In the past decade, you didn’t need much experience or knowledge to benefit from attractive stock returns: you simply invested based on momentum, a location (the US), or a sector (tech). But in the next decade, without ultra-low interest rates driving returns, things won’t be so easy.

The table above shows the correlations between European stocks across different sectors, as they stand now (“current” column), where they were three months ago, and their five-year median levels. Compared to three months ago, correlations within almost every sector are now lower. And that’s important: a higher correlation means stocks tend to move together in the sector, and indicates that you’re better off investing in the entire sector instead of picking individual shares. Similarly, a lower correlation means there is a higher share price dispersion between stocks in the same sector, implying greater opportunities for stock-pickers.

However, not all sectors are created equal. If you’re thinking of testing out your stock-picking skills, you’d do well focusing on the five sectors that have seen current correlations fall lower (highlighted in green) compared to five years ago: healthcare; food, beverage, and tobacco; telecommunications; utilities; and chemicals. And you might be better off buying a sector index tracker for those in the red (like banks, autos, and real estate).

The point is simple. Without super-low interest rates there to prop up entire sectors, informed stock-picking will become essential. To generate returns that beat the market, you’ll need to find the companies whose individual performances will make the difference. So you might want to flex some stock-picking muscles, and start hunting out companies with strong competitive advantages and resilient cash generation.