Closelook rankings · Up & Down Beta
Stocks that fall more with the market than they rise
The stocks with the most negative gap between up-day beta and down-day beta — names that suffer in sell-offs more than they participate in rallies, over the last 126 trading days.
The mirror list: stocks whose down-day beta is larger than their up-day beta, with downside participation in the top of their own one-year range. In plain words — when the market drops, these names drop harder; when it rallies, they lag. Strong stocks appearing here early is often the first structural warning.
Engine run of 2026-09-14 · 3573 stocks measured against the S&P 500 · top 50 shown — the Market Structure lab holds the full toolbox behind this ranking.
| # | Stock | Beta gap | Up-beta | Down-beta | Instability | State | Market |
|---|---|---|---|---|---|---|---|
| 1 | 2408.TW Nanya Technology Corp | -5.26 | -0.81 | 4.45 | 80 | fragile | Taiwan |
| 2 | SMCI Super Micro Computer Inc | -4.37 | 2.70 | 7.06 | 55 | fragile | United States |
| 3 | 6770.TW Powerchip Semiconductor Manufacturing Corp. | -3.91 | 0.32 | 4.23 | 82 | fragile | Taiwan |
| 4 | AMS.SW Ams AG | -3.73 | 0.63 | 4.36 | 83 | fragile | Machine Vision, Sensing & Edge |
| 5 | 8046.TW Nan Ya Printed Circuit Board Corp | -3.68 | -1.51 | 2.17 | 43 | fragile | Taiwan |
| 6 | 2344.TW Winbond Electronics Corp | -3.58 | 0.48 | 4.06 | 77 | fragile | Taiwan |
| 7 | P4O.DE Plan Optik AG | -3.54 | -0.40 | 3.15 | 52 | fragile | |
| 8 | AGL agilon health Inc | -3.38 | -0.05 | 3.33 | 28 | fragile | United States |
| 9 | AMC AMC Entertainment Holdings Inc | -3.31 | -0.70 | 2.61 | 100 | fragile | United States |
| 10 | 1303.TW Nan Ya Plastics Corp | -3.28 | -0.13 | 3.15 | 76 | fragile | Taiwan |
| 11 | CLVT CLARIVATE PLC | -3.25 | -1.20 | 2.05 | 33 | fragile | United States |
| 12 | 036930.KQ 036930.KQ | -3.23 | 1.10 | 4.33 | 72 | fragile | South Korea |
| 13 | 6740.T Japan Display Inc. | -3.17 | 0.77 | 3.93 | 24 | fragile | Japan |
| 14 | 2337.TW Macronix International Co Ltd | -3.12 | -0.03 | 3.09 | 76 | fragile | Taiwan |
| 15 | 3324.TWO Auras Technology Co Ltd | -3.01 | -0.71 | 2.31 | 75 | fragile | Taiwan |
| 16 | 8299.TWO Phison Electronics | -2.98 | 0.91 | 3.89 | 81 | fragile | Taiwan |
| 17 | 005935.KS Samsung Electronics Co Pref | -2.94 | -0.76 | 2.18 | 71 | fragile | South Korea |
| 18 | 0992.HK Lenovo Group | -2.93 | -1.02 | 1.90 | 75 | fragile | AI Factory Systems |
| 19 | MRNA Moderna Inc | -2.90 | -1.62 | 1.27 | 69 | fragile | United States |
| 20 | 2492.TW Walsin Technology Corp | -2.84 | 0.05 | 2.89 | 84 | fragile | Taiwan |
| 21 | 000990.KS DB HiTek Co Ltd | -2.82 | -0.10 | 2.72 | 60 | fragile | South Korea |
| 22 | 000660.KS SK Hynix Inc | -2.80 | 0.11 | 2.90 | 70 | fragile | HBM Memory |
| 23 | 6488.TW GlobalWafers | -2.78 | 0.57 | 3.35 | 75 | fragile | Advanced Materials |
| 24 | 6488.TWO GlobalWafers Co Ltd | -2.78 | 0.57 | 3.35 | 75 | fragile | Taiwan |
| 25 | 4062.T Ibiden | -2.77 | 1.38 | 4.14 | 47 | fragile | Substrates & Interposers |
| 26 | 018260.KS Samsung SDS Co Ltd | -2.72 | -0.06 | 2.66 | 53 | fragile | South Korea |
| 27 | 1326.TW Formosa Chemicals & Fibre Corp | -2.71 | -0.86 | 1.85 | 65 | fragile | Taiwan |
| 28 | CABO Cable One Inc | -2.68 | -1.35 | 1.33 | 37 | fragile | United States |
| 29 | 066570.KS LG Electronics Inc | -2.66 | -0.30 | 2.36 | 63 | fragile | South Korea |
| 30 | 034730.KS SK Holdings Co Ltd | -2.56 | -0.40 | 2.17 | 54 | fragile | South Korea |
| 31 | 028260.KS Samsung C&T Corp | -2.53 | 0.55 | 3.08 | 66 | fragile | South Korea |
