Limited benchmark fit
The benchmark accounts for 1.15% of weekly return variation over the latest year. Most return variation remains outside this fit; beta measures market sensitivity, not total risk.
View evidence ↓
Market Exposure • NASDAQ • BKHA
Market Exposure Analysis · NASDAQ · Financial Services
BKHA Market Exposure
Black Hawk Acquisition Corporation · Shell Companies
Price performance, market sensitivity and downside behaviour against QQQ.
Terminal chart ↗BKHA +10.6%QQQ +24.6%
Rebased to 100 · weekly closes- Beta
- 0.05 Lower sensitivity · Stable
- Benchmark fit (R²)
- 0.0115 1.15% of return variation
- Relative strength
- -7.42 Recovering from below benchmark
- Downside beta
- 0.15 22 falling benchmark weeks
- One-year return gap
- -14.0 pp 10.6% stock · 24.6% benchmark
Research summary
Underperformance against the benchmark
Price performance, benchmark fit and risk are separate readings. Returns exclude dividends.
8.2%BKHA18.3%QQQ0.4×benchmark volatility
Same 52 weekly returns · View history ↓
Behind the benchmark
The one-year return gap is -14.0 percentage points. Over 13 weeks it is -1.2 points.
View evidence ↓Downside participation
The stock fell in 23% of 22 falling benchmark weeks. Participation counts direction; beta measures sensitivity. Overall benchmark fit is limited.
View evidence ↓52 completed weeks · same stock, same benchmark
The consistency behind the return
One large gain can outweigh many weaker weeks. Compare the full-year result with the frequency of outperformance and what actually happened when the benchmark fell.
48% of weeks outperformed. The median weekly return gap was -0.56 pp.
2025-10-10: stock -0.36%, benchmark -2.27%2025-10-17: stock 0.45%, benchmark 2.45%2025-10-24: stock 3.48%, benchmark 2.18%2025-10-31: stock -1.73%, benchmark 1.94%2025-11-07: stock -1.67%, benchmark -3.07%2025-11-14: stock 0.00%, benchmark -0.14%2025-11-21: stock 0.00%, benchmark -3.09%2025-11-28: stock 0.00%, benchmark 4.95%2025-12-05: stock 0.00%, benchmark 1.01%2025-12-12: stock 0.45%, benchmark -1.90%2025-12-19: stock 0.00%, benchmark 0.56%2025-12-26: stock 0.00%, benchmark 1.24%2026-01-02: stock 0.00%, benchmark -1.73%2026-01-09: stock 0.09%, benchmark 2.21%2026-01-16: stock 3.46%, benchmark -0.86%2026-01-23: stock -1.29%, benchmark 0.24%2026-01-30: stock 0.00%, benchmark -0.14%2026-02-06: stock 0.87%, benchmark -1.97%2026-02-13: stock 0.00%, benchmark -1.27%2026-02-20: stock 0.00%, benchmark 1.14%2026-02-27: stock -1.21%, benchmark -0.25%2026-03-06: stock 0.00%, benchmark -1.24%2026-03-13: stock 1.05%, benchmark -1.01%2026-03-20: stock 0.00%, benchmark -1.96%2026-03-27: stock 0.09%, benchmark -3.23%2026-04-03: stock 0.00%, benchmark 3.98%2026-04-10: stock 0.00%, benchmark 4.46%2026-04-17: stock 0.26%, benchmark 6.18%2026-04-24: stock 0.00%, benchmark 2.20%2026-05-01: stock 2.84%, benchmark 1.55%2026-05-08: stock -0.75%, benchmark 5.50%2026-05-15: stock 0.17%, benchmark -0.32%2026-05-22: stock -0.25%, benchmark 1.21%2026-05-29: stock 0.00%, benchmark 2.89%2026-06-05: stock 0.08%, benchmark -4.50%2026-06-12: stock 0.25%, benchmark 2.31%2026-06-19: stock 2.10%, benchmark 2.67%2026-06-26: stock -1.89%, benchmark -4.50%2026-07-03: stock 