S&P500 Return Attribution
September 4, 2025
Qi Macro Valuation
1. Small Cap rotation is hostageto inflation
2. Rate Volatility - the BlindSpot in Equity Risk
3. Rising Rate Vol - the AchillesHeel of IBB
Posted on
July 15, 2025
Strong Fundamentals, Macro Drag
SPY has now returned +6.5% in the first 6 months of 2025 but note the breakdown - idio actually delivered +10.16%, but macro factors were a 3.66% drag on performance.
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