GURU.Markets stock price, segment price, and overall market index valuation
The company's share price Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. Its share price reflects the growth of the Chinese insurance market, but also its high dependence on Beijing's regulatory policies in the financial sector.
Share prices of companies in the market segment - Fear private
Fanhua Inc. is a leading independent insurance distributor in China, operating through an extensive network of agents. We classify it as a "Private Insurance" company. The chart below shows how investors value financial companies in China's vast and growing insurance market.
Broad Market Index - GURU.Markets
Fanhua is a leading independent financial services provider in China, distributing insurance and other financial products through its network of agents. Its scale makes it a key component of the GURU.Markets index. The chart below represents the entire market. Find out how Fanhua compares to it.
Change in the price of a company, segment, and market as a whole per day
FANH - Daily change in the company's share price Fanhua Inc.
For Fanhua Inc., a Chinese insurance broker, daily volatility reflects sensitivity to regulatory changes and the state of the country's insurance market. This metric is an important element for assessing risks in the sector.
Daily change in the price of a set of shares in a market segment - Fear private
Fanhua Inc. is a leading independent insurance distributor in China. The country's insurance market is vast but highly dependent on regulation and economic conditions. The chart below shows volatility in the financial sector, allowing one to assess FANH shares' exposure to industry risks.
Daily change in the price of a broad market stock, index - GURU.Markets
Fanhua is China's leading online insurance platform. Its shares reflect both the rapid growth of digitalization in China's insurance industry and the country's high regulatory risks, creating significant volatility that impacts the overall market environment.
Dynamics of market capitalization of the company, segment and the market as a whole over 12 months
Annual dynamics of the company's market capitalization Fanhua Inc.
Fanhua Inc.'s year-over-year performance is a barometer of the state of the Chinese insurance market. The 12-month change in the market capitalization of this leading independent insurance broker reflects its ability to attract and retain agents, as well as the demand for insurance products from the Chinese middle class, which is key to its growth.
Annual dynamics of market capitalization of the market segment - Fear private
Fanhua Inc. is a leading independent insurance brokerage in China. Its growth depends on the development of the country's insurance market and its ability to attract agents. The chart below shows how its diversified model and China's regulatory environment impact its performance relative to the sector.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Fanhua, a major insurance broker in China, has demonstrated its performance in both the country's insurance market's enormous growth potential and its high regulatory risks. Its performance, compared to the market, tells the story of how the company is adapting to the changing rules of the game established by Beijing.
Dynamics of market capitalization of the company, segment and the market as a whole for the month
Monthly dynamics of the company's market capitalization Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. Its monthly performance reflects the volume of insurance sold and the regulatory environment in the Chinese insurance sector. The growth of its agent network is key.
Monthly dynamics of market capitalization of the market segment - Fear private
Fanhua Inc. is a leading independent insurance distribution platform in China. Its business model is based on a vast agent network. The growth of China's insurance sector reflects rising wealth and demand for insurance. Against this backdrop, Fanhua plays a key intermediary role, connecting insurance companies with millions of potential customers.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Fanhua Inc. is a leading independent insurance distribution platform in China. Its future depends on the growth of insurance penetration and regulatory policies in China. The broad market chart (US/global) provides a contrasting backdrop to illustrate how much domestic Chinese factors and the shift to online insurance have impacted its shares.
Dynamics of market capitalization of the company, segment and the market as a whole for the week
Weekly dynamics of the company's market capitalization Fanhua Inc.
Fanhua Inc. is a leading independent insurance distributor in China. Its weekly stock price is influenced by the state of the Chinese insurance market, regulatory policies, and its ability to attract and retain agents.
Weekly dynamics of market capitalization of the market segment - Fear private
Fanhua is a leading independent insurance distributor in China. Its business depends on the country's growing middle class and demand for insurance. This chart compares Fanhua's performance with China's financial sector and explains how it is affected by regulatory changes and competition in this vast market.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Fanhua is a Chinese insurance broker. Its shares (ADRs) are entirely dependent on the state of the insurance market and regulatory policy in China. The chart clearly shows how its performance is disconnected from the US market and driven by geopolitical risks.