0.00%, benchmark 0.86%2026-07-10: stock 0.42%, benchmark 1.81%2026-07-17: stock 1.25%, benchmark -4.16%2026-07-24: stock -0.08%, benchmark -1.60%2026-07-31: stock -2.64%, benchmark 0.55%2026-08-07: stock 0.00%, benchmark 5.09%2026-08-14: stock 0.00%, benchmark 1.11%2026-08-21: stock 0.93%, benchmark -2.51%2026-08-28: stock -0.36%, benchmark 0.42%2026-09-04: stock 1.21%, benchmark 0.35%2026-09-11: stock 0.00%, benchmark -0.57%2026-09-18: stock 0.00%, benchmark 0.92%2026-09-25: stock 2.34%, benchmark 3.30%2026-10-02: stock 0.90%, benchmark 0.68%
2025-10-102026-10-02
Rose & beat benchmarkRose, but laggedFell, but held up betterFell & lagged
How the weeks divide
Rose & beat benchmark13
Rose, but lagged7
Fell, but held up better4
Fell & lagged7
0 tied the benchmark · 21 other flat-stock weeks. All 52 weeks remain in the denominator.Falling less is still a loss
- Beat the benchmark
- 21 / 22
- Finished positive
- 9 / 22
- Median stock return
- 0.00%
The first count includes weeks when BKHA lost money but lost less than QQQ.
Explore the full downside evidence ↓One-week sensitivity check
How much does the strongest week change the picture?
Recompound both series after omitting 2026-07-17, the week with the largest stock-minus-benchmark return gap. This tests concentration; it does not revise the published result.
Full-year return gap-14.0 pp
Same dates, one week omitted-20.7 pp
Inspect all 52 weekly outcomes
| Week ending | BKHA | QQQ | Return gap |
|---|---|---|---|
| 2026-10-02 | 0.90% | 0.68% | 0.21 pp |
| 2026-09-25 | 2.34% | 3.30% | -0.97 pp |
| 2026-09-18 | 0.00% | 0.92% | -0.92 pp |
| 2026-09-11 | 0.00% | -0.57% | 0.57 pp |
| 2026-09-04 | 1.21% | 0.35% | 0.86 pp |
| 2026-08-28 | -0.36% | 0.42% | -0.78 pp |
| 2026-08-21 | 0.93% | -2.51% | 3.44 pp |
| 2026-08-14 | 0.00% | 1.11% | -1.11 pp |
| 2026-08-07 | 0.00% | 5.09% | -5.09 pp |
| 2026-07-31 | -2.64% | 0.55% | -3.19 pp |
| 2026-07-24 | -0.08% | -1.60% | 1.51 pp |
| 2026-07-17 | 1.25% | -4.16% | 5.41 pp |
| 2026-07-10 | 0.42% | 1.81% | -1.39 pp |
| 2026-07-03 | 0.00% | 0.86% | -0.86 pp |
| 2026-06-26 | -1.89% | -4.50% | 2.60 pp |
| 2026-06-19 | 2.10% | 2.67% | -0.57 pp |
| 2026-06-12 | 0.25% | 2.31% | -2.06 pp |
| 2026-06-05 | 0.08% | -4.50% | 4.59 pp |
| 2026-05-29 | 0.00% | 2.89% | -2.89 pp |
| 2026-05-22 | -0.25% | 1.21% | -1.47 pp |
| 2026-05-15 | 0.17% | -0.32% | 0.49 pp |
| 2026-05-08 | -0.75% | 5.50% | -6.25 pp |
| 2026-05-01 | 2.84% | 1.55% | 1.29 pp |
| 2026-04-24 | 0.00% | 2.20% | -2.20 pp |
| 2026-04-17 | 0.26% | 6.18% | -5.92 pp |
| 2026-04-10 | 0.00% | 4.46% | -4.46 pp |
| 2026-04-03 | 0.00% | 3.98% | -3.98 pp |
| 2026-03-27 | 0.09% | -3.23% | 3.31 pp |
| 2026-03-20 | 0.00% | -1.96% | 1.96 pp |
| 2026-03-13 | 1.05% | -1.01% | 2.05 pp |
| 2026-03-06 | 0.00% | -1.24% | 1.24 pp |
| 2026-02-27 | -1.21% | -0.25% | -0.96 pp |
| 2026-02-20 | 0.00% | 1.14% | -1.14 pp |
| 2026-02-13 | 0.00% | -1.27% | 1.27 pp |
| 2026-02-06 | 0.87% | -1.97% | 2.83 pp |
| 2026-01-30 | 0.00% | -0.14% | 0.14 pp |
| 2026-01-23 | -1.29% | 0.24% | -1.52 pp |
| 2026-01-16 | 3.46% | -0.86% | 4.32 pp |
| 2026-01-09 | 0.09% | 2.21% | -2.12 pp |
| 2026-01-02 | 0.00% | -1.73% | 1.73 pp |
| 2025-12-26 | 0.00% | 1.24% | -1.24 pp |