| 32 | 2308.TW Delta Electronics Inc | -2.53 | 0.49 | 3.02 | 61 | fragile | Grid & Power Infrastructure |
| 33 | LNVGY Lenovo Group Ltd PK | -2.53 | -0.01 | 2.51 | 78 | fragile | US |
| 34 | 005930.KS Samsung Electronics Co Ltd | -2.50 | -0.40 | 2.10 | 76 | fragile | HBM Memory |
| 35 | AA Alcoa Corp | -2.49 | -0.13 | 2.36 | 80 | fragile | United States |
| 36 | 1519.TW Fortune Electric Co Ltd | -2.48 | -0.53 | 1.95 | 69 | fragile | Taiwan |
| 37 | NOK Nokia Corp ADR | -2.39 | 0.63 | 3.02 | 79 | fragile | High-Speed Interconnects |
| 38 | 3037.TW Unimicron Technology Corp | -2.38 | -0.63 | 1.76 | 78 | fragile | Substrates & Interposers |
| 39 | 6669.TW Wiwynn Corp | -2.33 | 0.30 | 2.63 | 84 | fragile | Taiwan |
| 40 | ACHC Acadia Healthcare Company Inc | -2.32 | 0.37 | 2.69 | 85 | fragile | United States |
| 41 | 402340.KS SK Square Co Ltd | -2.31 | 0.43 | 2.74 | 79 | fragile | South Korea |
| 42 | VEDL.NS VEDL.NS | -2.25 | -0.81 | 1.44 | 62 | fragile | India |
| 43 | 1504.TW TECO Electric & Machinery Co Ltd | -2.24 | -0.03 | 2.21 | 71 | fragile | Taiwan |
| 44 | CML.L CML Microsystems Plc | -2.23 | -1.11 | 1.11 | 69 | fragile | UK |
| 45 | 2385.TW Chicony Electronics Co Ltd | -2.22 | -0.68 | 1.54 | 63 | fragile | Taiwan |
| 46 | WOLF_old2 WOLF_old2 | -2.21 | 1.14 | 3.35 | 92 | fragile | United States |
| 47 | SHAW.L Shawbrook Group PLC | -2.20 | 0.20 | 2.39 | 61 | fragile | UK |
| 48 | IGO.AU IGO Ltd | -2.18 | -0.43 | 1.75 | 64 | fragile | Australia |
| 49 | NTR Nutrien Ltd | -2.13 | -1.25 | 0.88 | 73 | fragile | US |
| 50 | 3436.T Sumco | -2.13 | 0.88 | 3.00 | 58 | fragile | Advanced Materials |
Up-beta / down-beta: how much the stock moves on the market’s up days and down days, over the last 126 trading days. Beta gap = up-beta minus down-beta. Instability = how far the current beta has drifted from its own history (0–100).
Go deeper
- Click any stock for its full page — chart, performance, signals and the Closelook read in one place.
- The Market Structure lab shows the same engine as a market-wide dashboard — states, breadth and cross-asset context.
- The Directional Flow ranking grades trend quality; this family grades market relationship. A name strong on both is a different animal than a name strong on one.
- Factor Regime shows which of these profiles the market is currently paying for.
FAQ
What are up-beta and down-beta?
Beta measures how much a stock moves when the market moves. We split it in two: up-beta is measured only on the market’s up days, down-beta only on its down days. A stock with up-beta 1.4 and down-beta 0.8 rises more with rallies than it falls in sell-offs — the two numbers rarely match, and the gap between them is the interesting part.
What does the state column mean?
Our engine sorts every stock into one of five states: healthy leader (strong upside participation, positive beta gap), neutral, fragile (negative gap with elevated downside beta), distribution (fading upside with beta-adjusted underperformance) and decoupling (the relationship with the market itself is breaking down).
How often is this ranking updated?
The engine runs after every US market close across our full coverage, measured against the S&P 500. This page is rebuilt every morning and always shows the date of the run it was built from.
Is this investment advice?
No. Closelook publishes an investment research diary, not investment advice. The ranking describes what our engine measures in past prices. Past performance may not be an indication of future performance.
Closelook publishes an investment research diary, not investment advice. Past performance may not be an indication of future performance.