From Jan 2020 until about October 2020 the ASB share price...

From Jan 2020 until about October 2020 the ASB share price (candle chart below) has broadly correlated with the Aussie market (blue chart below S&P300). One thing that has happened since October is that the big banks, which dominate the market index have rallied around 30%, so there could have been selling out of stocks like ASB to buy the banks. In addition, since October the USD has weakened by around 8%. I am not sure how much ASB hedges against currency, but hedging isn't 100% effective. I also own IPH ( patent law firm) which has a very similar chart to ASB, including the drop around October, but the drop was not as severe. A post on an IPH hotcopper forum indicated that even with hedging every 1c drop in the USD results in a 1.9M difference in revenue ($386M revenue in FY20, profit margin 17.7%). ASB had revenue of ~$2086M in FY 20, so each 1c drop in the USD might lead to ~ $10M drop in revenue, assuming all things being equal. ASB only had profit margin of 4.3% in FY20, so resulting earnings and hence share price are likely to be more sensitive to changes in revenue.

Of course there are probably other factors at play, all IMO.