Market capitalization of the company, segment and market as a whole
FANH - Market capitalization of the company Fanhua Inc.
The market capitalization chart of Fanhua, China's leading independent insurance distributor, serves as a barometer of the country's insurance market. Its market valuation reflects how investors weigh the company's enormous potential for insurance growth against regulatory changes and intense competition.
FANH - Share of the company's market capitalization Fanhua Inc. within the market segment - Fear private
Fanhua is a leading independent insurance distributor in China. Its share of the vast Chinese insurance market is significant, particularly in the agency network segment. The market capitalization chart demonstrates its importance as a key intermediary between insurance companies and millions of clients in China.
Market capitalization of the market segment - Fear private
The chart below shows the market capitalization of China's insurance sector. Fanhua is the country's leading independent insurance distributor. The dynamics of this vast and rapidly growing market reflect the growing middle class and demand for insurance. Fanhua, with its vast network of agents, is a key intermediary in this process.
Market capitalization of all companies included in a broad market index - GURU.Markets
Fanhua is a leading independent insurance distributor in China. Its market capitalization reflects its vast agent network and the digitalization of the insurance market. The chart below shows the economic weight of major insurance brokers operating in Asian markets.
Book value capitalization of the company, segment and market as a whole
FANH - Book value capitalization of the company Fanhua Inc.
Fanhua's foundation is its vast network of independent insurance agents in China and the technology platforms that support them. The chart tells the story of a leading insurance intermediary in China that builds its business not on reserve holdings but on distribution, which is reflected in its "lightweight" asset structure.
FANH - Share of the company's book capitalization Fanhua Inc. within the market segment - Fear private
Fanhua is a leading independent insurance distributor in China. The chart shows its share of physical assets. This includes its extensive network of offices and its IT platform, which provide the material basis for supporting its vast army of insurance agents.
Market segment balance sheet capitalization - Fear private
Fanhua is a leading independent insurance distributor in China. Their business isn't risk-bearing, but rather a vast agent network and technology platform. The book value chart demonstrates their "asset-light" model, which doesn't require capital-intensive insurance company infrastructure.
Book value of all companies included in the broad market index - GURU.Markets
Fanhua's physical world is a vast network of thousands of offices and service centers across China, which forms the foundation of their insurance distribution business. The chart below shows how this extensive physical base has evolved.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. Its main asset is its vast network of agents and partnerships, not its physical offices. The chart below shows the premium the market pays for this unique distribution network and its share of the vast Chinese insurance market.
Market to book capitalization ratio in a market segment - Fear private
Fanhua is a leading independent insurance distributor in China. Its core value lies in its vast agent network and technology platform. The chart shows how the market views its asset-light business model amid evolving regulations and the highly competitive Chinese insurance market.
Market to book capitalization ratio for the market as a whole
Fanhua Inc. is a leading independent insurance distributor in China. It's a service business, with its primary assets being its agent network and partnerships. This chart shows that the company's market valuation is based on its ability to generate commission income, not its tangible assets.
Debts of the company, segment and market as a whole
FANH - Company debts Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. This chart illustrates how the company manages its capital in the changing regulatory landscape. Its asset-light, agent-based model allows it to generate cash flow and adapt to new regulations in the insurance industry.
Market segment debts - Fear private
Fanhua is a leading independent insurance distributor in China. The company operates through a vast network of agents. Its success depends on its ability to attract and retain productive salespeople. This chart shows how the agency-light model impacts the company's balance sheet compared to traditional insurers.
Market debt in general
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. This chart shows its financial structure. For a financial intermediary whose income depends on commissions, it's important to have a strong balance sheet without significant debt. This ensures flexibility and resilience in the face of changing regulations and competition.
Market segment debt to market segment book capitalization - Fear private
Fanhua is a leading independent insurance distributor in China. This chart shows the debt burden in the insurance industry. It helps understand how intermediaries manage their finances and adapt to the strict regulatory requirements of the vast and complex Chinese insurance market.
