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Benchmark

Categoria — Metriche analitiche

Benchmark is a metric used in finance to assess and analyze the current state of the market or individual assets. The values of such indicators not only allow us to determine the strength or weakness of a segment, but also serve as a standard by which the efficiency of individual investments in this segment is measured.

Almost any financial market instrument can be used as a benchmark. As a rule, stock or bond indices are used for this purpose. They can be grouped according to certain criteria:

- The benchmark should reflect the measurement data of the type of asset you are trying to compare.

- The methodology for forming a benchmark should be clearly regulated

- The benchmark must have an archive of historical measurements

Some of the most popular and well-known stock market benchmarks are indices

- Dow Jones, Nasdaq Composite, S&P 500, which serve as an indicator of the US economy.

- Nikkei 225, SSE Composite, SHANGHAI 50 – in Asia

- FTSE 100, DAX, Euronext 100 – в Европе

The following indices can be used as benchmarks in the capital market:

- US Treasury bond yields

- Germany 10Y YTM

- Total yield index of the Russian government bond market

Government bond indices characterize the state of the debt market and reflect the economic situation in the country. They are used by stock market participants when calculating interest rate risk, when it is necessary to make decisions about transactions.

For example, a lower yield indicates that investors are investing in bonds, raising the price in anticipation of a fall in stock prices. Conversely, higher returns indicate that investors are investing their finances in other asset classes.

DXY, BXY are used in the foreign exchange markets.

Money market - LIBOR, RUONIA, TONA

Commodity market - Gold, S&P GSCI

To analyze the dynamics and yield of a particular asset, you need to compare it with the benchmark of the same country, industry and market. Benchmark is one of the main indicators for working with stocks, bonds, derivatives and other exchange-traded assets.