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S&P, TMX launch Composite Low Volatility, Composite High Beta indexes
By Tali David
Minneapolis, April 11 - S&P Indices and TMX Group launched the S&P/TSX Composite Low Volatility index and the S&P/TSX Composite High Beta index, according to a press release.
The two new indexes are designed to provide market participants with measuring tools for specific stock characteristics within the S&P/TSX Composite, the principal broad market measure for the Canadian equity markets.
The Low Volatility index measures the performance of the 50 least volatile stocks in the S&P/TSX Composite. The index is designed to serve as a benchmark for low volatility strategies in the Canadian stock market, the release said.
The High Beta index measures the performance of the 50 constituents of the composite that are the most sensitive to changes in market returns. It is designed to serve as a benchmark for investors with a bullish strategic or tactical view of the Canadian stock market.
Both indexes have been licensed to PowerShares Canada to serve as the basis for potential PowerShares exchange-traded funds listed on the Toronto Stock Exchange.
TMX Group operates the Toronto Stock Exchange and Montreal Exchange. Standard & Poor's is an index provider based in New York.
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