Debt to book value of all companies in the market
Fanhua Inc. is a leading independent insurance distributor in China. Its business depends on the growth of the country's insurance market and regulatory environment. This chart of US debt trends provides investors with an external benchmark for assessing the company's financial model and risks, operating in a completely different economic and regulatory environment.
P/E of the company, segment and market as a whole
P/E - Fanhua Inc.
Fanhua is a leading independent financial services provider in China, operating as an insurance broker and agency. This chart reflects the state and regulatory risks of the Chinese insurance market. Its dynamics depend on the growth in demand for insurance products and government policies towards financial intermediaries.
P/E of the market segment - Fear private
Fanhua is a leading independent financial services provider in China. The company acts as an intermediary, selling insurance and other financial products through its extensive network of agents. This chart reflects the average valuation in the private insurance sector, providing context for understanding how the market values ββdistribution models in insurance.
P/E of the market as a whole
Fanhua is a leading independent insurance distributor in China. Its business is a barometer of the Chinese insurance market and the growth of the middle class. While this chart reflects global sentiment, Fanhua is far more concerned with Beijing's insurance regulatory policies and the economic situation in its vast domestic market.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. The company operates through an extensive network of agents, selling life and property insurance policies. This chart illustrates future revenue expectations, which depend on the growth of the Chinese insurance market and the effectiveness of its agency model.
Future (projected) P/E of the market segment - Fear private
Fanhua Inc. is a leading independent financial services distribution platform in China, primarily insurance products. This chart shows general expectations for the insurance sector. FANH's position relative to the average reflects how the market views its vast agent network and its ability to adapt to China's changing regulatory landscape.
Future (projected) P/E of the market as a whole
Fanhua Inc. is a leading independent insurance distribution platform in China. It provides insurance agents and companies with technology, training, and access to a wide range of products. This chart of global market expectations provides the backdrop against which investors evaluate China's vast, yet highly regulated, insurance market.
Profit of the company, segment and market as a whole
Company profit Fanhua Inc.
Fanhua Inc. is a leading independent insurance distribution platform in China. It works with both individual agents and large insurance companies. Its revenue, reflected in the chart, is generated through commissions on policies sold and depends on the growth of the Chinese insurance market.
Profit of companies in the market segment - Fear private
Fanhua Inc. is a leading independent insurance distribution platform in China. The company operates through a network of agents and online platforms, offering products from various insurers. This chart shows the collective profitability of the private insurance sector. It reflects the dynamics of China's vast and growing insurance market, as well as the level of competition among distributors.
Overall market profit
Fanhua Inc. is a leading independent insurance distributor in China. Its growth depends on the expansion of the middle class and increasing demand for life and health insurance. Economic growth, which is indirectly reflected in this graph, increases the population's wealth and their ability to purchase insurance policies, which is a key driver for Fanhua's business.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. Its revenue depends on commissions for selling insurance through its extensive agent network. This chart shows analysts' future revenue expectations, which reflect their forecast for the Chinese insurance market and Fanhua's ability to maintain its position.
Future (predicted) profit of companies in the market segment - Fear private
Fanhua Inc. is a leading independent insurance distribution platform in China, operating through an extensive network of agents. The company's success depends on the growth of the Chinese insurance market and its ability to attract and retain agents. This chart shows forecasts for the entire insurance sector, providing context for assessing Fanhua's position in one of the world's largest markets.
Future (predicted) profit of the market as a whole
Fanhua Inc. is a leading independent insurance distributor in China. Its success depends on the growth of the Chinese middle class and demand for insurance. This chart, reflecting global trends, is less important than Chinese economic indicators, which determine the company's growth and profitability.
P/S of the company, segment and market as a whole
P/S - Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. This chart shows how investors view its vast agent network and the country's insurance market growth prospects. The dynamics reflect both policy volumes sold and regulatory changes in the Chinese financial industry.
P/S market segment - Fear private
Fanhua Inc. is a leading independent insurance distributor in China, operating through an extensive network of agents. Revenue comes from commissions on insurance policy sales. This insurance sector chart helps investors assess Fanhua's position in China's vast and growing insurance market and its agency model.
