Here’s the latest evidence that stock picking is back: Investors are buying and selling fewer exchange-traded funds.

As big macroeconomic headlines recede, ETFs are falling out of favour. ETF volumes have dipped this year to about 16.5% of total equity volumes, down from 16.7% in 2013, according to analysts at Credit Suisse Trading Strategy. The data suggest that investors are increasingly favouring trades in individual stocks.