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S&P 500 Growth ETF (SPYG) Hits New 52-Week High

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For investors looking for momentum, SPDR Portfolio S&P 500 Growth ETF (SPYG - Free Report) is probably a suitable pick. The fund just hit a 52-week high, up roughly 32.4% from its 52-week low of $30.31/share.

But does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

SPYG in Focus

The fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 500 Growth Index. SPYG is charging 4 bps in fees. The fund has amassed $5.05 billion in AUM.

Why the Move?

Wall Street continues to soar high on Sino-US trade war talks, release of some encouraging U.S. economic data and a decent earnings season. In such a scenario, growth funds are gaining popularity among investors as these tend to outperform in a trending market (i.e. a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, SPYG has a Zacks Rank #1 (Strong Buy). Moreover, it seems SPYG might remain strong given a positive weighted alpha of 14.6.

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