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2021-04-21

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Will The Rebound For Small-Cap Value Stocks Endure?<blockquote>小盘价值股的反弹会持续吗？</blockquote>

Summary It's been a year of revival so far for the previously trailing small-cap value space in the

Will The Rebound For Small-Cap Value Stocks Endure?<blockquote>小盘价值股的反弹会持续吗？</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":378850258,"tweetId":"378850258","gmtCreate":1619017085374,"gmtModify":1634289179075,"author":{"id":3580635646494945,"idStr":"3580635646494945","authorId":3580635646494945,"authorIdStr":"3580635646494945","name":"Weijia","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Yes</body></html>","htmlText":"<html><head></head><body>Yes</body></html>","text":"Yes","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/378850258","repostId":1178155125,"repostType":4,"repost":{"id":"1178155125","kind":"news","pubTimestamp":1619016662,"share":"https://www.laohu8.com/m/news/1178155125?lang=zh_CN&edition=full","pubTime":"2021-04-21 22:51","market":"us","language":"en","title":"Will The Rebound For Small-Cap Value Stocks Endure?<blockquote>小盘价值股的反弹会持续吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178155125","media":"The Capital Spectator","summary":"Summary\n\nIt's been a year of revival so far for the previously trailing small-cap value space in the","content":"Summary<blockquote>总结</blockquote> <ul> <li>It's been a year of revival so far for the previously trailing small-cap value space in the US stock market.</li> <li>For now, small-cap value is the top-performing equity risk factor year to date, based on a set of exchange traded funds.</li> <li>Given the broad market's strong run over the past year, with limited downside, it wouldn't be surprising to see a correction at some point in the near term.</li> </ul> <img src=\"https://static.tigerbbs.com/9b4309712ae4d217c37b3166c3900d2d\" tg-width=\"1536\" tg-height=\"1024\">Photo by syahrir maulana/iStock via Getty Images<blockquote><ul><li>迄今为止，对于美国股市此前落后的小盘股价值空间来说，这是复苏的一年。</li><li>目前，根据一系列交易所交易基金，小盘股价值是今年迄今为止表现最好的股票风险因素。</li><li>鉴于大盘在过去一年中表现强劲，下行空间有限，短期内出现回调也就不足为奇了。</li></ul>摄影：syahrir maulana/iStock，来自Getty Images</blockquote> It's been a year of revival so far for the previously trailing small-cap value space in the US stock market. Deciding if the party can last may depend on how stocks overall fare in the months ahead and whether the consensus forecast for a strong economic recovery is accurate.<blockquote>迄今为止，对于美国股市此前落后的小盘股价值空间来说，这是复苏的一年。决定派对能否持续可能取决于未来几个月股市的整体表现，以及对经济强劲复苏的普遍预测是否准确。</blockquote> For now, small-cap value is the top-performing equity risk factor year to date, based on a set of exchange traded funds. The iShares S&amp;P Small-Cap 600 Value ETF(NYSEARCA:IJS)is enjoying a strong 22.3% total return in 2021 through yesterday's close (Apr. 20). The edge over second- and third-place factors is shrinking, but for now, IJS holds the high ground. Meanwhile, measured against the broad market, there's no comparison: IJS's year-to-date run is more than double the 10.6% increase for SPDR S&amp;P 500&nbsp;(NYSEARCA:SPY)&nbsp;so far in 2021.<blockquote>目前，根据一系列交易所交易基金，小盘股价值是今年迄今为止表现最好的股票风险因素。截至昨天（4月20日）收盘，iShares S&amp;P Small-Cap 600 Value ETF(NYSEARCA：IJS)在2021年的总回报率为22.3%。相对于第二和第三名因素的优势正在缩小，但就目前而言，IJS占据了制高点。与此同时，与大盘相比，没有可比性：IJS今年迄今的表现是SPDR标普500(NYSEARCA：SPDR标普500指数ETF)2021年迄今为止10.6%涨幅的两倍多。</blockquote> <img src=\"https://static.tigerbbs.com/60222df06808d9fd06b81ede87acca5b\" tg-width=\"600\" tg-height=\"450\"><blockquote></blockquote> Small-cap value (SCV) is widely followed, in part because of&nbsp;influential research&nbsp;in the 1990s that first documented that this slice of equities' capacity for outperforming the broad stock market through time. But as the SCV stumbled in recent years, investors wondered if the risk premium had faded and the original research was wrong. But as the risk factor's prospects hit rock bottom, the tide began to turn, or so it seemed.