| 2025-12-19 | 0.00% | 0.56% | -0.56 pp |
| 2025-12-12 | 0.45% | -1.90% | 2.34 pp |
| 2025-12-05 | 0.00% | 1.01% | -1.01 pp |
| 2025-11-28 | 0.00% | 4.95% | -4.95 pp |
| 2025-11-21 | 0.00% | -3.09% | 3.09 pp |
| 2025-11-14 | 0.00% | -0.14% | 0.14 pp |
| 2025-11-07 | -1.67% | -3.07% | 1.40 pp |
| 2025-10-31 | -1.73% | 1.94% | -3.67 pp |
| 2025-10-24 | 3.48% | 2.18% | 1.30 pp |
| 2025-10-17 | 0.45% | 2.45% | -2.00 pp |
| 2025-10-10 | -0.36% | -2.27% | 1.91 pp |
Actual historical price returns, excluding dividends and costs. Weekly counts and medians describe consistency, not a probability for the next week. The one-week check uses the same 51 dates for both series, with no rescaling or interpolation.
Beta research
Beta and portfolio risk
Beta combines the strength of the benchmark relationship with the stock’s relative volatility. Separating them shows whether a low beta comes from smaller moves or a weak connection to the market.
The components of beta
Correlation0.107with QQQ
×Relative volatility0.45BKHA ÷ QQQ
≈Beta0.05market sensitivity
The weak correlation limits beta’s usefulness as a summary of total risk.
All three readings use the same 52 weeks. Displayed values are rounded. This is the weekly regression identity, not the paper’s beta estimator.
Inspect the weekly returns ↓Volatility after removing the benchmark fit
0.58% less volatility · 0.05 percentage points
Removing the fitted QQQ exposure left most of the stock’s fluctuations intact.
Annualised, per unit of stock exposure. The same 52 weeks estimate and assess the fit. This is an in-sample illustration of a beta hedge, not a traded result; it excludes financing, dividends, fees and changes in beta.
Share of return variation
Variance shares add to 100%. Volatilities do not add.
Outside the fit includes other factors, company events and noise. It does not identify their causes or prove diversification against an investor’s actual holdings.
Further research
- Position size
- Measured volatility is 0.4× the benchmark’s. Check drawdowns and correlations with the rest of the portfolio before increasing exposure. Test the position against a total-risk budget.
- Hedge selection
- The beta interval includes zero, so the direction and size of a hedge are uncertain. Compare the market, sector and industry, then test on later data using only estimates available at the time.
- Basket comparison
- The beta interval includes zero. Check longer periods and other benchmarks before treating this as a low-beta allocation.
Betting Against Beta · research context and method
Frazzini and Pedersen study a diversified long position in low-beta assets against a short position in high-beta assets, scaled to balance market exposure. Their explanation centres on investors’ borrowing constraints. Funding stress can hurt the strategy. The result does not establish an opportunity in this individual stock. Read the paper ↗
MEXA uses 52 weekly price returns against QQQ. The paper uses different estimation windows, return inputs and beta shrinkage. This page is not a BAB replication. A basket test would need a common benchmark, a universe known at each historical date, total returns and funding, turnover and short-borrow costs.
