Uncommon analysis for advisors and portfolio managers.


Featured insights on index investing,
ETF trends, liquidity, and monitoring risk

Ryan Poirier, CFA, FRM
Betting Big with Beta
Large market swings can spook even the most experienced traders. Since 2017, the most tranquil calendar year on record, ...
Ryan Poirier, CFA, FRM
Beta for IPOs, Now Available
Uber and Lyft excited the public markets in the first half of the year with their highly anticipated IPOs. More companie...
Tony Barchetto, CFA
High Beta: Better Ingredients Make the Dish
Properly evaluating performance in investing is critical. For new entrants, waiting for enough time to pass to start any...
Ryan Poirier, CFA, FRM
Overslept? No Problem, Trading Late in the Day Proves Fruitful
Buying the SPY at the close and then selling it the following morning at the open would have produced a positive retur...
Tony Barchetto, CFA
A Deeper Look at Liquidity in Smaller ETFs
Average underlying liquidity of the smallest ETFs is generally larger than funds in the middle of the range by asset l...
Tony Barchetto, CFA
Differences Between Low Beta and Low Volatility for Defensive Portfolios
Beta and volatility are similar measures of risk with some key differences. Ranking by beta vs. volatility tends to p...
Tony Barchetto, CFA
Are you paying for stock picking or super-sizing your beta?
Investors in actively managed growth mutual funds pay someone to pick stocks with above-average growth and a focus on ca...
Ryan Poirier, CFA, FRM
Does Market Timing with Trend-Following Signals Work? A Statistical Perspective
Market timing sounds great in theory. Who wouldn’t want to be in the market on the way up and out before the market turn...
Tony Barchetto, CFA
Momentum Unplugged - Part 2
In early December 2018, we highlighted the rebalancing of iShares’ MTUM (tracks the MSCI USA Momentum Index), which norm...
Ryan Poirier, CFA, FRM
Can’t Drive Forward Using Only the Rearview Mirror
Risk is often viewed in the rearview mirror. Wall Street typically defines risk in terms of volatility—the uncertainty o...