Betas for global indexes (to the S&P 500) have compressed *a lot* since March 2020 -- typically see a range of 0.6-1.6 (lower for Asian indices, higher for risky stuff like R2K or FTSE MIB) but everything is now in a tight 0.8-1.2 range
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Typically you see this behavior when investors are not discriminating between assets -- i.e. a risk on/risk off driven market. No claim being made that this is a good or bad sign but it's certainly interesting.
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