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For investors seeking momentum, iShares Global Consumer Staples ETF (KXI - Free Report) is probably on radar. The fund just hit a 52-week high and is up 21.1% from its 52-week low of $52.79 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
KXI in Focus
iShares Global Consumer Staples ETF offers exposure to companies that produce essential products, including food and household items. KXI charges 40 bps in annual fees (see: all the Consumer Staples ETFs here).
Why the Move?
The consumer staples segment of the broad investing world has been an area to watch lately, given recession fears and weak earnings. The consumer staples sector generally acts as a safe haven amid political and economic turmoil. This is because the goods and services in this sector see steady demand even during an economic downturn due to their low level of correlation with economic cycles. Stocks in these sectors generally outperform during periods of low growth and high uncertainty.
More Gains Ahead?
Currently, KXI might remain strong given a weighted alpha of 7.50 and 20-day volatility of 6.22%. As a result, there is definitely still some promise for risk-aggressive investors, who want to ride on this surging ETF.
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