Conversely, the SPDR S&P Biotech ETF displays more volatility, like high-beta stocks.
"History suggests that while S&P is likely to continue rallying from here, high beta will not continue to outperform to the same degree," said Chintan Kotecha, an analyst at BAML, in a note to clients. The same up-then-down pattern has historically occurred within the biotech sector, and provides a way for traders to profit from a likely slowdown in high-beta stocks, Kotecha said.
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