Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye Macro analyst Ben Ryan. Click here to learn more about the Early Look.
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As we show below in the Chart of the Day, a ratio series of the S&P 500 volatility index (VIX) relative to the Russell 2000 volatility index (RVX) is at 5 and 10yr highs with large-cap growth volatility and rates-rising biases having been suffocated over the last month. The winners continue to win, but in 2018 it’s volatility management that has been a curveball. We continue to ride the same exposures while more intensively monitoring underlying internals and potential phase transitions. |
