{"id":234351,"date":"2025-11-17T09:45:00","date_gmt":"2025-11-17T14:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=234351"},"modified":"2025-11-18T04:32:46","modified_gmt":"2025-11-18T09:32:46","slug":"stock-correlations-bid-as-mag-10-stocks-underperform-broader-market","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stock-correlations-bid-as-mag-10-stocks-underperform-broader-market\/","title":{"rendered":"Stock Correlations Bid as Mag-10 Stocks Underperform Broader Market"},"content":{"rendered":"\n<p>Link to Report:&nbsp;<a href=\"https:\/\/go.cboe.com\/l\/77532\/2025-11-10\/fp6nk3\/77532\/1762805658SLLdl1w8\/Macro_Volatility_Digest_2025_1110a_u1.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">Macro Volatility Digest<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-stands-out\"><strong>WHAT STANDS OUT:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Implied volatilities were marginally higher across the major asset classes (ex-commodities) last week. Following the retracement of US equities from record highs due to concerns of stretched valuations and indications of a cooling US economy, the volatility markets have started to demand a higher risk premium for assets with embedded corporate credit risk.<\/li>\n\n\n\n<li>After breaking 20 for the first time since mid-October following the historically low consumer confidence readings from UMich, the VIX<sup>\u00ae<\/sup>&nbsp;Index closed the week at 19.08. A VIX Index decomposition reveals the near-term S&amp;P cross-sectional skew exhibits an increased bowing effect due to a bid for downside convexity via put-collars (OTM call-spreads sold to fund the purchase of DOTM puts).<\/li>\n\n\n\n<li>As the markets enter the final stretch of earnings season with 95% of S&amp;P 500 companies having reported, the -6.3% underperformance of Mag-10 stocks as a group relative to the broader S&amp;P-500 amidst an increasingly hawkish Fed has driven a doubling in stock correlations (albeit at nominally low levels) from 7.4 to 15 post-FOMC. Accordingly, the equal weighted S&amp;P-500 Index (SPEQW) has in turn outperformed the cap-weighted S&amp;P-500 Index by 50bps over the same time period.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-chart-correlations-bid-on-mag-10-underperformance\"><strong>Chart: Correlations Bid on Mag-10 Underperformance<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"750\" height=\"450\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/2e1c99ff066a4f6c8844a2f51ea0d789.png\" alt=\"Chart: Correlations Bid on Mag-10 Underperformance\" class=\"wp-image-234502 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/2e1c99ff066a4f6c8844a2f51ea0d789.png 750w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/2e1c99ff066a4f6c8844a2f51ea0d789-700x420.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/2e1c99ff066a4f6c8844a2f51ea0d789-300x180.png 300w\" data-sizes=\"(max-width: 750px) 100vw, 750px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 750px; aspect-ratio: 750\/450;\" \/><\/figure>\n\n\n\n<p><sup><em>Source: Cboe<\/em><\/sup><\/p>\n\n\n\n<p><a href=\"https:\/\/go.cboe.com\/l\/77532\/2025-11-10\/fp6nk3\/77532\/1762805658SLLdl1w8\/Macro_Volatility_Digest_2025_1110a_u1.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">[Download Full Report Here]<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/go.cboe.com\/market-intelligence-content-subscription\" rel=\"noreferrer noopener\" target=\"_blank\">[Subscribe Here]<\/a><\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted November 10, 2025 &#8211; <a href=\"https:\/\/ww2.cboe.com\/insights\/posts\/stock-correlations-bid-as-mag-10-stocks-underperform-broader-market\/\">Stock Correlations Bid as Mag-10 Stocks Underperform Broader Market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Implied volatilities were marginally higher across the major asset classes (ex-commodities) last week. Following the retracement of US equities from record highs due to concerns of stretched valuations and indications of a cooling US economy, the volatility markets have started to demand a higher risk premium for assets with embedded corporate credit risk.<\/p>\n","protected":false},"author":1706,"featured_media":234502,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[],"contributors-categories":[13776],"class_list":{"0":"post-234351","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"contributors-categories-cboe-global-markets"},"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 v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stock Correlations Bid as Mag-10 Stocks Underperform Broader Market<\/title>\n<meta name=\"description\" content=\"Implied volatilities were marginally higher across the major asset classes (ex-commodities) last week. 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