Since the beginning of 2022, 4 out of 10 CROBEX10 constituents outperformed the index more than 50% of the time.

Today, we decided to bring you an overview of how well the CROBEX10 constituents as well as the index itself perform thus far in 2022, as well as how often the constituents outperformed or underperformed compared to the index. It should be noted that looking at just the percentage of days that individual companies outperformed the index might not tell a full story, as on some days they might underperform/outperform by a larger percentage than others. Still, this can be used to gauge the general trend of the performance.

How often did CROBEX10 constituents outperform the index (%)

Since the beginning of 2022, 4 out of 10 CROBEX10 constituents performed better than the index more than 50% of the time. These include the following companies: Adris (pref.), which outperformed the index 55.6% of the days, Atlantska Plovidba and Valamar Riviera, which both outperformed the index 52.8% of the days, and Atlantic Grupa, which outperformed the index 51.4% of the days. On the flip side, Podravka outperformed the index only 37.5% of the days, followed by Ericsson NT with 40.3%, and HT and Arena Hospitality Group, with 45.8% each, respectively.

Now the question is, how does this correlate to CROBEX10, as well as the performance of the individual constituents in the period? As we mentioned, just because some companies outperformed/underperformed compared to the index, as a percentage of days, does not mean that they did worse in terms of returns to investors. Take several examples: AD Plastik, which outperformed the index only 47.2% of the days, had a decline of -39.8% over the period. On the flip side, Atlantska Plovidba, which outperformed the index 52.8% of the time, gave a return of 20%. So far, makes sense. But if we were to take some other companies, we can see that the correlation between outperformance/underperformance is not that strong, but more of a general „direction“ (be it negative or positive) that the company might go to. Ericsson NT, which outperformed the index by only 40.3% of the days, gave a return of 1.3%. HT, which outperformed the index 45.8% of the time, gave a return of 2.7%. Even ADRS (pref.), which outperformed the most in terms of days, gave a return of only 2.6%. Podravka, which performed the worst in terms of days, declined by -7.3%. Meanwhile, the index itself gave a return of -1.4% in this period.

Performance of CROBEX10 and its constituents, YTD (%)

What can be taken from this is that factors outside trading amount or day-to-day performance play a significant role in the performance of individual companies. AD Plastik, which declined the most can attribute that decline to the fact that the company has significant operations in Russia, a country that was severely affected by the sanctions after the invasion of Ukraine. On the other hand, Atlantska Plovidba, which posted solid results, gave a good return in this period.