|UNKNOWN||NORTH AMERICAN - LARGE & ETFs||_N/A|
Educational Segment. Smart Factor ETFs. Research affiliates. He showed a graphic depicting smart factors that look at momentum, volatility, liquidity, profitability, etc. If you calculate excess returns, on average over history about 40 years you average about 2.4% in excess return. The average volatility is mostly less than the index. A second graphic looked at cross correlation of factor returns. If you put two together in a portfolio you get diversification.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc. http://www.etfcm.com