The correlation between a stock and the S&P 500 does not accurately capture the total relationship between the two. Some companies are going to have higher expo

The correlation between a stock and the S&P 500 does not accurately capture the total relationship between the two. Some companies are going to have higher exposure to the market (called beta) than others. So even if all stocks are rising and falling in lockstep, the magnitude of movements are going to be different for each individual stock. And like anything else in finance, savvy investors can exploit this to manage risk and outperform, even long-only funds during coronavirus.