<blockquote>小盘股价值(SCV)受到广泛关注，部分原因是20世纪90年代有影响力的研究首次证明了这部分股票随着时间的推移跑赢大盘的能力。但随着SCV近年来的跌跌撞撞，投资者怀疑风险溢价是否已经消退，最初的研究是否是错误的。但随着风险因素的前景跌至谷底，潮流开始转向，或者看起来是这样。</blockquote> Last June, The Wall Street Journal&nbsp;wrote&nbsp;that \"Small 'Value' Stocks Are Down but Not Out.\" The article was a timely piece, arriving just ahead of renaissance in SCV leadership. Since November, IJS has pulled far ahead of the broad market (SPY).<blockquote>去年六月，《华尔街日报》写道，“小型‘价值’股票下跌但并未出局。”这篇文章是一篇及时的文章，正好在SCV领导层复兴之前发表。自11月以来，IJS已远远领先于大盘（SPDR标普500指数ETF）。</blockquote> <img src=\"https://static.tigerbbs.com/b8f1a917de2ced0733769ba5ffe2adb7\" tg-width=\"700\" tg-height=\"466\"><blockquote></blockquote> In fact, there's been a strong run for most of the major US equity factors so far this year. More than half of the ETF-based equity factors in the table above are beating the broad market's performance in 2021. Note, too, that every corner of this factor zoo is posting a gain, ranging from a relatively modest 6.0% rise for momentum(BATS:MTUM)up through small-cap value's performance lead.<blockquote>事实上，今年迄今为止，大多数主要美国股票因子都表现强劲。上表中超过一半的基于ETF的股票因子在2021年的表现优于大盘。另请注意，这个因素动物园的每个角落都在上涨，从momentum(BATS：MTUM)相对温和的6.0%上涨到small-cap value的业绩领先。</blockquote> Yet the second-place high-beta version of the S&amp;P 500 is nipping at small-cap value's heels. Invesco S&amp;P 500 High Beta(NYSEARCA:SPHB)is up 21.6% so far this year, just slightly behind IJS's lead.<blockquote>然而，排名第二的高贝塔版本的标普500正在追赶小盘股价值股。景顺标普500 High Beta(NYSEARCA：SPHB)今年迄今已上涨21.6%，仅略落后于IJS的领先优势。</blockquote> The main challenge for stocks generally at the moment is the risk of a correction for a market that, generally, appears to have run too hot too fast. By some accounts, bubble risk is also brewing.<blockquote>目前股市面临的主要挑战是市场出现回调的风险，市场总体上似乎过热过快。一些人认为，泡沫风险也在酝酿之中。</blockquote> \"The asset bubble keeps on getting bigger and bigger,\"advises&nbsp;David Rosenberg, chief economist and strategist at Rosenberg Research, in a research note to clients.<blockquote>罗森伯格研究公司首席经济学家兼策略师大卫·罗森伯格在给客户的一份研究报告中建议：“资产泡沫不断变得越来越大。”</blockquote> \"Please understand that this is the second most expensive S&amp;P 500 index of all time.\" A basic econometric measure of bubble risk maintained by CapitalSpectator.com supports the idea that the S&amp;P 500 is looking a bit frothy these days, as shown in the chart below. (For some background on the metric's design.)<blockquote>“请理解，这是有史以来第二贵的标普500指数。”CapitalSpectator.com维护的泡沫风险基本计量经济学指标支持这样的观点：标普500目前看起来有点泡沫，如下图所示。（有关指标设计的一些背景信息。）</blockquote> <img src=\"https://static.tigerbbs.com/fd30898028ee247696a32a4db1d50b14\" tg-width=\"600\" tg-height=\"400\"><blockquote></blockquote> Given the broad market's strong run over the past year, with limited downside, it wouldn't be surprising to see a correction at some point in the near term. A pullback of some magnitude would likely weigh on all the equity factors. In that case, deciding if small-cap value's mojo was noise or the start of extended recovery after a long period of weakness would emerge on the other side of a correction (or bear market, if it comes that).<blockquote>鉴于大盘在过去一年中表现强劲，下行空间有限，短期内出现回调也就不足为奇了。一定程度的回调可能会对所有股票因素造成压力。在这种情况下，决定小盘股价值的魔力是噪音还是长期疲软后长期复苏的开始将出现在调整（或熊市，如果出现的话）的另一边。</blockquote> In any case, some analysts remain optimistic. AllianceBernstein, writing this week,advises&nbsp;that \"we believe several forces will continue to drive the recovery in the months, and possibly years, ahead.\" Even higher interest rates don't threaten SCV, the money management shop explains. Meanwhile, \"at current valuations, we believe small-cap value stocks are still undervalued, and the potential narrowing of the discount can drive a lot of outperformance.\"<blockquote>无论如何，一些分析师仍然保持乐观。AllianceBernstein本周写道，“我们相信几种力量将在未来几个月甚至几年内继续推动经济复苏。”该资金管理公司解释说，即使利率上升也不会威胁到SCV。