APRN and PETS
MercadoLibre (MELI) possesses solid growth attributes, which could help it handily outperform the market.
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NVIDIA, Vertiv Holdings, Copart, Insulet and Constellation Energy are included in this Analyst Blog.