FAANG+ Leaving Newcomers In The Dust
Both the NYSE FAANG+ Index and Renaissance IPO ETF (IPO) have put in place fresh 52-week highs in the past couple of days, however, zooming out, those fresh highs are on different planets. The NYSE FAANG+ index—comprised of many mega cap Tech stocks—is not only at a 52-week high, but it's trading at record highs. Since the pre-COVID market high in February 2020, the FANG+ group is now up 120.1%.
As for the IPO ETF, this week's 52-week high only leaves the group at the highest levels since April 2022. Contrary to the all-time high for FAANG+, IPO is still down 51.7% from its February 2021 high and is up a meager 4.7% since pre-COVID. As you can see below, these two traded closely inline with each other in the early days of the post-COVID rally, but FANG+ has left IPO in the dust since the start of 2022.
(Click on image to enlarge)
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Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any ...
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