Ryan Krystopowicz, CFA

ETF Model Portfolios @WisdomTreeFunds | Golf & Darts |

[Ryan Krystopowicz, CFA @ryankETFmodels]

Think your model is balanced?

So did this advisor—until we looked under the hood.

A recent portfolio we reviewed used several asset allocation funds.

Simple? Yes.

But also heavily over-weight in lower-quality credit—far from what the advisor intended.

This is where simplicity can backfire.

Blended doesn’t always mean balanced.

In our latest Modern Advisor Playbook, Lauren Pfendt & I walk through how sleeve-level analysis revealed the risk, how we helped realign the model—and how our fixed income toolkit brought the strategy back in sync with client goals.

👉 Advisors: if your model hasn’t had a check-up lately, now’s the time.

https://t.co/e4YLcqHPOy

[WisdomTree @WisdomTreeFunds]

Scaling model portfolios efficiently requires more than investment expertise, it requires operational execution.

@ryankETFmodels explores how WisdomTree and Quorus can help advisors streamline implementation through outsourced trading, rebalancing and tax-aware execution.

Read more: https://t.co/1zJDrdriHh

[WisdomTree @WisdomTreeFunds]

Customization and tax efficiency are now expected, but scaling both across portfolios isn’t easy. How can advisors deliver personalization without adding operational burden?

Join Tom Skrobe, @ryankETFmodels & Quorus’ John Hill to explore tax-aware SMAs + no-fee model trading.

📅 April 7 | 1PM ET

+1 CE credit

Reserve your spot 👇
https://t.co/wMQR5Y6UGc

[Jeremy Schwartz @JeremyDSchwartz]

This week's Behind the Markets Preview:

The Professor's Macro Reads

+@SamuelRines on GeoAlpha Opportunities

[Ryan Krystopowicz, CFA @ryankETFmodels]

Latest blog below 👇

[WisdomTree @WisdomTreeFunds]

Advised relationships could jump by 18 million in the next decade, but advisor capacity isn't keeping up.

@ryankETFmodels makes the case that model portfolios are no longer optional. They're the scalable backbone millennial advisors need to meet modern client expectations.

Read more: https://t.co/zSk2XJC03B

#FinancialAdvisors #ModelPortfolios #WealthManagement

[Ryan Krystopowicz, CFA @ryankETFmodels]

A Quality Performance Gap Akin to 1999

Here is a factor performance chart that is showing up at 1999 levels. The performance gap between the S&P 500 Quality index and the S&P 500 is over 8 percentage points since the springtime tumult. https://t.co/BSQcP5TA8Q

[Ryan Krystopowicz, CFA @ryankETFmodels]

Sub-6% Home Mortgages in 2026: A Live Possibility

The total collapse in bond market volatility is not being reflected in mortgage rates. When things were wild during Covid, it made sense for mortgage rates to be a couple percentage points higher than Treasuries. But the gap remains 209bps between 6.25% conforming mortgages and the 4.16% yield on Treasury Notes. I think these two interest rates will converge in 2026 because of the plunge in the MOVE index. https://t.co/JGViGn3AcA

[Ryan Krystopowicz, CFA @ryankETFmodels]

Just One Said "Decreasing Employment"

Just 0.4% of manufacturers told the Philly Fed they are decreasing employment. They get a response from a couple hundred companies, so that means one person, one single respondent in the Third Federal Reserve District (Philly, Delaware, parts of Jersey) said they are reducing headcount. https://t.co/5edocryY97

[Ryan Krystopowicz, CFA @ryankETFmodels]

Bank Lending Intentions Signal Labor Market Improvement

There is a near-universal consensus that the US labor market is deteriorating. Consider a counterpoint: the Fed's Senior Loan Officer Survey has improved for not 7, not 8, not 9, but 10 consecutive quarters. In other words, loan books are opening. Look at the lags. This is immensely helpful for job applicants. https://t.co/Hd4gi7eYJi

[Ryan Krystopowicz, CFA @ryankETFmodels]

Is the 3-Month Moving Average of Private Payrolls Rebounding Like 2024?

• November nonfarm payrolls rose a bit better than expected in November, coming in at +64k, with private payrolls rising +69k.
• October payrolls fell -105k due to a plunge in federal government employment of -157k (the deferred resignation offers are now finally hitting the report).
• October private payrolls actually rose +52k. https://t.co/cPngpwEE9g

[Ryan Krystopowicz, CFA @ryankETFmodels]

China vs. India: Regime Change

For the first time since the turn of the century, the stock markets of China and India are presenting a negative 3-year correlation to each other. This is a very different game from what most of us have witnessed in our careers. It appears to be a new risk budgeting mentality, where asset allocators that add to one of these countries are doing so by selling the other country. Rather than functioning as complements to each other, where China and India rally and decline together, these two countries are functioning as substitutes for each other. Buy one, sell the other. https://t.co/zOWiSepAwY

[Ryan Krystopowicz, CFA @ryankETFmodels]

Job Openings: Weakening or Stabilizing?

Relative to the working age population, the job openings chart stopped falling over a year ago. I keep reading that the labor market is "weakening." Who knows? Maybe it is. But look at this chart and consider that it may be time to change it from "weakening" to "stabilizing." https://t.co/pxWisddbRW

[Ryan Krystopowicz, CFA @ryankETFmodels]

India’s Valuation Premium Has Fully Reset - What Comes Next?

