Aggregated price index with volume information
- Pharmaceuticals: Generic stocks down 0.3% on average while median return down 0.4% in a day
- Pharmaceuticals: Generic stocks up 1.1% on average while median return up 2.8% in a week
- Pharmaceuticals: Generic stocks up 10.4% on average while median return up 10.2% 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 $SMTI 23.0%, $TXMD 12.7%, $TEVA 11.9%, $ZTS 10.7%
- 1M losers are : Losers for past month are $LFVN -11.6%
- 1W winners are : Winners for past week are $BBIO 9.6%, $LFVN 5.7%, $SMTI 4.7%, $RDY 2.8%
- 1W losers are : Losers for past week are $TXMD -12.6%
Index correlation analysis
Correlation for the past month is 8.6%, for the past 3 months is 10.2%
In the past month for a 5 days rolling window, the highest corrrelation is 27.2%, the lowest correlation is -11.7%, the latest correlation is -0.9%
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 47.1% between BBIO and SMTI
The lowest correlation is -31.8% between COCP and LFVN
Next year, investors could see growth in these four sectors, Aaron Dunn, portfolio manager at Morgan Stanley, told Yahoo Finance.
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