Magnificent Seven Correlations Fall to a More Than Decade Low

The Magnificent Seven’s stock returns have become less synchronized, with a 60-day measure reaching its lowest point in more than a decade as business results diverge across members. The measure averages rolling 60-day correlations in daily returns across all 21 pairs among Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla. It stood at 0.12 on Oct. 16, its lowest reading since October 2013, then rose to 0.22 by the Oct. 27 close. The calculation uses daily adjusted closing prices from May 18, 2012, onward; the average across the full period was 0.44.

Source: TokenPost