P/S of the market as a whole
Fanhua Inc. is a leading independent insurance distribution platform in China. The company serves both individuals and corporate clients through its extensive network of agents. This total market revenue valuation chart helps understand how investors value this insurance brokerage leader in the vast, yet regulated, Chinese market.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company Fanhua Inc.
Fanhua is a leading independent insurance distribution platform in China. It provides insurance companies with access to a vast network of agents and facilitates the sale of their policies. This chart shows how investors estimate future commission revenue. It reflects their expectations for the growth of the Chinese insurance market and the effectiveness of Fanhua's distribution model.
Future (projected) P/S of the market segment - Fear private
Fanhua Inc. operates a leading independent insurance distribution platform in China, working through an extensive network of agents. The company's valuation reflects the growth of the Chinese insurance market, but also significant regulatory risks and intense competition in the country's financial services sector, making it volatile.
Future (projected) P/S of the market as a whole
Fanhua Inc. is a leading independent insurance distributor in China. The company's growth depends on insurance penetration and the growth of the country's middle class. This chart reflects global expectations, and Fanhua serves as an indicator of the development of the Chinese financial market.
Sales of the company, segment and market as a whole
Company sales Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. This chart shows revenue generated from commissions received from insurance companies for selling their products through Fanhua's extensive network of agents. Policy volume is the key driver.
Sales of companies in the market segment - Fear private
Fanhua (FANH) is a leading independent financial services provider in China. The company operates a large network of agents who sell insurance and other financial products. This chart shows revenue in the private insurance sector. Fanhua is a key distributor in China's vast and rapidly growing insurance market, connecting insurers with millions of customers.
Overall market sales
Fanhua is a leading independent insurance distributor in China. Its growth is driven by demand for insurance from the country's growing middle class. This trend in overall economic activity correlates with rising incomes. As people become wealthier, they become more concerned about protecting their property and health, purchasing insurance policies through Fanhua.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company Fanhua Inc.
Fanhua Inc. is a leading independent insurance distribution platform in China, operating through an extensive agent network. Its revenue is determined by the volume of insurance policies sold and commission rates. This chart shows analyst revenue expectations, which is an indicator of the state of the Chinese insurance market and the effectiveness of its agent network.
Future (projected) sales of companies in the market segment - Fear private
Fanhua Inc. is a leading independent distribution platform for financial products, primarily insurance, in China. This chart segments projected revenue, likely by policy type or sales channel. This allows us to assess which segments of the vast Chinese insurance market analysts see as having the greatest potential.
Future (projected) sales of the market as a whole
Fanhua Inc. is a leading independent insurance distributor in China. Its agent network covers the entire country. This chart illustrates global financial trends, and Fanhua's sales volumes are an indicator of growing insurance penetration in China, reflecting the growing middle class and its need for financial protection and future planning.
Marginality of the company, segment and market as a whole
Company marginality Fanhua Inc.
Fanhua Inc. is a leading independent insurance distributor in China, operating through a vast network of agents. The company's profitability depends on the volume of policies sold and the commissions it receives from insurance companies. The chart shows how Fanhua, as a key intermediary, monetizes the growing demand for insurance in China.
Market segment marginality - Fear private
Fanhua is a leading independent insurance distributor in China, operating through an extensive network of agents. This chart shows the profitability of its agency model. Success depends on the number and productivity of agents, as well as the demand for insurance products, such as life and health insurance, in China.
Market marginality as a whole
Fanhua Inc. is a leading independent insurance distributor in China. Its growth depends on the penetration of insurance in the country and the activity of its agent network. This profitability chart for American companies provides insight into global trends in the insurance sector, such as digitalization and changing consumer preferences, which also impact Fanhua.
Employees in the company, segment and market as a whole
Number of employees in the company Fanhua Inc.
Fanhua is a leading independent insurance distributor in China. The company operates through a vast network of agents across the country. This chart reflects the scale of its agent network and internal staff, which together make it one of the largest insurance sales platforms in the vast Chinese market.
