![Ave-monthly-dispersion-SP-500](https://5kca74.a2cdn1.secureserver.net/wp-content/uploads/2014/01/Ave-monthly-dispersion-SP-500-300x174.png)
The average dispersion between S&P 500® stocks over the twelve months of the year was just below 5%, which is the lowest value across the 23-year data.
In such circumstances, the relative value of active management in the equity markets is constrained. Simply put, accurate bets deliver less alpha.