Daily Movers: South Korea EWY Sank 4.8%

Thursday reflected a defensive bid. South Korea EWY anchored the equity downside, and leadership concentrated in Consumer Staples XLP, Health Care XLV, and Real Estate VNQ. Copper Miners COPX fell 3.34%, Clean Energy ICLN dropped 3.83%, Semiconductors SMH slid 3.70%, and Preferreds PFF lost 0.82%. Consumer Staples XLP rose 2.80%, Health Care XLV gained 2.22%, Real Estate VNQ advanced 2.26%, and REET added 1.97%.

Equity: Defensives led

Movers

Leaders: Consumer Staples XLP +2.80% (3M: +6.6%), Healthcare XLV +2.22% (3M: +10.0%)

Laggards: South Korea EWY -4.82% (3M: +12.7%), Copper Miners COPX -3.34% (3M: -12.9%)

3M Leaderboard

Strong: Taiwan EWT +24.1%, Value Factor VLUE +23.4%, US Technology IYW +18.3%

Weak: Brazil EWZ -14.0%, Copper Miners COPX -13.0%, China MCHI -6.1%

Fixed Income: Income-oriented credit lagged

Movers

Leaders: High Yield Bonds JNK +0.01% (3M: +0.9%), Short TIPS VTIP unch. (3M: +0.3%)

Laggards: Preferred Stock PFF -0.82% (3M: -1.8%), EM Sovereign Bonds EMB -0.15% (3M: +0.6%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.9%, High Yield HYG +0.7%, EM Sovereign Bonds EMB +0.6%

Weak: Long Treasuries TLT -1.9%, Preferred Stock PFF -1.8%, Investment Grade Credit LQD -1.1%

Specialty: Real estate led, growth proxies lagged

Movers

Leaders: Real Estate VNQ +2.26% (3M: +7.1%), Global REITs REET +1.97% (3M: +6.7%)

Laggards: Clean Energy ICLN -3.83% (3M: -5.8%), Semiconductors SMH -3.70% (3M: +25.6%)

3M Leaderboard

Strong: Semiconductors SMH +25.6%, Momentum Factor MTUM +12.5%, Biotechnology IBB +7.7%

Weak: Gold Miners GDX -27.0%, Ethereum Trust ETHA -21.4%, Gold GLD -17.1%

Cross-Asset Read

The session kept the defensive bid intact across equities, credit, and specialty exposures. The 3-month leadership stack sits with SMH at +25.6%, EWT at +24.1%, VLUE at +23.4%, and IYW at +18.3%; Thursday extended existing defensive uptrends in XLP, XLV, VNQ, and REET, while SMH broke lower against that standing lead and COPX extended a 3-month decline of -13.0%. Volatility is compressed in EFA, EFAV, and EWG in equities, AGG, BNDX, and EMB in fixed income, and DBMF in specialty, while XLF is overbought; the cross-asset regime is defensive, selective, and compression-heavy outside the day’s equity stress pockets.

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.