Examining the Dollar’s Lift to Equity Volatility

1. Source: Bloomberg L.P. as of Jan. 30, 2015

2. Sources: Bloomberg L.P. and Merrill Lynch as of Jan. 30, 2015

Important Information

Volatility measures the amount of fluctuation in the price of a security or portfolio.

The S&P 500® Index is an unmanaged index considered representative of the US stock market.

Earnings per share is total earnings divided by the number of shares outstanding.

A stock’s price-to-earnings multiple (also known as its price-to-earnings ratio) measures its valuation. It divides a stock’s current share price by its earnings per share.