The beta breakdown also follows the distinction between correlation and volatility discussed in Betting Against Correlation ↗. These are research prompts, not buy, sell or leverage recommendations.
For an ordinary least-squares regression with an intercept, beta = correlation × stock volatility ÷ benchmark volatility. Residual volatility = stock volatility × √(1 − R²). We use population standard deviations multiplied by √52, consistent with the other MEXA readings. No residual return or alpha is assumed to persist.
Relative strength
Performance
Compare the price history with the benchmark, then check whether relative performance is improving or weakening. Returns exclude dividends.
Price performance
Each series starts at 100 for the selected period. All available history in this published edition is shown first; sector and industry series use the same dates.
Move across the chart to inspect a completed week.
Relative-strength trend
Stock/benchmark ratio versus its 52-week average; zero is the baseline. 13-week change +2.01
Move across the chart to inspect a completed week.
Relative strengthZero baseline
Benchmark fit
Market sensitivity
The benchmark accounts for 1.15% of weekly return variation over the latest year. Most return variation remains outside this fit; beta measures market sensitivity, not total risk.
An interval that includes zero does not establish a clear positive or negative sensitivity. Assumes the usual regression error conditions.
How consistently rolling beta has held its level and direction.
The weekly regression intercept annualised; it is historical, not expected return.
Annualised volatility of returns above or below the benchmark.
+0.8 point change in movement explained across two distinct 26-week windows.
Weaker benchmark fitStronger benchmark fitLower sensitivityHigher sensitivity
The benchmark fit is too weak for the headline beta to be treated as a dependable description on its own.
+1% benchmark move+0.06%BKHA slope contribution
−1% benchmark move-0.15%BKHA slope contribution
Beta intervalDirection uncertain
Movement explained1.15%
Stability score91/100
Directional agreement52%
Weekly returns
Each dot is one completed week: QQQ on the horizontal axis, BKHA on the vertical axis. The fitted line includes the intercept.
Completed weekFitted relationship
Influential weeks
The largest one-week effect on beta is at 2026-06-26. Beta is 0.05 with all 52 weeks and 0.02 when that week alone is omitted.
The five largest changes when each week is omitted individually. Every observation remains in the published reading. This checks sensitivity; it does not justify removing an inconvenient result.
| Week ending | Beta without week | Change in beta |
|---|---|---|
| 0.018 | -0.030 | |
| 0.068 | 0.020 | |
| 0.067 | 0.019 | |
| 0.029 | -0.019 | |
| 0.030 | -0.018 |
Chart values
| Week ending | BKHA | QQQ |
|---|---|---|
| 2026-10-02 | 0.90% | 0.68% |
| 2026-09-25 | 2.34% | 3.30% |
| 2026-09-18 | 0.00% | 0.92% |
| 2026-09-11 | 0.00% | -0.57% |
| 2026-09-04 | 1.21% | 0.35% |
| 2026-08-28 | -0.36% | 0.42% |
| 2026-08-21 | 0.93% | -2.51% |
| 2026-08-14 | 0.00% | 1.11% |
| 2026-08-07 | 0.00% | 5.09% |
| 2026-07-31 | -2.64% | 0.55% |
| 2026-07-24 | -0.08% | -1.60% |
| 2026-07-17 | 1.25% | -4.16% |
| 2026-07-10 | 0.42% | 1.81% |
| 2026-07-03 | 0.00% | 0.86% |
