{"id":207606,"date":"2024-06-05T08:26:27","date_gmt":"2024-06-05T12:26:27","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=207606"},"modified":"2024-06-06T04:15:52","modified_gmt":"2024-06-06T08:15:52","slug":"chart-advisor-breaking-down-crb-outperformance","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-breaking-down-crb-outperformance\/","title":{"rendered":"Chart Advisor: Breaking Down CRB Outperformance"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>1\/ Tale of Two Commodity Indices<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2\/ Quality Outperforming<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3\/ Low Vol vs. High Beta<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research to investors, and may trade or hold positions in securities mentioned herein do not represent the views of CMT Association or Investopedia. Please consult a financial advisor for investment recommendations and services.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-tale-of-two-commodity-indices\"><strong>1\/ Tale of Two Commodity Indices<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The below chart highlights two well-known Commodity indices \u2013 the CRB Index (<a href=\"https:\/\/www.investopedia.com\/terms\/c\/crb.asp?hid=90d17f099329ca22bf4d744949acc3331bd9f9f4&amp;did=13283763-20240605&amp;utm_campaign=chart-advisor_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=060524#:~:text=The%20Commodity%20Research%20Bureau%20Index%20(CRB)%20acts%20as%20a%20representative,prices%20in%20overall%20commodity%20trades.\">CRB<\/a>) and the S&amp;P Goldman Sachs Commodity Index (<a href=\"https:\/\/www.investopedia.com\/terms\/g\/gsci.asp?hid=90d17f099329ca22bf4d744949acc3331bd9f9f4&amp;did=13283763-20240605&amp;utm_campaign=chart-advisor_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=060524#:~:text=The%20S&amp;P%20GSCI%20is%20a,only%20position%20in%20commodity%20futures.\">SPGSCI<\/a>). Both track a basket of commodities, but they follow a very different methodology. The most notable is exposure to agricultural commodities. The CRB consists of over 2x the exposure to agricultural commodities than SPGSCI (40% vs. 18%). SPGSCI also maintains 10-15% more energy commodity exposure \u2013 making it much more sensitive to oil prices. It\u2019s no surprise the CRB is outperforming in this environment. The CRB saw a less severe drawdown in \u201922-\u201823, and is fully participating to the upside in 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"486\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic1-1-1100x486.png\" alt=\"\" class=\"wp-image-207607 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic1-1-1100x486.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic1-1-700x309.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic1-1-300x132.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic1-1-768x339.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic1-1.png 1515w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/486;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-quality-outperforming\">2\/ <strong>Quality Outperforming<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Valuations in small-caps relative to large-caps may look attractive right now \u2013 but the price trend remains firmly in favor of the big guys. The below chart highlights the 1-year price path of <a href=\"https:\/\/www.investopedia.com\/terms\/m\/megacap.asp?hid=90d17f099329ca22bf4d744949acc3331bd9f9f4&amp;did=13283763-20240605&amp;utm_campaign=chart-advisor_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=060524\">mega-cap stocks<\/a> versus <a href=\"https:\/\/www.investopedia.com\/terms\/s\/small-cap.asp?hid=90d17f099329ca22bf4d744949acc3331bd9f9f4&amp;did=13283763-20240605&amp;utm_campaign=chart-advisor_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=060524\">small-cap stocks<\/a>. The ratio saw new 52-week highs yesterday and is displaying no sign of letting up. \u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"486\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic2-1-1100x486.png\" alt=\"\" class=\"wp-image-207608 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic2-1-1100x486.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic2-1-700x309.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic2-1-300x132.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic2-1-768x339.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic2-1.png 1515w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/486;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-low-vol-vs-high-beta\">3\/ <strong>Low Vol vs. High Beta<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.investopedia.com\/terms\/z\/zscore.asp?hid=90d17f099329ca22bf4d744949acc3331bd9f9f4&amp;did=13283763-20240605&amp;utm_campaign=chart-advisor_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=060524\">Z-score<\/a> is a statistical measure that highlights how many standard deviations away price is from the mean of the distribution. I particularly find value in applying the indicator to ratio charts. The below ratio is the S&amp;P 500 Low Volatility Index versus S&amp;P 500 High Beta Index. Stocks with low price volatility tend to also have stable earnings growth and are often found in defensive sectors such as Consumer Staples or Utilities. High beta stocks on the other hand, are more volatile than your average stock in both price and earnings. The ratio is currently trading at support and coming off its third -2 Z-score reading in the last few years. Z-score coupled with other indicators, can help identify asset volatility and overbought\/oversold conditions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1100\" height=\"654\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic3-2-1100x654.png\" alt=\"\" class=\"wp-image-207610 lazyload\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/654;width:1429px;height:auto\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic3-2-1100x654.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic3-2-700x416.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic3-2-300x178.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic3-2-768x457.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/06\/pic3-2.png 1125w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About This Week&#8217;s Author<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/cmtassociation.org\/presenter\/shane-murphy\/?hid=90d17f099329ca22bf4d744949acc3331bd9f9f4&amp;did=13283763-20240605&amp;utm_campaign=chart-advisor_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=060524\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Shane Murphy, CMT<\/strong><\/a> has been a CMT Charterholder since 2022. He is currently a Wealth Management Associate at Michael Roberts Associates, Inc. where he assists in portfolio construction, investment research, and financial planning. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally posted on June 5th, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Valuations in small-caps relative to large-caps may look attractive right now \u2013 but the price trend remains firmly in favor of the big guys. The below chart highlights the 1-year price path of mega-cap stocks versus small-cap stocks. The ratio saw new 52-week highs yesterday and is displaying no sign of letting up. \u00a0<\/p>\n","protected":false},"author":186,"featured_media":207607,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21,18,6,8,9,22,23,26,3],"tags":[17207,17208],"contributors-categories":[13686],"class_list":["post-207606","post","type-post","status-publish","format-standard","has-post-thumbnail","category-commodities","category-macro","category-north-america","category-region","category-securities","category-stocks","category-technical-analysis","category-text-articles","category-traders-insight","tag-crb","tag-spgsci","contributors-categories-investopedia"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chart Advisor: Breaking Down CRB Outperformance<\/title>\n<meta name=\"description\" content=\"Valuations in small-caps relative to large-caps may look attractive right now \u2013 but the price trend remains firmly in favor of the big guys. 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