Cochlear Ltd - Relative Return following 5 Relative Down Weeks
Cochlear Ltd (ASX:COH) has underperformed the All Ordinaries Index for 5 consecutive weeks (relative up week followed by 5 relative down weeks). Since 2000, this type of relative underperformance is reasonably rare having been observed on 14 overlap adjusted occasions (at least 13-weeks between each event over continuous rolling 13-week intervals).
This relative underperformance was usually reversed with a period of relative outperformance. After these episodes of weakness, COH provided a 10-week relative average return of 6.29%, with a win rate of 13 from 14, & standard deviation of 4.66%.
Interestingly, this recent weakness has moved the price of COH to a level that is in line with the Refinitiv Analyst Survey average price estimate of $225.37 (16 analysts).
This relative underperformance was usually reversed with a period of relative outperformance. After these episodes of weakness, COH provided a 10-week relative average return of 6.29%, with a win rate of 13 from 14, & standard deviation of 4.66%.
Interestingly, this recent weakness has moved the price of COH to a level that is in line with the Refinitiv Analyst Survey average price estimate of $225.37 (16 analysts).