| 2026-06-26 | -1.89% | -4.50% |
| 2026-06-19 | 2.10% | 2.67% |
| 2026-06-12 | 0.25% | 2.31% |
| 2026-06-05 | 0.08% | -4.50% |
| 2026-05-29 | 0.00% | 2.89% |
| 2026-05-22 | -0.25% | 1.21% |
| 2026-05-15 | 0.17% | -0.32% |
| 2026-05-08 | -0.75% | 5.50% |
| 2026-05-01 | 2.84% | 1.55% |
| 2026-04-24 | 0.00% | 2.20% |
| 2026-04-17 | 0.26% | 6.18% |
| 2026-04-10 | 0.00% | 4.46% |
| 2026-04-03 | 0.00% | 3.98% |
| 2026-03-27 | 0.09% | -3.23% |
| 2026-03-20 | 0.00% | -1.96% |
| 2026-03-13 | 1.05% | -1.01% |
| 2026-03-06 | 0.00% | -1.24% |
| 2026-02-27 | -1.21% | -0.25% |
| 2026-02-20 | 0.00% | 1.14% |
| 2026-02-13 | 0.00% | -1.27% |
| 2026-02-06 | 0.87% | -1.97% |
| 2026-01-30 | 0.00% | -0.14% |
| 2026-01-23 | -1.29% | 0.24% |
| 2026-01-16 | 3.46% | -0.86% |
| 2026-01-09 | 0.09% | 2.21% |
| 2026-01-02 | 0.00% | -1.73% |
| 2025-12-26 | 0.00% | 1.24% |
| 2025-12-19 | 0.00% | 0.56% |
| 2025-12-12 | 0.45% | -1.90% |
| 2025-12-05 | 0.00% | 1.01% |
| 2025-11-28 | 0.00% | 4.95% |
| 2025-11-21 | 0.00% | -3.09% |
| 2025-11-14 | 0.00% | -0.14% |
| 2025-11-07 | -1.67% | -3.07% |
| 2025-10-31 | -1.73% | 1.94% |
| 2025-10-24 | 3.48% | 2.18% |
| 2025-10-17 | 0.45% | 2.45% |
| 2025-10-10 | -0.36% | -2.27% |
Volatility over time
Annualised volatility is 8.2% for BKHA and 18.3% for QQQ (0.4× as high).
BKHAQQQ
Annualised volatility of the preceding 52 weekly returns. Both series use the same dates. Gaps indicate an incomplete window.
Rolling beta
26-week estimates show whether market sensitivity is rising or falling. The shaded band is an approximate 95% interval for beta; it is not a range for future stock returns.
Move across the chart to inspect a completed week.
Rolling betaMarket-like beta 1.00Approximate 95% interval
Rolling relationship strength
Correlation runs from −1 to +1. R² runs from 0 to 1 and measures the share of return variation captured by the fit.
Move across the chart to inspect a completed week.
Correlation (r)Benchmark fit (R²)
Comparison across periods
PeriodBetaCorrelationR²AlphaReturn gap (pp)Tracking error
6 months0.05+0.1180.0138+11.1%-21.3 pp20.8%
1 year0.05+0.1070.0115+9.3%-14.0 pp19.3%
2 years0.03+0.0860.0074+9.0%-34.1 pp20.3%
Relative performance
Performance against the group
Each line is the stock’s 13-week return minus its comparison group’s return. Above zero means the stock led; below zero means it lagged.
13-week return gaps
Latest 13-week return gaps — Benchmark: -1.2 pp · Financial Services: +6.8 pp · Shell Companies: +4.2 pp
Group comparison
Sector and industry
Compare the stock with its group over the same period. The return gap and the strength of the relationship answer different questions.
| Group | Companies | 13-week gap | 1-year gap | Beta | Correlation | R² |
|---|---|---|---|---|---|---|
| Financial Services ↗Sector | 1002 | +6.8 pp | +9.2 pp | 0.10 | +0.131 | 0.0172 |
| Shell Companies ↗Industry | 231 | +4.2 pp | +8.6 pp | 0.33 | +0.070 | 0.0049 |
Positive gaps mean the stock outperformed the group; negative gaps mean it lagged. These group indexes can include the stock itself and are not independent portfolios.
Return components
Return comparison
The benchmark return plus each successive difference adds up to the stock’s return. These are arithmetic comparisons, not independent sources of return or evidence of cause. pp means percentage points.
