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Editor's Note: Below is an excerpt transcribed from today's edition of The Macro Show hosted by Macro analyst Ben Ryan. Click here to learn more about The Macro Show.

Sector Scoreboard: What's Working? Long Low Beta, Defensive Stocks - htv

Ben Ryan: If you look at the sector scoreboard last week, the two worst-performing sectors, and the ones we’ve been loud about getting you out of, were Consumer Discretionary (XLY) and Tech (XLK).

And then if you eyeball it, you ca see the move to lower beta, in the quarter-to-date top performers. So where are the best spots to be? Utilities (XLU), REITs (XLRE), and Consumer Staples (XLP) those are the three sectors with absolute quarter-to-date performance.

Sector Scoreboard: What's Working? Long Low Beta, Defensive Stocks - sector

Ryan: And then if you see the same thing if you go to the style factor performance table. We break up the S&P 500 into quartiles and then for each factor we label the bottom quartile and the top quartile. You can see in the three month window underlined, high beta has been, by far, the worst place to be.

So the best strategy in this market environment has been to downshift your beta and lowering your volatility. You’ve heard this from us basically every day. This is the latest update of that.

Sector Scoreboard: What's Working? Long Low Beta, Defensive Stocks - style

Sector Scoreboard: What's Working? Long Low Beta, Defensive Stocks - the macro show