HML (high minus low)

The Fama-French value factor: return spread between high book-to-market and low book-to-market stocks.

Negative HML beta means the portfolio behaves more like growth stocks.

• Factor Regression
• Match Factor Exposure

• Fama-French factors
• SMB (small minus big)
• Marginal vs effective tax rate
• MAGI (modified adjusted gross income)
• AMT (alternative minimum tax)