{"id":47049,"date":"2021-08-31T03:56:00","date_gmt":"2021-08-31T07:56:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=47049"},"modified":"2021-09-02T19:08:50","modified_gmt":"2021-09-02T23:08:50","slug":"smart-beta-strategy","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/smart-beta-strategy\/","title":{"rendered":"The Smart Beta Strategy For Investing: Does It Work?"},"content":{"rendered":"\n

What is the smart beta strategy? Will this approach help you make better investment decisions?<\/p>\n\n\n\n

The smart beta strategy is one of the most influential methods of portfolio construction. Building on previous investment theories<\/a>, the relatively modern smart beta strategy promises to yield greater returns than the market without an increase in risk. <\/p>\n\n\n\n

Keep reading for more about the smart beta strategy.<\/p>\n\n\n\n\n\n\n\n

The Smart Beta Strategy, Explained<\/h2>\n\n\n\n

Although definitions vary, a \u201csmart beta\u201d strategy can be defined as a rules-based, relatively passive model of portfolio construction that yields greater returns than the market without a commensurate increase in risk.<\/strong><\/p>\n\n\n\n

Essentially, smart beta strategies take a broad, market index portfolio\u2014which, of course, has a beta of 1\u2014and customize (or \u201cflavor\u201d) it in ways to increase returns without taking on unnecessary risk. For example, a \u201csmart beta\u201d investor might flavor her portfolio for \u201cvalue\u201d stocks over \u201cgrowth\u201d stocks, or small companies instead of large ones.<\/p>\n\n\n\n

Smart beta investors determine the risk\/return profile of various flavors by using a statistic called the \u201cSharpe ratio\u201d (created by William Sharpe, one of the developers of CAPM). In the numerator of the ratio goes the difference between the portfolio\u2019s return and the risk-free return rate (typically represented by a Treasury bill return); in the denominator goes the risk of the portfolio, as expressed by the returns\u2019 standard deviation from their mean. The higher the Sharpe ratio, the better the risk-return tradeoff<\/strong>. If an investor can devise a portfolio that has a higher Sharpe ratio than the market\u2014which, since 1927, has had a Sharpe ratio of .42\u2014then that portfolio should <\/em>provide better returns for the risk than the market.<\/p>\n\n\n\n

Four Flavors<\/strong><\/h3>\n\n\n\n

Four common portfolio flavors that investors tend toward include:<\/p>\n\n\n\n

Value<\/h4>\n\n\n\n

Preached by early investment sages like David Dodd and Benjamin Graham\u2014and later adopted by Warren Buffett\u2014\u201cvalue\u201d investing consists in buying stocks with (1) low price-earnings multiples and (2) low price\u2013book value ratios. More rudimentarily, it means investing in companies that are realizing revenues currently and consistently<\/strong> <\/em>rather than those promising exponential future growth.<\/p>\n\n\n\n

Small Companies<\/h4>\n\n\n\n

A portfolio flavored in favor of smaller stocks may result in larger returns<\/strong>. One study examined returns from 1926 to the present and found small-company stocks produced returns about 2% higher than large-companies\u2019. The Sharpe ratio of small-company stocks over approximately the same period was .23\u2014which means that a diversified portfolio<\/a> with a tilt toward smaller stocks might raise the overall portfolio\u2019s ratio above the market\u2019s.<\/p>\n\n\n\n

Momentum<\/h4>\n\n\n\n

As noted above, in the long run, there\u2019s no discernable \u201cmomentum\u201d in stocks\u2019 prices\u2014rather, their price increases and decreases resemble a \u201crandom walk.\u201d However, in the short run<\/em>, there is some evidence to suggest that stocks <\/strong>do <\/em><\/strong>have momentum<\/strong> (that is, price increases will be followed by further increases, declines by further declines). And, thus, a portfolio tilted in favor of stocks with momentum may produce higher returns.<\/p>\n\n\n\n

Momentum is measured by examining stocks\u2019 returns over the previous 11 months. A portfolio flavored toward momentum might be long the top-performing 30% of stocks over the previous 11 months and short the worst-performing 30%. <\/strong>Between 1927 and 2017, a portfolio with this flavor would have had a Sharpe ratio of 0.58\u20140.16 higher than beta. <\/strong><\/p>\n\n\n\n

Low-Beta<\/h4>\n\n\n\n

Because the empirical evidence has shown that there\u2019s no difference in terms of returns between low-beta and high-beta stocks<\/strong>, investors stand to realize a better Sharpe ratio by being long in low-beta stocks.<\/p>\n\n\n\n

One simple strategy is to fashion a portfolio with a beta of 0.5 (that is, a portfolio half as volatile as the market). Evidence indicates that this portfolio will have the same returns as the market as a whole with less volatility.<\/p>\n\n\n\n

Does the Smart Beta Strategy Work?<\/strong><\/h3>\n\n\n\n

So far, the evidence supporting the flavoring of a portfolio in terms of a single factor\u2014for example, \u201cvalue,\u201d or \u201cmomentum\u201d\u2014is thin. In fact, although there are hundreds of exchange traded funds<\/a> (ETFs) that flavor their holdings in terms of a single factor, history shows that these funds do not perform better than a broad market index fund<\/strong>.<\/p>\n\n\n\n

A better bet for those investors interested in smart beta strategies is what\u2019s known as a \u201cblended factor\u201d portfolio\u2014a portfolio flavored in terms of two or more negatively correlated factors<\/strong>. Blended factor portfolios leverage the benefits of diversification<\/a>: Because the factors are negatively correlated\u2014that is, one offsets the other\u2014blended factor portfolios minimize risk and enhance returns<\/strong>.<\/p>\n\n\n\n

In one study, a blended portfolio that divided its holdings according to four flavors\u2014broad market, small-cap, value, and momentum\u2014ended up with a Sharpe ratio of 0.73! (Recall that the broad market\u2019s Sharpe ratio is 0.42). That blended portfolio, however, produced slightly lower returns than the market<\/strong> (though, as represented by its high Sharpe ratio, with much less volatility). And the study didn\u2019t take into account any fees or transaction costs that might impact returns even further.<\/p>\n\n\n\n

There are a number of blended funds currently in operation, including Dimensional Fund Advisors (DFA) funds (ticker symbols DFSVX and DFLVX) and the Goldman Sachs Active Beta ETF (ticker symbol GSLC). Although these funds have shown promise, there are drawbacks; for example, one can only buy DFA funds through investment advisors who charge fees.<\/p>\n\n\n\n

All in all, Malkiel advises investors to build their portfolios around a broad market index fund<\/strong>. If a particularly engaged investor is willing to accept a less reliable risk-return ratio, that investor might invest moderately in a blended fund with low expenses and fees<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

What is the smart beta strategy? Will this approach help you make better investment decisions? The smart beta strategy is one of the most influential methods of portfolio construction. Building on previous investment theories, the relatively modern smart beta strategy promises to yield greater returns than the market without an increase in risk. Keep reading for more about the smart beta strategy.<\/p>\n","protected":false},"author":12,"featured_media":13418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,31],"tags":[469],"class_list":["post-47049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-money","tag-a-random-walk-down-wall-street","","tg-column-two"],"yoast_head":"\nThe Smart Beta Strategy For Investing: Does It Work? - Shortform Books<\/title>\n<meta name=\"description\" content=\"The smart beta strategy is a modern approach to portfolio construction. 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