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Currency ETFs Hold Their Own

NEW YORK ( ETF Expert) -- The mainstream financial media may have caught a break in 2011. Neither the S&P 500 nor the Dow fell more than 20% from respective highs, meaning that nobody ran with the "Bear Is Back" headline. It follows that the March 2, 2009 lows still represent the start of a bull market uptrend.

Not surprisingly, many have chosen to wistfully recollect the 90%-plus, since-inception gains for U.S. stocks. Meanwhile, others wisely remind us that substantial corrections of 10% to 20% occurred in each of the 3 years -- 2009, 2010, 2011.

Interestingly enough, there have been a number of cat-skinning ways to achieve admirable profits in the period. The Australian dollar via the CurrencyShares Australian Dollar (FXA) picked up three-fourths of the SPDR S&P 500 Trust's (SPY) upside for roughly three-fifths the beta risk. That's a pretty good deal for highly correlated assets in the currency "carry trade."

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FXA $71.00 -0.18%
FXY $86.15 0.76%
SPY $182.99 -1.20%
AAPL $93.71 -0.59%
FB $100.74 -0.26%


Chart of I:DJI
DOW 15,706.92 -207.82 -1.31%
S&P 500 1,835.04 -16.82 -0.91%
NASDAQ 4,262.7170 -20.8750 -0.49%

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