Share of the company's employees Fanhua Inc. within the market segment - Fear private
Fanhua is a leading independent insurance distributor in China, operating through a vast network of agents. This chart shows the size of the corporate team, which provides support, training, and technology to tens of thousands of independent salespeople. It's an example of how a relatively small central staff can manage a gigantic sales force.
Number of employees in the market segment - Fear private
Fanhua Inc. is a leading independent insurance distribution platform in China. This chart, showing employment in the private insurance sector, illustrates the country's vast and growing market. For Fanhua, the growing number of agents and consultants indicates increased demand for insurance, which is expanding their network and increasing sales volumes.
Number of employees in the market as a whole
Fanhua Inc. is a leading independent insurance distribution platform in China. Its business is growing alongside the increasing penetration of insurance among the population. The growth of employment and the middle class, similar to the trend in this chart, is a key driver. Rising incomes allow people to consider protection and purchase insurance policies through Fanhua's extensive network of agents.
Market capitalization per employee (in thousands of dollars) of the company, segment, and market as a whole
Market capitalization per employee (in thousands of dollars) of the company Fanhua Inc. (FANH)
Fanhua (FANH) is a leading independent insurance broker in China. Their business is a B2B and B2C platform for selling insurance products. This chart shows how much the market values ββtheir distribution network and technology platform per employee. This chart measures the effectiveness of their "army" of agents and the back office staff that support them.
Market capitalization per employee (in thousands of dollars) in the market segment - Fear private
Fanhua is a leading independent insurance distributor in China. Its value lies in its vast agent network and technology platform. This metric reflects how effectively the corporate center manages this extensive network, enabling it to generate high cost per full-time employee.
Market capitalization per employee (in thousands of dollars) for the overall market
Fanhua is a leading independent insurance distributor in China. The company operates through a vast network of agents. This chart shows an interesting pattern: Fanhua's net worth per full-time employee can be high because it operates as a platform that aggregates the work of thousands of independent insurance sellers.
Profit per employee (in thousands of dollars) for the company, segment, and market as a whole
Profit per employee (in thousands of dollars) of the company Fanhua Inc. (FANH)
Fanhua is a leading independent insurance broker in China. They bear no insurance risk, but act as a platform through which thousands of independent agents sell policies. This chart demonstrates how effective this "asset-light" model is. Profits are generated not by their own staff, but by a scalable IT platform that services a massive agent network.
Profit per employee (in thousands of dollars) in the market segment - Fear private
Fanhua Inc. is a leading independent insurance distribution platform in China. The company's success depends on the productivity of its vast network of insurance agents. This metric reflects how effectively the company utilizes its agency model to generate commission income and profits, a key indicator in insurance brokerage.
Profit per employee (in thousands of dollars) for the market as a whole
Fanhua is a leading independent insurance distributor in China. They operate as a broker, using an army of agents to sell policies from various companies. This chart, which reflects the average market labor efficiency, helps investors understand how the financial services sector, built on an agent network, differs in its profitability per employee from other sectors.
Sales to employees of the company, segment and market as a whole
Sales per company employee Fanhua Inc. (FANH)
Fanhua is a leading independent insurance distribution platform in China. Revenue per employee reflects the performance of its vast agent network and the effectiveness of its technology platform. The chart shows how successfully the company sells life and property insurance products in the vast and growing Chinese market.
Sales per employee in the market segment - Fear private
Fanhua (FANH) is a leading independent insurance provider in China, acting as an intermediary (agency) between insurers and clients. This chart shows the average revenue per employee in the segment. It helps assess how effectively Fanhua utilizes its extensive agent network to generate commission revenue.
Sales per employee for the market as a whole
Fanhua (FANH) is a leading independent insurance distributor in China. They are not an insurance company, but rather a brokerage platform, helping millions of agents sell policies. This metric demonstrates the scalability of their platform. It shows how much commission the company generates relative to its corporate staff supporting this massive agent network.
