Daily Movers: South Korea EWY Fell 6.1%

A defensive bid defined Tuesday. South Korea EWY fell 6.05% as risk-sensitive exposures lagged and lower-beta ETFs outperformed. Taiwan EWT dropped 3.95%, Semiconductors SMH fell 3.45%, and Clean Energy ICLN slid 3.43%. Health Care XLV rose 2.36%, Consumer Staples XLP gained 1.99%, Biotech IBB advanced 1.16%, and Min Vol USMV added 1.04%.

Equity: Defensives led, Northeast Asia lagged

Movers

Leaders: Healthcare XLV +2.36% (3M: +17.1%), Consumer Staples XLP +1.99% (3M: +6.5%)

Laggards: South Korea EWY -6.05% (3M: -3.4%), Taiwan EWT -3.95% (3M: +7.6%)

3M Leaderboard

Strong: Value Factor VLUE +18.8%, Healthcare XLV +17.1%, Financials XLF +11.6%

Weak: Brazil EWZ -8.8%, Copper Miners COPX -6.0%, Communication Services XLC -5.1%

Fixed Income: Long duration led, short duration lagged

Movers

Leaders: Long Treasuries TLT +0.59% (3M: -1.3%), Mortgage-Backed MBB +0.32% (3M: -0.4%)

Laggards: Short TIPS VTIP +0.10% (3M: -0.3%), Global Bonds BNDX +0.15% (3M: +0.6%)

3M Leaderboard (within FI scale)

Strong: Global Bonds BNDX +0.6%, EM Sovereign Bonds EMB +0.4%, High Yield Bonds JNK +0.3%

Weak: Preferred Stock PFF -2.3%, Long Treasuries TLT -1.3%, Investment Grade Credit LQD -1.1%

Specialty: Defensives led, semis and clean energy lagged

Movers

Leaders: Biotechnology IBB +1.16% (3M: +12.7%), Min Volatility USMV +1.04% (3M: +5.7%)

Laggards: Semiconductors SMH -3.45% (3M: +4.6%), Clean Energy ICLN -3.43% (3M: -14.5%)

3M Leaderboard

Strong: Biotechnology IBB +12.7%, Global REITs REET +7.9%, Real Estate VNQ +7.4%

Weak: Gold Miners GDX -19.9%, Bitcoin Trust IBIT -17.0%, Ethereum Trust ETHA -16.1%

Cross-Asset Read

A defensive bid defined the cross-asset mix, with low-beta equity leadership and all four fixed-income movers above zero. The 3M leadership stack centers on defense and quality, with VLUE at +18.8%, XLV at +17.1%, XLF at +11.6%, and IBB at +12.7%; Tuesday extended the standing uptrends in XLV, XLP, IBB, and USMV, and EWT fell against a +7.6% 3M gain. Volatility expands in XLP and FTLS, while compression sits in AGG, BNDX, EMB, DBMF, REET, USMV, ACWV, EFA, and EFAV; overbought status in EFAV, SCHD, and XLF leaves the regime defensive, low-vol, and selective.

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.