I often have issues, with people looking into Beta correlations. 1stly Beta isnt the correlation. 2ndly, Using time- series data has great number of problems and running correlations is unstable, i suggest you look into co-integration. As far as index selection goes, Russell or DJIA or SP500 its irrelevant for the topic we are discussing. If US earnings are below estimates, you wouldnt want to be long the XJO.
I often have issues, with people looking into Beta correlations....
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| XJO (ASX) Chart |