Passive Investing May Be Making Stock Market Riskier and More Volatile

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Inc.","foundingDate":"2016","url":"markets.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider/?hl=en","https://www.twitter.com/mktsinsider","https://www.facebook.com/MrktsInsider","https://www.linkedin.com/company/businessinsider"],"founder":{"@type":"Person","name":"Thomas Greaney and Finanzen.net"},"logo":{"@type":"ImageObject","url":"https://markets.businessinsider.com/Content/dist/images/markets-insider-logo.svg","width":93,"height":30}},"headline":"Passive investing may be making stock market riskier and more volatile","alternativeHeadline":"An investing trend that's grown rapidly in recent years may be making the stock market riskier and more vol...","image":{"@type":"ImageObject","url":"https://i.insider.com/66acfe3aa5247369a3e91a0c?width=1200&format=jpeg","width":1200,"height":900},"name":"An investing trend that's grown rapidly in recent years may be making the stock market riskier and more volatile","datePublished":"2024-11-23T13:31:01Z","dateModified":"2024-11-23T13:31:01Z","description":"Passive investing has skyrocketed in popularity for its safe returns, but in the process, it's made active investing more risky, Apollo's chief economist says.","keywords":"MI Exclusive, ETF, Investing trends, Torsten Slok, market volatility, stock market volatility, Passive Investing, passive investment, Active Investing","articleBody":"Passive investing has boomed in recent years, allowing mutual funds and ETFs to scale rapidly and investors to buy and hold for long periods.At the same time, its popularity could be exacerbating the market's volatile swings and the rising concentration in a handful of key stocks, Apollo's chief economist Torsten Sl酶k says.Passive investing has been a hit partly because it is lower risk than active investing. By putting assets into externally managed funds like ETFs or retirement savings plans like 401(k)s, investors get returns that match the market's trajectory.Active investors, meanwhile, have to react quickly to market developments, switching strategies when economic conditions change. This can lead to greater short-term gains as well as losses. Passive investing tends to yield higher net returns in the long run in comparison, making it relatively safer and more popular amongst risk-averse traders, but in the process, it's made active investing riskier, Sl酶k says.\"Higher passive ownership can increase volatility, lower market liquidity, and increase market concentration in large cap names such as the so-called 'Magnificent Seven,'\" Sl酶k wrote in a recent paper.He said that the massive shift toward passive investing has resulted in greater price spikes and dips as investor demand has become less reactive to stock prices. It's also resulted in a less actively traded market, where mispricing can be greater and last for longer.Those two factors drive greater market volatility, which has been on the rise recently. The Cboe volatility index up almost 30% in the last six months.With more active investors turning passive, there are also fewer investors shorting stocks, Sl酶k said. If the trend continues, shorts will be \"squeezed out\" more easily, which will boost volatility in large-cap shares and put upward pressure on their prices. He said that makes it riskier to short large-caps, which will only fuel a greater shift to passive flows.\"In short, when active investors turn passive, large-cap stocks will benefit disproportionately. 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srcset="https://i.insider.com/66acfe3aa5247369a3e91a0c?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/66acfe3aa5247369a3e91a0c?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/66acfe3aa5247369a3e91a0c?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/66acfe3aa5247369a3e91a0c?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/66acfe3aa5247369a3e91a0c?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/66acfe3aa5247369a3e91a0c?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="stock market madness charts colorful" decoding="async" /> </div> <span class="image-source-only "> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > iStock; Rebecca Zisser/BI </span> </span> </figure> <div> <section class="post-content typography " data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-1/markets" data-secvert="" data-tag="mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing" data-authors="kelly-cloonan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/news/etf/passive-investing-stock-market-risk-volatile-investors-apollo-2024-11" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-1/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><ul class="summary-list"><li>Passive investing has skyrocketed in popularity in recent years.</li><li>Yet, that could be making active investing riskier, Apollo chief economist Torsten Sl酶k says. </li><li>With a less active market, volatility is higher, and gains are concentrated in large-cap shares.</li></ul><p>Passive investing has boomed in recent years, allowing mutual funds and ETFs to scale rapidly and investors to buy and hold for long periods.</p><p>At the same time, its popularity could be exacerbating the market's volatile swings and the rising concentration in a handful of key stocks, Apollo's chief economist Torsten Sl酶k says.