Correlation among S&P 500® components during November was less than 10% and the lowest since January 2001. Correlations in the S&P MidCap 400® and S&P SmallCap 600® also registered multi-year lows.
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On a relative basis, European markets remain the most correlated. The S&P Europe 350’s correlation has climbed down from its elevated levels of October, but it remains above average.