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S&P 500 dispersion continued at relatively high levels in April - all the more remarkable in light of the decreased level of overall market volatility over the month. Sectoral differences played a role, with over 14% separating the performances of the Energy and Information Technology sectors.
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Elsewhere both dispersion and correlation decreased in most markets, together with the dampening risk environment. Notably, the 6.0% reading for S&P China BMI dispersion was the lowest in at least a decade.
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Signs of fragility remain, particularly in Europe and Japan: note the steady increase in S&P Developed Ex-U.S. LargeMidCap correlations over the past year. Dispersion has also increased for the same index, both indicating an increasing benchmark volatility.
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