Daily Movers: South Korea EWY Surged 5.2%

Wednesday took on an Asia-led growth rotation, anchored by South Korea EWY’s 5.16% advance. Materials XLB fell 1.24%, China FXI lost 1.21%, Infrastructure PAVE slipped 0.36%, and Ether ETHA declined 0.14%. Taiwan EWT rose 2.16%, Semiconductors SMH climbed 2.08%, Momentum MTUM gained 2.07%, and Preferred Stock PFF added 0.59%.

Equity: North Asia led, China lagged

Movers

Outperformers: South Korea EWY +5.16% (3M: -1.5%), Taiwan EWT +2.16% (3M: +13.2%)

Underperformers: Materials XLB -1.24% (3M: +1.2%), China Large Cap FXI -1.21% (3M: -4.9%)

3M Leaderboard

Strong: Healthcare XLV +16.0%, Taiwan EWT +13.2%, Financials XLF +12.7%

Weak: Brazil EWZ -10.6%, China Large Cap FXI -4.9%, China MCHI -4.8%

Fixed Income: Income proxies led, duration lagged

Movers

Outperformers: Preferred Stock PFF +0.59% (3M: -1.2%), Mortgage-Backed MBB +0.17% (3M: unch.)

Underperformers: Long Treasuries TLT -0.10% (3M: -2.3%), Short TIPS VTIP -0.02% (3M: -0.2%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +1.3%, High Yield HYG +1.1%, Global Bonds BNDX +0.7%

Weak: Long Treasuries TLT -2.3%, Preferred Stock PFF -1.2%, Investment Grade Credit LQD -1.1%

Specialty: Momentum and chip proxies led

Movers

Outperformers: Semiconductors SMH +2.08% (3M: +4.2%), Momentum Factor MTUM +2.07% (3M: +3.9%)

Underperformers: Infrastructure PAVE -0.36% (3M: +3.7%), Ethereum Trust ETHA -0.14% (3M: -17.9%)

3M Leaderboard

Strong: Biotechnology IBB +16.5%, Min Volatility USMV +7.0%, Semiconductors SMH +4.2%

Weak: Bitcoin Trust IBIT -21.6%, Ethereum Trust ETHA -17.9%, Clean Energy ICLN -13.7%

Cross-Asset Read

Asia-led growth rotation framed the session, with equity and specialty strength aligned and duration soft.
The 3M structure centers on XLV, EWT, and XLF in equity, JNK and HYG in fixed income, and IBB and USMV in specialty; EWT extended its +13.2% 3M uptrend, while TLT and ETHA extended 3M downtrends of -2.3% and -17.9%.
Volatility expands in 2 equity income funds, DVY and SCHD, while compression covers 9 ETFs, COPX, EFA, EWG, AGG, BNDX, EMB, ETHA, GDX, and IBB; 5 funds, JEPI, VIG, VYM, GDX, and USMV, are overbought, so the cross-asset regime is selective, growth-led, and volatility-compressed outside dividend equities.

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.