This page shows characteristics between value and growth investment styles. The left side shows relative forward price-to-earnings ratios for the Russell 1000 Value and Russell 1000 Growth indices. When the line is moving up, it indoicates that value is expensive relative to growth, but when the line is moving down it represents growth as becoming expensive relative to value. The right hand side shows the correlations of each S&P 500 sector's performance versus the 10-year treasury. As you can see, the more value and cyclical sectors tend to have higher correlations with moves in interest rates.