Aggregated price index with volume information
Summary:
- The momentum of the sector is very strong.
- Radio Networks stocks up 1.3% on average while median return up 0.5% in a day
- Radio Networks stocks up 5.3% on average while median return up 3.8% in a week
- Radio Networks stocks up 13.6% on average while median return up 5.9% 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 $IHRT 67.6%, $SSP 47.5%, $TSQ 18.6%, $TGNA 18.3%, $AMCX 13.5%
- 1M losers are : Losers for past month are $SGA -1.0%, $TME -1.6%, $UONEK -5.0%, $TV -19.2%
- 1W winners are : Winners for past week are $IHRT 27.6%, $SSP 19.2%, $TSQ 6.4%, $UONEK 4.8%, $TGNA 4.6%
- 1W losers are : Losers for past week are $TME -1.2%, $TV -7.5%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 20.8%, for the past 3 months is 12.4%
In the past month for a 5 days rolling window, the highest corrrelation is 40.9%, the lowest correlation is -3.4%, the latest correlation is 37.9%
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 67.1% between SSP and TGNA
The lowest correlation is -23.3% between TME and UONE
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