Insights

Insights   •   Volatility

Charting the Market: A High Preference for Quality



Source: FactSet, as of March 31, 2020. Past performance is not a guarantee of future results. MSCI Minimum Volatility Index, MSCI Enhanced Value Index, MSCI Quality Index, MSCI Equal Weighted Index, MSCI High Dividend Yield Index and MSCI Momentum Index within each region are used to represent regional factor performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. The calculation method for value added returns may show rounding differences.

Source: FactSet, as of March 31, 2020. Past performance is not a guarantee of future results. MSCI Minimum Volatility Index, MSCI Enhanced Value Index, MSCI Quality Index, MSCI Equal Weighted Index, MSCI High Dividend Yield Index and MSCI Momentum Index within each region are used to represent regional factor performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. The calculation method for value added returns may show rounding differences.

Source: FactSet, as of March 31, 2020. Past performance is not a guarantee of future results. MSCI Minimum Volatility Index, MSCI Enhanced Value Index, MSCI Quality Index, MSCI Equal Weighted Index, MSCI High Dividend Yield Index and MSCI Momentum Index within each region are used to represent regional factor performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. The calculation method for value added returns may show rounding differences.

Source: FactSet, as of March 31, 2020. Past performance is not a guarantee of future results. MSCI Quality Index used to represent regional factor performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. 

Source FactSet, as of 12/31/2019.  Calculations by SPDR Americas Research.  Past performance is not indicative of future results. MSCI Minimum Volatility Index, Russell 1000 Value Index, MSCI Quality Index, Russell 2000 Index are used to represent factor performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. The Conference Board Leading Economic Indicator Index (LEI) was used to segregate business cycles and evaluated sector performance over multiple business cycles and evaluated factor performance over multiple business cycles between 1988 and 2018.  Recession: The LEI Index declines to a trough at an accelerating pace. Recovery: The LEI Index rebounds from a trough but below long-term trends. Expansion: The LEI Index YoY changes are positive and above long-term trends. Slowdown: The LEI Index YoY changes pass the peak and begin moderating, This resulted in 8 slowdowns, 7 recoveries, 3 recessions, and 3 recoveries.

Source: Bloomberg Finance L.P. as of March 31, 2020 based on the Bloomberg US Equity Fundamental Model. Past performance is not indicative of future results. Sector Neutral Quality as measured by MSCI USA Sector Neutral Quality Index. Non-Sector Neutral Quality as measured by MSCI USA Quality Index.

Footnotes
Glossary
Disclosures