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In February, dispersion declined for the S&P 500® and S&P Europe 350, although it increased in the S&P MidCap 400®, the S&P SmallCap 600®, and in the S&P Ex-U.S. Developed LargeMidCap indices. Multi-asset dispersion has also continued to increase.
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Broadly speaking, dispersion continues at above-average levels for the majority of our indices, suggesting increased opportunity (and risk) for stock selection strategies.
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Correlations in the U.S. have returned to below-average levels. Outside the U.S., and for the S&P Europe 350 in particular, correlations remain elevated, indicating continuing market fragility.
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