UNSTRUCTURED ALPHAMeasure a portfolio

XLV vs NDSN

XLV and NDSN clearly differ on 1 of 19 forces. The widest gap is small vs large companies: in weeks when small companies beat large ones by 1 percentage point, XLV typically moved +0.23% and NDSN +0.73%.

XLVNDSNBars: 90% ranges. Hollow: could not be told apart from zero.Same figures in the table below.
Economic forceXLVHealth Care Select Sector SPDR FundNDSNNordson Corporation
Interest ratesIn weeks when the 10-year Treasury yield rose 0.25 percentage points−1.1%−1.8% to −0.45%Clear−1.4%−2.6% to −0.18%Tentative
Inflation expectationsIn weeks when 10-year inflation expectations rose 0.25 percentage points+1.2%−0.49% to +2.9%Not distinguishable from zero+1.5%−0.82% to +3.9%Not distinguishable from zero
U.S. dollarIn weeks when the trade-weighted U.S. dollar rose 2%−0.44%−1.2% to +0.31%Not distinguishable from zero−1.0%−2.5% to +0.48%Not distinguishable from zero
Oil and energyIn weeks when the price of oil rose 10%−0.57%−1.0% to −0.10%Tentative−0.61%−1.2% to −0.06%Tentative
Credit spreadsIn weeks when corporate credit spreads widened 0.25 percentage points−1.0%−2.2% to +0.30%Not distinguishable from zero−1.4%−3.7% to +0.86%Not distinguishable from zero
Short-term ratesIn weeks when the 2-year Treasury yield rose 0.25 percentage points−0.21%−1.4% to +0.95%Not distinguishable from zero−0.66%−2.4% to +1.1%Not distinguishable from zero
Market volatilityIn weeks when market volatility (the VIX) rose 5 points−0.41%−1.0% to +0.13%Not distinguishable from zero−0.47%−1.2% to +0.24%Not distinguishable from zero
Mortgage ratesIn weeks when the 30-year mortgage rate rose 0.25 percentage points+0.14%−0.35% to +0.63%Not distinguishable from zero+0.79%−0.16% to +1.7%Not distinguishable from zero
GoldIn weeks when the price of gold rose 5%+0.30%−0.32% to +0.92%Not distinguishable from zero+0.30%−0.52% to +1.1%Not distinguishable from zero
CopperIn weeks when the price of copper rose 5%+0.48%+0.11% to +0.85%Tentative+0.14%−0.45% to +0.73%Not distinguishable from zero
Natural gasIn weeks when the U.S. natural gas price (Henry Hub) rose 10%+0.01%0.00% to +0.02%Not distinguishable from zero−0.01%−0.03% to +0.01%Not distinguishable from zero
BitcoinIn weeks when the price of bitcoin rose 10%−0.32%−0.94% to +0.29%Not distinguishable from zero0.00%−0.84% to +0.85%Not distinguishable from zero
Small vs large companiesIn weeks when small companies beat large ones by 1 percentage pointClear difference+0.23%+0.08% to +0.38%Tentative+0.73%+0.52% to +0.94%Clear
Value vs growthIn weeks when value stocks beat growth stocks by 1 percentage point+0.53%+0.40% to +0.65%Clear+0.82%+0.58% to +1.1%Clear
MomentumIn weeks when recent winners beat the stock market by 1 percentage point−0.47%−0.64% to −0.31%Clear−0.09%−0.37% to +0.20%Not distinguishable from zero
EuroIn weeks when the euro rose 2% against the U.S. dollar+0.59%−0.40% to +1.6%Not distinguishable from zero+0.36%−1.9% to +2.6%Not distinguishable from zero
Japanese yenIn weeks when the yen rose 2% against the U.S. dollar−0.08%−0.59% to +0.44%Not distinguishable from zero+0.37%−0.32% to +1.1%Not distinguishable from zero
Emerging marketsIn weeks when emerging-market stocks beat the S&P 500 by 1 percentage point−0.24%−0.48% to −0.01%Tentative+0.14%−0.05% to +0.34%Not distinguishable from zero
ChinaIn weeks when Chinese stocks beat other emerging markets by 1 percentage point+0.12%−0.01% to +0.26%Not distinguishable from zero−0.01%−0.13% to +0.12%Not distinguishable from zero
Each figure is the stock's typical move in a week when the force moved by the stated amount, after accounting for the stock market, with its 90% range beneath. Grey figures could not be told apart from zero. A row is marked a clear difference only when the two 90% ranges do not overlap.

This describes the past, and it is not a forecast. Relationships change, and nothing here is a recommendation to buy, sell or hold any security.

Measure XLV and NDSN togetherWhat if? Move a force

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Every figure on these pages is one stock at a time. The app measures a whole portfolio: which forces it is exposed to, which holdings cause it, and how sure the reading is. Free, no account for the first report.