Is there a relation between how much the stock value can change when the Index value changes.
For example, the stock price of a XYZ stock is $49.37, and NASDAQ index is 8704. The Index drops by (-0.46%) to 8665. The stock price of XYX drops by (-0.79%) to $48.98. If this scenario repeats the next day, is it highly possible that the relation of (-0.46%):(-0.79%) will repeat?