与此同时，“按照目前的估值，我们认为小盘价值股仍然被低估，折价的潜在收窄可能会推动许多优异表现。”</blockquote>","source":"lsy1602837619768","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will The Rebound For Small-Cap Value Stocks Endure?<blockquote>小盘价值股的反弹会持续吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill The Rebound For Small-Cap Value Stocks Endure?<blockquote>小盘价值股的反弹会持续吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Capital Spectator2021-04-21 22:51\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>It's been a year of revival so far for the previously trailing small-cap value space in the US stock market.</li> <li>For now, small-cap value is the top-performing equity risk factor year to date, based on a set of exchange traded funds.</li> <li>Given the broad market's strong run over the past year, with limited downside, it wouldn't be surprising to see a correction at some point in the near term.</li> </ul> <img src=\"https://static.tigerbbs.com/9b4309712ae4d217c37b3166c3900d2d\" tg-width=\"1536\" tg-height=\"1024\">Photo by syahrir maulana/iStock via Getty Images<blockquote><ul><li>迄今为止，对于美国股市此前落后的小盘股价值空间来说，这是复苏的一年。</li><li>目前，根据一系列交易所交易基金，小盘股价值是今年迄今为止表现最好的股票风险因素。</li><li>鉴于大盘在过去一年中表现强劲，下行空间有限，短期内出现回调也就不足为奇了。</li></ul>摄影：syahrir maulana/iStock，来自Getty Images</blockquote> It's been a year of revival so far for the previously trailing small-cap value space in the US stock market. Deciding if the party can last may depend on how stocks overall fare in the months ahead and whether the consensus forecast for a strong economic recovery is accurate.<blockquote>迄今为止，对于美国股市此前落后的小盘股价值空间来说，这是复苏的一年。决定派对能否持续可能取决于未来几个月股市的整体表现，以及对经济强劲复苏的普遍预测是否准确。</blockquote> For now, small-cap value is the top-performing equity risk factor year to date, based on a set of exchange traded funds. The iShares S&amp;P Small-Cap 600 Value ETF(NYSEARCA:IJS)is enjoying a strong 22.3% total return in 2021 through yesterday's close (Apr. 20). The edge over second- and third-place factors is shrinking, but for now, IJS holds the high ground. Meanwhile, measured against the broad market, there's no comparison: IJS's year-to-date run is more than double the 10.6% increase for SPDR S&amp;P 500&nbsp;(NYSEARCA:SPY)&nbsp;so far in 2021.<blockquote>目前，根据一系列交易所交易基金，小盘股价值是今年迄今为止表现最好的股票风险因素。截至昨天（4月20日）收盘，iShares S&amp;P Small-Cap 600 Value ETF(NYSEARCA：IJS)在2021年的总回报率为22.3%。相对于第二和第三名因素的优势正在缩小，但就目前而言，IJS占据了制高点。与此同时，与大盘相比，没有可比性：IJS今年迄今的表现是SPDR标普500(NYSEARCA：SPDR标普500指数ETF)2021年迄今为止10.6%涨幅的两倍多。</blockquote> <img src=\"https://static.tigerbbs.com/60222df06808d9fd06b81ede87acca5b\" tg-width=\"600\" tg-height=\"450\"><blockquote></blockquote> Small-cap value (SCV) is widely followed, in part because of&nbsp;influential research&nbsp;in the 1990s that first documented that this slice of equities' capacity for outperforming the broad stock market through time. But as the SCV stumbled in recent years, investors wondered if the risk premium had faded and the original research was wrong. But as the risk factor's prospects hit rock bottom, the tide began to turn, or so it seemed.<blockquote>小盘股价值(SCV)受到广泛关注，部分原因是20世纪90年代有影响力的研究首次证明了这部分股票随着时间的推移跑赢大盘的能力。但随着SCV近年来的跌跌撞撞，投资者怀疑风险溢价是否已经消退，最初的研究是否是错误的。但随着风险因素的前景跌至谷底，潮流开始转向，或者看起来是这样。</blockquote> Last June, The Wall Street Journal&nbsp;wrote&nbsp;that \"Small 'Value' Stocks Are Down but Not Out.\" The article was a timely piece, arriving just ahead of renaissance in SCV leadership. Since November, IJS has pulled far ahead of the broad market (SPY).<blockquote>去年六月，《华尔街日报》写道，“小型‘价值’股票下跌但并未出局。”这篇文章是一篇及时的文章，正好在SCV领导层复兴之前发表。自11月以来，IJS已远远领先于大盘（SPDR标普500指数ETF）。</blockquote> <img src=\"https://static.tigerbbs.com/b8f1a917de2ced0733769ba5ffe2adb7\" tg-width=\"700\" tg-height=\"466\"><blockquote></blockquote> In fact, there's been a strong run for most of the major US equity factors so far this year. More than half of the ETF-based equity factors in the table above are beating the broad market's performance in 2021. Note, too, that every corner of this factor zoo is posting a gain, ranging from a relatively modest 6.0% rise for momentum(BATS:MTUM)up through small-cap value's performance lead.