Aggregated price index with volume information
- The momentum of the sector is very strong.
- Pharmaceuticals: Major stocks down 0.1% on average while median return down 0.7% in a day
- Pharmaceuticals: Major stocks up 8.8% on average while median return up 4.6% in a week
- Pharmaceuticals: Major stocks up 13.7% on average while median return up 4.2% 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 $EYPT 128.9%, $ALRN 108.6%, $ANVS 61.7%, $AQST 49.4%, $CKPT 47.2%
- 1M losers are : Losers for past month are $OLMA -22.2%, $ACET -26.7%, $TRVI -33.1%, $HROW -34.1%, $ASRT -52.1%
- 1W winners are : Winners for past week are $EYPT 191.3%, $ALLK 56.6%, $OCUL 56.3%, $KALA 49.0%, $APLS 37.4%
- 1W losers are : Losers for past week are $ARCT -10.0%, $EYEN -10.3%, $SLGL -10.9%, $LTRN -11.5%, $VYNE -12.7%
Index correlation analysis
Correlation for the past month is 14.1%, for the past 3 months is 11.3%
In the past month for a 5 days rolling window, the highest corrrelation is 24.4%, the lowest correlation is 6.4%, the latest correlation is 14.4%
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 80.4% between AKRO and AVIR
The lowest correlation is -68.8% between ALRN and ANNX
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