About

Joanne M. Hill, Ph.D., Chief Advisor for Research and Strategy, Cboe Vest Financial LLC

Joanne Hill has over 25 years of experience in research and strategy with an emphasis on indexes, options and quantitative investments. In addition to her advisory role with Cboe Vest Financial, she is the Managing Partner for her consulting practice, Bear Creek Advisory LLC. Prior to these roles, Dr. Hill worked with ProShares for 8 years, as Head of Institutional Investment Strategy, focusing on ETF research and education, and spent 17 years at Goldman Sachs, where she was a Managing Director leading global equity index and derivatives research and advising institutional investors on strategies using index and risk management tools.

A recognized leader in the financial industry, Dr. Hill is a recipient of the William F. Sharpe Indexing Lifetime Achievement Award and has published extensively on quantitative investment topics, index products, and derivatives. Dr. Hill is a co-author (along with Dave Nadig and Matt Hougan) of A Comprehensive Guide to Exchange-Traded Funds (ETFs) published by the CFA Institute Research Foundation. She heads the Research Committee for the board of the CFA Institute Research Foundation, and is Executive Vice President of the Q Group. She also serves on the editorial board of the Financial Analysts Journal and Journal of Index Investing.

Money Management Executive named Dr. Hill one of the ten inaugural recipients of the Top Women in Asset Management Awards. She was a Founding Member and Co-President of Women in ETFs and currently serves on their board. She is a member of the Investment Committee of the Montgomery County Public School Defined Benefit and Defined Contribution pension plans. Prior to her career on Wall Street, Dr. Hill was on the faculty of the University of Massachusetts (Amherst) and she has a Ph.D. in Finance from Syracuse University.

Recent Posts

The Risk Shift – Higher for Longer

Even though the VIX has returned to February levels and the S&P 500 has rebounded, prices of VIX futures are implying volatility could stay ~50% above normal through year end. Higher risk means higher return expectations are warranted, or a need to lower equity risk exposure. Joanne Hill discusses implications and strategies to navigate this … Continue reading The Risk Shift – Higher for Longer

Returns Relative to Risk Hit 20-Year High in 2017; Investment Implications For 2018

“S&P 500 Return Relative to Risk: 2017 in the Context of the Last Three Decades” “Much attention has been given to the low level of S&P 500 volatility in 2017, with its annualized standard deviation of 6.7%, the lowest level since 1964. But what also stands out is that this low-risk environment has been accompanied … Continue reading Returns Relative to Risk Hit 20-Year High in 2017; Investment Implications For 2018

Are We Seeing A Shift From Short-Term To Long-Term Investing?

“The equity markets have recently been tranquil and very friendly to investors, reaching new highs and registering low volatility. The length of time since a significant decline in the S&P 500 has been unusually long. Just like an extended period of good weather changes our behavior and outlook, the tranquil markets may be related to … Continue reading Are We Seeing A Shift From Short-Term To Long-Term Investing?

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