ABEV AMBEV S.A.

together opposite · bar = ρ at each lag, −10 … 0 … +10 days · holdout ρ · click a card for the full picture

ABEV vs EWZ

Both indexed to 100 at 2026-05-11.

ABEV EWZ · range 81–114 · 2026-05-11 → 2026-11-06

Same day, ranked by what's left after the market and sector factors are removed ("beyond mkt").

EWZ iShares MSCI Brazil ETF

ρ +0.63beyond mkt +0.56holdout +0.66stable 100%robust

CIG Companhia Energetica De Minas Gerais-CEMIG

ρ +0.57beyond mkt +0.47holdout +0.65stable 100%robust

BSBR BANCO SANTANDER (BRASIL) SA

ρ +0.55beyond mkt +0.43holdout +0.55stable 100%robust

SBS COMPANHIA DE SANEAMENTO B SICO DO ESTADO DE SAO PAULO-SABESP ADS'S

ρ +0.53beyond mkt +0.42holdout +0.52stable 100%robust

UGP Ultrapar Participacoes S.A.

ρ +0.49beyond mkt +0.42holdout +0.41stable 100%robust

BUD Anheuser-Busch INBEV SA/NV

ρ +0.46beyond mkt +0.30holdout +0.59stable 100%robust

No day-to-day relationship, but 5- or 10-day returns move together.

UFCS United Fire Group, Inc. Common Stock

horizon 10dρ +0.39holdout +0.39stable 62%moderate

EEA The European Equity Fund, Inc.

horizon 5dρ +0.32holdout +0.20stable 75%robust

Biggest shifts in same-day correlation over the last 63 trading days versus the year before.

BELFB Bel Fuse Inc. Class B Common Stock

Δ -0.63recent -0.47prior +0.16beyond mkt +0.02

IPGP IPG Photonics Corporation Common Stock

Δ -0.60recent -0.44prior +0.16beyond mkt -0.03

AEIS Advanced Energy Industries, Inc. Common Stock

Δ -0.58recent -0.39prior +0.19beyond mkt +0.08

NOK Nokia Corporation

Δ -0.57recent -0.40prior +0.17beyond mkt -0.05

CTRI Centuri Holdings, Inc.

Δ -0.57recent -0.36prior +0.21beyond mkt +0.04

SXI Standex International Corporation

Δ -0.56recent -0.41prior +0.15beyond mkt -0.10

Strong beyond-the-market co-movement with few shared neighbours.

Symbol	beyond mkt	raw ρ	shared
EWZ iShares MSCI Brazil ETF	+0.56	+0.63	22
SBS COMPANHIA DE SANEAMENTO B SICO DO ESTADO DE SAO PAULO-SABESP ADS'S	+0.42	+0.53	21
CIG Companhia Energetica De Minas Gerais-CEMIG	+0.47	+0.57	22
BSBR BANCO SANTANDER (BRASIL) SA	+0.43	+0.55	22
UGP Ultrapar Participacoes S.A.	+0.42	+0.49	23