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So-called high beta stocks are on a tear as investors seek the maximum way to ride the market comeback.
High beta stocks exhibit greater volatility than the broader market, meaning these stocks move up more than the market on a positive day, and vice-versa. The Invesco S&P 500 High Beta ETF (SPHB) tracks the 100 highest beta stocks in the S&P 500, i.e. most sensitive to changes in overall market returns.
The ETF jumped 3% on Wednesday, crossing its 200-day moving average level of 40.33 for the first time since Feb. 26, which could signal a longer uptrend for high-beta stocks. The fund is stuffed with economically sensitive industries such as financials and consumer discretionary. Here are the stocks leading the way.