<blockquote>事实上，今年迄今为止，大多数主要美国股票因子都表现强劲。上表中超过一半的基于ETF的股票因子在2021年的表现优于大盘。另请注意，这个因素动物园的每个角落都在上涨，从momentum(BATS：MTUM)相对温和的6.0%上涨到small-cap value的业绩领先。</blockquote> Yet the second-place high-beta version of the S&amp;P 500 is nipping at small-cap value's heels. Invesco S&amp;P 500 High Beta(NYSEARCA:SPHB)is up 21.6% so far this year, just slightly behind IJS's lead.<blockquote>然而，排名第二的高贝塔版本的标普500正在追赶小盘股价值股。景顺标普500 High Beta(NYSEARCA：SPHB)今年迄今已上涨21.6%，仅略落后于IJS的领先优势。</blockquote> The main challenge for stocks generally at the moment is the risk of a correction for a market that, generally, appears to have run too hot too fast. By some accounts, bubble risk is also brewing.<blockquote>目前股市面临的主要挑战是市场出现回调的风险，市场总体上似乎过热过快。一些人认为，泡沫风险也在酝酿之中。</blockquote> \"The asset bubble keeps on getting bigger and bigger,\"advises&nbsp;David Rosenberg, chief economist and strategist at Rosenberg Research, in a research note to clients.<blockquote>罗森伯格研究公司首席经济学家兼策略师大卫·罗森伯格在给客户的一份研究报告中建议：“资产泡沫不断变得越来越大。”</blockquote> \"Please understand that this is the second most expensive S&amp;P 500 index of all time.\" A basic econometric measure of bubble risk maintained by CapitalSpectator.com supports the idea that the S&amp;P 500 is looking a bit frothy these days, as shown in the chart below. (For some background on the metric's design.)<blockquote>“请理解，这是有史以来第二贵的标普500指数。”CapitalSpectator.com维护的泡沫风险基本计量经济学指标支持这样的观点：标普500目前看起来有点泡沫，如下图所示。（有关指标设计的一些背景信息。）</blockquote> <img src=\"https://static.tigerbbs.com/fd30898028ee247696a32a4db1d50b14\" tg-width=\"600\" tg-height=\"400\"><blockquote></blockquote> Given the broad market's strong run over the past year, with limited downside, it wouldn't be surprising to see a correction at some point in the near term. A pullback of some magnitude would likely weigh on all the equity factors. In that case, deciding if small-cap value's mojo was noise or the start of extended recovery after a long period of weakness would emerge on the other side of a correction (or bear market, if it comes that).<blockquote>鉴于大盘在过去一年中表现强劲，下行空间有限，短期内出现回调也就不足为奇了。一定程度的回调可能会对所有股票因素造成压力。在这种情况下，决定小盘股价值的魔力是噪音还是长期疲软后长期复苏的开始将出现在调整（或熊市，如果出现的话）的另一边。</blockquote> In any case, some analysts remain optimistic. AllianceBernstein, writing this week,advises&nbsp;that \"we believe several forces will continue to drive the recovery in the months, and possibly years, ahead.\" Even higher interest rates don't threaten SCV, the money management shop explains. Meanwhile, \"at current valuations, we believe small-cap value stocks are still undervalued, and the potential narrowing of the discount can drive a lot of outperformance.\"<blockquote>无论如何，一些分析师仍然保持乐观。AllianceBernstein本周写道，“我们相信几种力量将在未来几个月甚至几年内继续推动经济复苏。”该资金管理公司解释说，即使利率上升也不会威胁到SCV。与此同时，“按照目前的估值，我们认为小盘价值股仍然被低估，折价的潜在收窄可能会推动许多优异表现。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"http://www.capitalspectator.com/will-the-rebound-for-small-cap-value-stocks-endure/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheCapitalSpectator+%28The+Capital+Spectator%29\">The Capital Spectator</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"http://www.capitalspectator.com/will-the-rebound-for-small-cap-value-stocks-endure/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheCapitalSpectator+%28The+Capital+Spectator%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178155125","content_text":"Summary\n\nIt's been a year of revival so far for the previously trailing small-cap value space in the US stock market.\nFor now, small-cap value is the top-performing equity risk factor year to date, based on a set of exchange traded funds.\nGiven the broad market's strong run over the past year, with limited downside, it wouldn't be surprising to see a correction at some point in the near term.