This is a trading item or a component that was created using QuantShare by one of our members.
This item can be downloaded and used by QuantShare Trading Software.
Trading items are of different types. There are data downloaders, trading indicators, trading systems, watchlists, composites/indices...
You can use this item and hundreds of others for free by downloading QuantShare.
Top Reasons Why You Should Use QuantShare:
Works with US and international markets (stock, forex, options, futures, ETF...)
Offers you the tools that will help you become a profitable trader
Allows you to implement any trading ideas
Exchange items and ideas with other QuantShare users
Our support team is very responsive and will answer any of your questions
We will implement any features you suggest
Very low price and much more features than the majority of other trading software
For Free - No Credit Card Required
Stock Correlation with its Industry - Change over time
The screen returns the correlation of each stock with its industry for the last 250 and 30 trading days.
It displays five columns:
- Symbol: The stock symbol name
- Close: The close price at the screen date
- Return: The one-bar return of the stock
- Industry Return: The average one-bar return of stocks that belong to the same industry as the current stock
- Correlation 250D: The 250-bar correlation between the stock return and the industry return
- Correlation 30D: The 30-bar correlation between the stock return and the industry return
- Industry: The stock's industry name
This tool can help you identify stocks whose correlation with their industry is decreasing (30d correlation). These stocks used to be highly correlated with their industry as measured by the 250d correlation.
You may also add new columns such as the change in percentage between the medium-term and short-term correlation or compute the correlation of the last 10 days instead of 30.
Besides the stock market, this screen may be applied to ETFs (Exchange Traded Funds). In this case, you can calculate the correlation between an ETF and its segment or group.
Note that the screen takes a lot of time to calculate and that stocks trading under $2 are not displayed and are not included in the market composites that measure the daily return of the different industries.