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Correlations cause for concern?

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Following our U.S. Equity Team's upgrade of Growth over Value and large-caps over small-caps, we like AIQ's high correlation with growth (SPYG) and IBIT's (Bitcoin proxy) and URA's low correlations overall. Our long-term bullish view for millennial consumer spending remains. However, IEDI's modestly high correlations to small-caps (IWM) and Value (SPYV) could contribute to a downgrade should they strengthen.

Ned Davis Research | Thematic | Trend Chart | Weekly

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