• While India usually trades at a premium to the broader EM universe, that premium entered 2025 at notably stretched levels. In retrospect, elevated multiples left little cushion and helped set the stage for India’s sharp relative underperformance this year
• That premium has now fully unwound. The MSCI India/MSCI EM relative P/E sits near a five-year low and below its average since Modi took office in 2014, marking one of the most meaningful resets of the past decade
• In recent years, relative valuation has been a strong signal for future relative returns. Extreme premiums have reliably preceded periods of India underperformance, while compressed valuations have tended to align with stronger forward returns
• This valuation reset coincides with improving relative performance after India hit one of its widest 1-year underperformance gaps on record earlier this year https://t.co/S8TlD8qBmS

[Ryan Krystopowicz, CFA @ryankETFmodels]

Another Labor Market Improvement Chart

The evidence is mounting. The NFIB Small Business Optimism survey saw a rise in the number of firms who plan to increase employment versus decrease employment. Over the last 6 months, the rate-of-change exceeds 96% of all periods since 1985. https://t.co/CSkCBgLRCm

[Ryan Krystopowicz, CFA @ryankETFmodels]

The US Unemployment Rate Could...Decline

How cool is this? The US unemployment rate could go DOWN. Look at Canada, where they have reported notable declines in unemployment in both October and November. Logically, Canada and the US move together. It points to the US unemployment rate falling. We love macro around here. https://t.co/dNH94otbNY

[Ryan Krystopowicz, CFA @ryankETFmodels]

Could This Be Stock Market Regime Change?

Historically, when this chart turned up after tanking the way it has this year, the entire vibe of the market witnessed a wholesale regime change. This includes: October 31, 1990, which is just 3 weeks into the bull market that lasted 9.5 more years. March 9, 2000: one day prior to the Dot-Com peak. March 5, 2009: 4 days before the S&P 500 would make its Global Financial Crisis low. The action is the equal-weighted S&P 500 Financials + S&P 500 Industrials + S&P 500 Materials relative to the S&P 500 as a whole. These three sectors have been outperforming since November 3. If past is prologue and the vibe does shift, that would mean concepts like Value would be On, these three sectors On, small caps On, mega caps Off, Tech Off. https://t.co/RK6ooJAGTs

[WisdomTree @WisdomTreeFunds]

Client expectations are changing fast, and 2026 will reward advisors who evolve with them. Future-proofing your advisory business means going beyond referrals and market returns.

Kara Dombroski and @ryankETFmodels explore how tech and AI are reshaping what growth looks like and how you can lead the charge.

Learn more: https://t.co/z5gTuFYN8x

#Advisors #GrowthStrategy #AIinFinance #DigitalMarketing #FinTech #Investing

[Ryan Krystopowicz, CFA @ryankETFmodels]

Is This the Start of the 'Junk Trade' Reversal?

• Below are two charts: One shows the YTD performance of Unprofitable vs. Profitable stocks within the MSCI USA Index universe as of October 31, 2025. The other is the same chart as of November 30, 2025. (Both also include the prior four calendar year returns for these segments, for reference.)
• The story: Through October, a remarkable 'Junk trade' earned lush returns at the expense of profitable companies. It was a difficult 2025 for high quality companies actually turning a profit. But then... something changed.
• In November, markets finally began to punish low quality, unprofitable names as we'd typically expect. Their performance advantage over profitable companies evaporated. If you toggle between the two graphics, pay attention to the black bars to visualize the change.
• Are we beginning to see the beginning of the 'Junk trade' reversal? We'll need to see what happens in December to cap off the year, but the tide may finally be turning in favor of Quality companies once again. https://t.co/ncFlD3sUhO

[Ryan Krystopowicz, CFA @ryankETFmodels]

India’s Relative Underperformance At Multi-Decade Extremes - Is This the Turn?

• India has been one of the weakest global equity markets this year, with 2025 shaping up as its worst calendar-year performance versus the MSCI EM Index in more than three decades
• Valuations that began the year at elevated levels have since compressed sharply, leaving India near its cheapest valuation premium above EM in almost five years, and below its average relative multiple since Modi’s 2014 election
• The MSCI India’s rolling 252-day underperformance versus MSCI EM now ranks among the widest relative gaps on record, but Q4 relative strength and the index recently hitting new highs suggests the tide may be starting to shift
• Historically, prior cycles in which India emerged from similar relative lows - including late 2008, late 2011, and mid-2020 - have been followed by powerful multi-year runs of India outperformance https://t.co/8jIc1mtWb2

[Ryan Krystopowicz, CFA @ryankETFmodels]

That is a Move Higher in the US + China PPI Series

Here is an interesting development: the combined year-over-year growth in the Producer Price Indexes for China and the United States started ticking higher in July. This series has pushed into positive territory. Directionally, it moves with the US CPI. https://t.co/Bog3n2iPLM

[Ryan Krystopowicz, CFA @ryankETFmodels]

Is the 2025 Junk Rally Starting to Reverse?

• The past seven months of market activity have been decisively in favor of poor quality 'junk' names. The lowest quintile of U.S. equities by return-on-equity (ROE) comfortably outperformed the highest quintile since the market bottomed on April 8th.
• But we're beginning to see signs of a 'quality reversal'. Since the gap in cumulative returns between the highest and lowest ROE quintiles bottomed out on November 11th, the high quality segment has staged an impressive recovery that may still have room to run.
• The highest ROE quintile now only trails the lowest by about 9%, marking an impressive initial snapback.
• If this is the beginning of an enduring reversal, the high quality area of the U.S. equity market may potentially offer compelling returns that have been absent for most of 2025. https://t.co/9tLBMOsTB2