Aggregated price index with volume information
Summary:
- The momentum of the sector is very strong.
- Pot stocks up 3.2% on average while median return up 5.1% in a day
- Pot stocks up 15.7% on average while median return up 14.8% in a week
- Pot stocks up 25.3% on average while median return up 18.4% 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 $SNDL 53.0%, $TLRY 37.0%, $MJ 22.9%, $CNBS 19.4%
- 1M losers are : Losers for past month are
- 1W winners are : Winners for past week are $SNDL 42.5%, $TLRY 25.3%, $MJ 18.5%, $CNBS 15.2%
- 1W losers are : Losers for past week are $OGI -5.2%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 39.6%, for the past 3 months is 27.4%
In the past month for a 5 days rolling window, the highest corrrelation is 68.3%, the lowest correlation is 6.7%, the latest correlation is 35.4%
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 91.0% between SNDL and TLRY
The lowest correlation is -16.9% between POTX and THCX
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These deeply undervalued growth stocks could be big winners for patient shareholders.
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In this article, we discuss 10 cannabis ETFs to explore. If you want to skip our detailed discussion on the cannabis industry, head directly to Navigating Regulatory Changes: 5 Cannabis ETFs To Explore. In September last year, shares of marijuana firms fell after rising initially, following a US Senate Committee’s vote to pass a bill […]
You'll need to be patient to gain the most from this investment.