Broad market+5.2 %
Sector difference-8.1 pp
Industry difference+2.6 pp
Ticker difference+4.2 pp
BKHA returned 3.9%; QQQ returned 5.2%.
Broad market+24.6 %
Sector difference-23.2 pp
Industry difference+0.6 pp
Ticker difference+8.6 pp
BKHA returned 10.6%; QQQ returned 24.6%.
Directional participation
Downside behaviour
These percentages count what actually happened in completed weeks. They describe historical participation, not certainty about the next move.
Neither rising nor falling benchmark weeks have produced dependable same-direction participation.
52% of directional weeks moved the same way.BKHA also rose in 37% of 30 rising benchmark weeks.
BKHA also fell in 23% of 22 falling benchmark weeks.
+5.2% over 13 weeks16.4% volatility
26 earlier states matched the current direction and movement level. The figures show participation in the following week.
Joined rising weeks35%
Joined falling weeks11%
The stock fell in 23% of 22 falling benchmark weeks. Participation counts direction; beta measures sensitivity. Overall benchmark fit is limited.
Returns in different markets
In 22 falling benchmark weeks, the median stock return was +0.00%. The lowest was -1.89%.
The line spans the lowest to highest stock return; the shaded band contains the middle half, and the dark mark is the median. These are observed weekly returns, not forecast ranges. Weakest falling weeks are the ten lowest benchmark returns from the year, including ties, limited to falling weeks. Samples overlap.
Chart values
| Market condition | Weeks | Lowest | Lower quartile | Median | Upper quartile | Highest |
|---|---|---|---|---|---|---|
| Rising benchmark weeks | 30 | -2.64% | 0.00% | 0.00% | 0.38% | 3.48% |
| Falling benchmark weeks | 22 | -1.89% | 0.00% | 0.00% | 0.38% | 3.46% |
| Weakest falling weeks | 10 | -1.89% | -0.27% | 0.04% | 0.67% | 1.25% |
Returns by market condition
ConditionWeeksBKHA averageQQQ averageBetaBeat benchmark
Benchmark up30+0.24%+2.20%0.0613%
Benchmark down22+0.14%-1.92%0.1595%
Strongest benchmark weeks10+0.44%+4.15%-0.420%
Weakest benchmark weeks10-0.07%-3.13%0.27100%
Quieter benchmark weeks26+0.16%+0.17%-0.0250%
Historical extremes
Historical comparisons
Distinct 13-week windows prevent one long move from filling the list with overlapping dates.
Largest unexplained moves
The six largest gaps between the stock’s actual weekly return and the fitted benchmark relationship over the latest year.
Positive bars are above the fitted return; negative bars are below it. The fit uses all 52 weeks, including the week being measured. These are historical model residuals, not forecast errors or evidence of an event’s cause. Select a date below to locate it on the price chart.
Chart values and dates
| Week ending | Stock return | Benchmark return | Fitted return | Difference |
|---|---|---|---|---|
| 3.46% | -0.86% | 0.14% | 3.33 pp | |
| 3.48% | 2.18% | 0.28% | 3.20 pp | |
| -2.64% | 0.55% | 0.21% | -2.85 pp | |
| 2.84% | 1.55% | 0.25% | 2.59 pp | |
| -1.73% | 1.94% | 0.27% | -2.00 pp | |
| 2.34% | 3.30% | 0.34% | 2.00 pp |
Best relative periods
BKHA 1.5% · QQQ -18.4%
The return pattern shows that the sector moved the same way, and the industry added to the move.BKHA 3.0% · QQQ -9.7%
The return pattern shows that the sector moved the same way, and the industry added to the move, and the ticker moved beyond its peer backdrop.BKHA 0.6% · QQQ -2.9%
The return pattern shows that the sector moved the same way, and the ticker moved beyond its peer backdrop.Worst relative periods
BKHA 1.0% · QQQ 31.7%
The return pattern shows that the sector moved the same way, and the industry added to the move, and the ticker moved beyond its peer backdrop.BKHA 2.8% · QQQ 25.6%
The return pattern shows that the sector moved the same way, and the industry added to the move.BKHA 1.6% · QQQ 17.5%
The return pattern shows that the industry added to the move.Pressure and timing
Drawdowns and timing
The strongest link is in the same week. Lead/lag evidence is treated as secondary because timing relationships can change quickly.
