Record Number of Negative‑Beta Stocks Signals Unusual Divergence in the S&P 500
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The S&P 500 has just reached an unprecedented level of stocks with a negative beta, meaning many individual equities are moving opposite to the index. This phenomenon challenges conventional risk models and invites a fresh look at diversification, portfolio construction, and signal extraction for quantitative strategies. Understanding Beta and Its Limits Beta measures the systematic exposure of an asset to the market portfolio. A beta of 1 indicates that the asset’s returns move in lockstep with the index; a beta of 0 suggests no systematic relationship; a negative beta means the asset tends to rise when the index falls and vice‑versa....
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