\n\nPhoto by syahrir maulana/iStock via Getty Images\nIt's been a year of revival so far for the previously trailing small-cap value space in the US stock market. Deciding if the party can last may depend on how stocks overall fare in the months ahead and whether the consensus forecast for a strong economic recovery is accurate.\nFor now, small-cap value is the top-performing equity risk factor year to date, based on a set of exchange traded funds. The iShares S&P Small-Cap 600 Value ETF(NYSEARCA:IJS)is enjoying a strong 22.3% total return in 2021 through yesterday's close (Apr. 20). The edge over second- and third-place factors is shrinking, but for now, IJS holds the high ground. Meanwhile, measured against the broad market, there's no comparison: IJS's year-to-date run is more than double the 10.6% increase for SPDR S&P 500 (NYSEARCA:SPY) so far in 2021.\n\nSmall-cap value (SCV) is widely followed, in part because of influential research in the 1990s that first documented that this slice of equities' capacity for outperforming the broad stock market through time. But as the SCV stumbled in recent years, investors wondered if the risk premium had faded and the original research was wrong. But as the risk factor's prospects hit rock bottom, the tide began to turn, or so it seemed.\nLast June, The Wall Street Journal wrote that \"Small 'Value' Stocks Are Down but Not Out.\" The article was a timely piece, arriving just ahead of renaissance in SCV leadership. Since November, IJS has pulled far ahead of the broad market (SPY).\n\nIn fact, there's been a strong run for most of the major US equity factors so far this year. More than half of the ETF-based equity factors in the table above are beating the broad market's performance in 2021. Note, too, that every corner of this factor zoo is posting a gain, ranging from a relatively modest 6.0% rise for momentum(BATS:MTUM)up through small-cap value's performance lead.\nYet the second-place high-beta version of the S&P 500 is nipping at small-cap value's heels. Invesco S&P 500 High Beta(NYSEARCA:SPHB)is up 21.6% so far this year, just slightly behind IJS's lead.\nThe main challenge for stocks generally at the moment is the risk of a correction for a market that, generally, appears to have run too hot too fast. By some accounts, bubble risk is also brewing.\n\"The asset bubble keeps on getting bigger and bigger,\"advises David Rosenberg, chief economist and strategist at Rosenberg Research, in a research note to clients.\n\n \"Please understand that this is the second most expensive S&P 500 index of all time.\"\n\nA basic econometric measure of bubble risk maintained by CapitalSpectator.com supports the idea that the S&P 500 is looking a bit frothy these days, as shown in the chart below. (For some background on the metric's design.)\n\nGiven the broad market's strong run over the past year, with limited downside, it wouldn't be surprising to see a correction at some point in the near term. A pullback of some magnitude would likely weigh on all the equity factors. In that case, deciding if small-cap value's mojo was noise or the start of extended recovery after a long period of weakness would emerge on the other side of a correction (or bear market, if it comes that).\nIn any case, some analysts remain optimistic. AllianceBernstein, writing this week,advises that \"we believe several forces will continue to drive the recovery in the months, and possibly years, ahead.\" Even higher interest rates don't threaten SCV, the money management shop explains. Meanwhile, \"at current valuations, we believe small-cap value stocks are still undervalued, and the potential narrowing of the discount can drive a lot of outperformance.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1072,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}