November S&P Summary

• It was a relatively quiet month in U.S. equities. U.S. large-cap dispersion fell modestly in November to 5.6% as it continued to move within a tight range. U.S. small-cap dispersion remained high even in comparison to longer-term averages.

• A similar picture held across most developed markets; the exception was Australia, which has seen its equity markets battered by external forces in recent months. This month, a return to bearish form in commodities saw dispersion in the S&P/ASX 200 rise to its highest levels in two years; correlations also rose in a month of relatively elevated volatility 'down under.'

• Excepting Australia, correlations were largely unchanged across our developed benchmarks and declined (along with volatility) in China and the S&P Emerging BMI.