XLI Coverage Dispersion Analysis
| Ticker | Company | # Analysts | Pairs Overlap Mean |
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When analysts from different sectors cover the same stock, each only sees part of the story. We find those overlooked opportunities.
Traditional equity research forces companies into sector boxes. But the most interesting companies don't fit.
"Finding cross-sector opportunities used to mean reading dozens of analyst reports that contradict each other because they use different frameworks."
"Traditional sector ETFs force stocks into boxes they don't fit. UBER in Industrials? AXON in Industrials? The labels obscure the opportunity."
"Analyst recommendations conflict because they're using different sector frameworks. The tech analyst and industrial analyst covering the same stock rarely talk."
We measure how differently the analysts covering a stock view the market. High dispersion = potential opportunity.
For each stock, we identify all analysts who have issued ratings in the past year.
We examine what other stocks each analyst covers to understand their sector expertise.
Using Jaccard similarity, we measure overlap between analyst coverage universes.
High dispersion = analysts from different sectors = potentially misunderstood stock.
| Ticker | Company | # Analysts | Pairs Overlap Mean |
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Combined 50+ years of investment experience. We've generated alpha by understanding what sector specialists miss.
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| Ticker | Company | # Analysts | Pairs Overlap Mean |
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