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XHB Lead the Broad Stock Market?

April 8, 2022 • Posted in Real Estate

Do stocks of homebuilders, whose sales are particularly sensitive to interest rate changes, reliably lead the overall stock market. To check, we look at lead-lag relationships between monthly returns for SPDR S&P Homebuilders ETF (XHB) and returns for SPDR S&P 500 ETF Trust (SPY). Using monthly dividend-adjusted returns for XHB and SPY during February 2006 (inception of XHB) through February 2022, we find that: (more…)

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