For today, we decided to look at how often did each CROBEX10 constituent outperform/underperform the index. The figures relate from 1 January 2023 to date (YTD basis).

In the mentioned period, the CROBEX10 has observed a strong double-digit increase of 19.9%, while half of all constituents outperformed the index. Of that, Span is taking the throne with its share price increasing by as much as 52.2% YTD. Podravka and Končar are to follow also with double-digit increases of 21.6% and 12.5%, respectively. On the flip side, Ericsson NT noted the biggest decrease of 27.9%, while HT and Atlantic Grupa decrease by 11.6% and 10.2%, respectively.

How much did individual constituents out/underperform the index? (YTD) (p.p.)

Source: Bloomberg, InterCapital Research

Among the CROBEX 10 constituents, two out of them overperformed the index more than 50% of the time, while Končar increased the same number of days as CROBEX10 itself. The mentioned three constituents are also the top three YTD performers – Span, Podravka and Končar. To be specific, Podravka overperformed the index 55.7% of the time leading the way on top of the list. Span is to follow with 50.8% of the time.

On the flip side, we note the 7 CROBEX10 constituents underperformed the index most of the observed times. Of those, Atlantska Plovidba leads the list, underperforming the index 57.4% of the time. Atlantska Plovidba is followed by Valamar Riviera, underperforming the index itself 54.9% of the time. Also, we note that Valamar Riviera underperformed CROBEX10 by 9.2 p.p. YTD with a few constituents noting worse performance on ZSE.

How often do CROBEX10 Constituents Outperform the Index? (%)

Source: Bloomberg, InterCapital Research