Retail-sector blowups have driven the correlation between stocks in the S&P 500′s consumer discretionary sector to their lowest levels in years. The rolling 65-day correlation for consumer discretionary stocks in the S&P 500 stocks is at 0.39, near the lowest in at least seven years, according to Chris Verrone and Todd Sohn at Strategas Research Partners. The average since the start of 2011 is 0.56.
The changing retail landscape has made for very different fortunes for different consumer companies. Some of the biggest movers this year:
- Wynn Resorts: up 66.58 percent
- Netflix: up 45.52 percent
- Mattel: down 47.30 percent
- Foot Locker: down 51.81 percent
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