The average stock in the S&P 500 fell 2.91% in January, but the average stock is up 5% since then.  So which stocks have led the way higher, and which ones are underperforming?  Below we have run our decile analysis on the S&P 500 to find out.  To run the analysis, we break the S&P 500 into deciles (10 groups of 50 stocks each) based on various stock characteristics like market cap, valuation, yield, short interest, institutional ownership, international revenue exposure, analyst sentiment, etc.  Then we calculate the average performance of the stocks in each decile since the end of January to see which characteristics are working, and which characteristics are not.

As shown in the matrix, generally the smaller cap stocks in the S&P 500 have outperformed during this rally, but the decile of the 50 largest stocks in the index has also outperformed, mostly due to Apple’s strong gains.  In terms of valuations, the stocks with the lowest P/E ratios have…

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