In the past, I've covered the difference between long-term and short-term sector-to-market correlations as a possible arbitrage opportunity.  I've performed the analysis just as before, comparing the correlation over the past 50 periods to the previous 500 periods. 

  Note that relative to September, most sectors are much closer to the fair line (50-session correlation = 500-session correlation).  Most noticeably changed is energy, which is currently exhibiting a much higher correlation.  Note as well that financials and consumer discretionary seem much less attractive in a possible bear market, while utilities comes is actually even less correlated currently than in the long-run.

Here is the table of the actual differences.