Indexology®: Rising Dispersion and the Value of Stock Picking

The U.S. equity market’s dispersion rose substantially in July, ending the month at 7.3%, well above June 30’s 4.5%. Dispersion for the S&P MidCap 400 and S&P SmallCap 600 likewise rose in July, and the component correlation of all three indices declined. This is not surprising in a...