Copper Miners COPX Tumbled 6.27%

Thursday marked a defensive rotation. Long Treasuries and defensive equity factors led.

Defensives led, global cyclicals lagged

Movers

Leaders: Consumer Staples XLP +3.31% (3M: +7.7%), Dividend Aristocrats SDY +2.53% (3M: +3.3%)

Laggards: Copper Miners COPX -6.27% (3M: -5.9%), South Korea EWY -4.98% (3M: -8.5%)

3M Leaderboard

Strong: Brazil EWZ +17.1%, Energy XLE +14.0%, Healthcare XLV +11.9%

Weak: South Korea EWY -8.5%, Industrials XLI -8.5%, China MCHI -8.1%

Duration rallied, preferreds lagged

Movers

Leaders: Long Treasuries TLT +1.87% (3M: -0.6%), 7-10yr Treasuries IEF +1.08% (3M: -0.9%)

Laggards: Preferred Stock PFF -0.03% (3M: -3.0%), High Yield Bonds JNK +0.13% (3M: -1.4%)

3M Leaderboard (within FI scale)

Strong: Short TIPS VTIP +0.3%, Short Corporate VCSH +0.2%, Aggregate Bonds AGG -0.3%

Weak: Preferred Stock PFF -3.0%, EM Sovereign Bonds EMB -1.6%, Muni Bonds MUB -1.4%

Defensives led, high-beta names lagged

Movers

Leaders: Real Estate VNQ +1.27% (3M: -7.3%), Min Volatility USMV +1.07% (3M: +7.1%)

Laggards: Semiconductors SMH -5.99% (3M: -6.7%), Gold Miners GDX -5.80% (3M: +8.6%)

3M Leaderboard

Strong: Ethereum Trust ETHA +27.9%, Bitcoin Trust IBIT +26.7%, Biotechnology IBB +11.4%

Weak: Infrastructure PAVE -9.7%, Clean Energy ICLN -9.1%, Global REITs REET -8.6%

Related

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• Fear and greed: today's market sentiment reading

Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.