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-2/markets" data-secvert="" data-tag="mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing" data-authors="kelly-cloonan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/news/etf/passive-investing-stock-market-risk-volatile-investors-apollo-2024-11" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-2/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Passive investing has been a hit partly because it is lower risk than active investing. By putting assets into externally managed funds like ETFs or retirement savings plans like 401(k)s, investors get returns that match the market's trajectory.</p><p>Active investors, meanwhile, have to react quickly to market developments, switching strategies when economic conditions change. This can lead to greater short-term gains as well as losses. </p><p><a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/passive-vs-active-investing#:~:text=Active%20investing%20for%20market%20opportunities,you%20think%20conditions%20will%20reverse.?utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">Passive investing</a> tends to yield higher net returns in the long run in comparison, making it relatively safer and more popular amongst risk-averse traders, but in the process, it's made active investing riskier, Sl酶k says.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-3/markets" data-secvert="" data-tag="mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing" data-authors="kelly-cloonan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/news/etf/passive-investing-stock-market-risk-volatile-investors-apollo-2024-11" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-3/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>"Higher passive ownership can increase volatility, lower market liquidity, and increase market concentration in large cap names such as the so-called 'Magnificent Seven,'" Sl酶k wrote in a recent paper.</p><p>He said that the massive shift toward passive investing has resulted in greater price spikes and dips as investor demand has become less reactive to stock prices. It's also resulted in a less actively traded market, where mispricing can be greater and last for longer.</p><p>Those two factors drive greater <a target="_blank" href="https://www.businessinsider.com/recession-fears-fueling-stock-market-crash-wall-street-chaos-positive-2024-8?utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">market volatility</a>, which has been on the rise recently. The Cboe volatility index up almost 30% in the last six months.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-4-plus/markets" data-secvert="" data-tag="mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing" data-authors="kelly-cloonan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/news/etf/passive-investing-stock-market-risk-volatile-investors-apollo-2024-11" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-4-plus/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>With more active investors turning passive, there are also fewer investors shorting stocks, Sl酶k said. If the trend continues, shorts will be "squeezed out" more easily, which will boost volatility in large-cap shares and put upward pressure on their prices. </p><p>He said that makes it riskier to short large-caps, which will only fuel a greater shift to passive flows.</p><p>"In short, when active investors turn passive, large-cap stocks will benefit disproportionately. This dynamic can be observed in the price-to-earnings (P/E) ratios of large- and mega-cap stocks, which have been consistently high and growing," he wrote.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-5" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-4-plus/markets" data-secvert="" data-tag="mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing" data-authors="kelly-cloonan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-5" data-url="/news/etf/passive-investing-stock-market-risk-volatile-investors-apollo-2024-11" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-4-plus/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Passive investing has rocketed in popularity in the past three decades, accounting for 50% of total equity investing in <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/mutual-funds?utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">mutual funds</a> and <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-an-etf#:~:text=ETFs%20tend%20to%20be%20highly,how%20you%20look%20at%20liquidity.?utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">ETFs</a> globally, almost double what it was in 2012, Sl酶k said.</p> </div> </div> </div> </section> </div> <div data-bi-ad id="gpt-post-markets-textlink-fluid-1" class="ad ad-wrapper fluid " data-force="" data-type="ad" data-adunit="marketsinsider.all/post/text-link/markets" data-secvert="" data-tag="mi-exclusive,etf,investing-trends,torsten-slok,market-volatility,stock-market-volatility,passive-investing,passive-investment,active-investing" data-authors="kelly-cloonan" data-region="textlink" data-responsive="[{"browserLimit":[1260,0],"slotSize":["fluid"]},{"browserLimit":[970,0],"slotSize":["fluid"]},{"browserLimit":[728,0],"slotSize":["fluid"]},{"browserLimit":[0,0],"slotSize":["fluid"]}]" data-tile-order="tile-0" 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