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When the S&P 500 shed more than 16% in 2022 under the weight of Federal Reserve rate hikes and inflation, five of six large-cap defensive names screened by Benzinga stayed in positive territory.
The group — Procter & Gamble (NYSE: PG), Merck & Co. (NYSE: MRK), Bristol-Myers Squibb (NYSE: BMY), General Mills (NYSE: GIS), McDonald's (NYSE: MCD), and American Tower Corp.
(NYSE: AMT) — share a common thread: betas of 0.50 or below relative to the SPDR S&P 500 ETF (NYSEARCA: SPY), meaning each moves at roughly half the market's amplitude or less.
The Physical Businesses Behind the Low Betas These are not abstract financial instruments; each stock sits downstream of essential, recurring demand.
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