Declines from previous highs
Largest decline within the available history: BKHA -3.4% · QQQ -21.3%
Move across the chart to inspect a completed week.
BKHA drawdownQQQ drawdown
-5%
-1%
8%
3%
-3%
Weekly readings
Monitoring points
These are conditions to monitor, not price targets or forecasts.
A move through zero changes whether the stock/benchmark ratio is above or below its 52-week average. Check whether that change persists.
Compare the two estimates with their sample sizes, benchmark fit and actual returns in falling weeks. A positive gap alone does not show protection.
Check beta together with R². A change in sensitivity does not establish a change in the share of risk linked to the market.
Compare the stock with its sector and industry over the same period. Group strength and stock strength can move in different directions.
Method and limits
Data and method
Weekly prices, benchmark comparisons and the rules behind the report.
Performance labels
The header compares one-year and 13-week price returns. These are historical comparisons, not investment ratings.
- Recent outperformance
- The 13-week return gap is positive while the one-year gap remains negative.
- Recent underperformance
- The 13-week return gap is negative while the one-year gap remains positive.
- High volatility
- Annualised volatility is at least 20% above the benchmark’s.
Benchmark grades
Grades describe the fitted relationship. The highest qualifying grade is used.
Scroll across for all columns →
| Grade | R² | Absolute correlation | Absolute beta t-statistic | Stability out of 100 |
|---|---|---|---|---|
| Strong | 0.50 | 0.70 | 2.5 | 55 |
| Clear | 0.30 | 0.55 | 2.0 | — |
| Partial | 0.15 | 0.38 | — | — |
| Limited | Other usable readings that do not meet the grades above. | |||
A dash means no additional minimum. The absolute t-statistic measures the size of beta relative to its standard error; stability measures consistency in rolling beta. Published grades use whole-percentage screening values. These are MEXA conventions, not universal statistical cut-offs.
Data and calculations
- Price history
- Completed weekly observations from 2024-05-24 to 2026-10-02 · 124 aligned weeks.
- Current reading
- 52 weeks; rolling charts use 26 weeks.
- Relative strength
- Stock/benchmark ratio compared with its trailing 52-week average.
- Peer evidence
- At least 10 sector constituents and 5 industry constituents. Thin groups are excluded.
- Benchmark fit
- R² is the square of the return correlation in this single-benchmark regression. 0.25 means 25% of return variation. Correlation (r) runs from −1 to +1. Regression definition ↗
- Precision
- Decimal coefficients use the underlying observations. The ≈ sign marks a rounded reading; a bound such as <0.005 means more precision is unavailable.
Statistical limits
- Returns and alpha
- Price returns exclude dividends. Return gaps are percentage-point differences. Alpha annualises the regression intercept; it is not the stock’s realised outperformance or a forecast.
- Chart evidence
- New return charts require a complete year of aligned, positive weekly closes that reproduces the published reading. Missing weeks are not interpolated. Rolling beta uses 26 weeks; volatility uses 52.
- Beta interval
- The approximate interval uses the report’s ordinary least-squares estimate, with ±1.96 standard errors, assuming independent errors with constant variance. It is not a limit on future returns.
- Influential weeks
- Each week is omitted individually and compared with the full estimate. No observations are removed from the published assessment.
- Historical samples
- Market-state windows can overlap and use volatility bands from the available sample. These comparisons are descriptive, not independent trials or a trading backtest. A negative downside beta does not establish protection in a future market decline.
- Interpretation
- Historical relationship analysis, not a forecast or a statement of cause. Historical relationships can break without warning.
MEXA is historical market research for information and education. It is not a recommendation to buy or sell, personalised investment advice, or a prediction of future returns. Check company information, valuation, liquidity and your own circumstances alongside this report.