Short shares by company, segment and market as a whole
Shares shorted by company Fanhua Inc. (FANH)
Fanhua (FANH) is a leading independent insurance broker in China. This chart shows short interest. Like many U.S.-listed Chinese companies, the high bearish bets stem from concerns about Beijing's regulatory crackdown on the financial sector, opaque operations, and the highly competitive insurance market. (346)
Shares shorted by market segment - Fear private
Fanhua (FANH) is a leading independent insurance provider in China, operating through a large network of agents. The chart below shows the overall short position across the insurance brokerage sector. It reflects the extent to which investors are concerned about regulatory pressure in China or slowing demand for insurance products.
Shares shorted by the overall market
Fanhua is a large independent insurance broker in China. Its business is selling insurance policies. This chart illustrates the overall pessimism, which is worsening for FANH. Investors fear not only a slowdown in global markets but also specific Chinese risks: the Chinese economic downturn directly reduces demand for insurance products, which impacts Fanhua's commissions.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator Fanhua Inc. (FANH)
Fanhua is one of the leading independent insurance distributors (brokers) in China. Their "pulse" is the "pulse" of the Chinese middle class. This indicator measures the "temperature" of regulatory risks. It "warms up" when insurance sales grow and "cools down" on news of tightened regulation of the financial sector.
RSI 14 Market Segment - Fear private
Fanhua Inc. is a leading independent provider of financial (primarily insurance) services in China. The company operates as a major broker, leveraging a network of agents and a digital platform. This chart reflects the collective sentiment in China's volatile insurtech sector. It helps us understand whether FANH's fluctuations are driven by regulatory news from China or its own performance.
RSI 14 for the overall market
Fanhua (FANH), a Chinese insurance broker, sees a dual risk in this chart: economics and geopolitics. In a euphoric mood, investors are ready to invest in Insurtech and China. In a panic, capital flees Chinese stocks, and recession (fear) forces consumers to cut back even on insurance.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast FANH (Fanhua Inc.)
Fanhua is a leading independent insurance broker in China. The company operates a vast network of sales agents and a digital platform distributing life and health insurance policies. This chart shows the average price target from analysts, reflecting their view on insurance premium volumes and the high regulatory risks in the Chinese financial sector.
The difference between the consensus estimate and the actual stock price FANH (Fanhua Inc.)
Fanhua is one of the largest "independent" insurance brokers in China. The company uses its platform and army of agents to sell policies (life and health) from various insurers. This chart shows the upside and downside potential of the stock according to analysts. It measures the gap between the price and forecast, reflecting their view of the regulatory environment in China.
Analyst consensus forecast for stock prices by market segment - Fear private
Fanhua is a leading insurance aggregator in China. The company uses its platform and army of agents to sell policies from various insurers. This chart shows analysts' general expectations for the private insurance sector. It reflects whether experts believe the insurance intermediary market in Asia will grow.
Analysts' consensus forecast for the overall market share price
Fanhua is a leading independent insurance broker in China. They don't insure, but sell policies through a vast network of agents. This chart shows the overall sentiment of the *global* market. For Fanhua, whose business serves as a barometer of consumer activity in China, the overall optimism of investors is secondary to the actual economic situation in their region.
AKIMA index of the company, segment and market as a whole
AKiMA Company Index Fanhua Inc.
Fanhua is an army of insurance agents in China. It's not an insurer; it's the largest independent agent (MGA) in China, distributing (selling) life and health policies from other insurers through its vast network of agents. This chart is a barometer of Chinese insurtech. It reflects their (massive) premium volumes and their (critical) risks associated with Beijing's regulations.
AKIMA Market Segment Index - Fear private
Fanhua is a leading independent insurance broker in China. They are not owned by a single company, but aggregate products from many insurers, selling them through a vast network of agents. This is private insurance. This chart compares their composite index to the sector, showing how their agency model outperforms the market.
The AKIM Index for the overall market
Fanhua is a leading independent financial services and insurance distribution provider in China. This chart, showing the average (global/US) market performance, serves as a benchmark. It helps assess how FANH, an intermediary in the Chinese insurance market, compares to overall macroeconomic trends.