Ethereum Trust ETHA Sank 4.58%

Wednesday saw defensive rotation. Ethereum Trust ETHA and cyclical equities weakened, and defensive assets led.

Defensives led, cyclicals lagged

Movers

Outperformers: Healthcare XLV +1.03% (3M: +4.5%), Value Factor VLUE +0.44% (3M: +3.6%)

Underperformers: Copper Miners COPX -3.13% (3M: +10.8%), Industrials XLI -2.18% (3M: -7.1%)

3M Leaderboard

Strong: Brazil EWZ +21.2%, Energy XLE +16.3%, Copper Miners COPX +10.8%

Weak: Utilities XLU -8.1%, Real Estate XLRE -7.5%, S&P SmallCap Growth SLYG -7.3%

Short-duration held up, income sectors lagged

Movers

Outperformers: Short TIPS VTIP +0.08% (3M: -0.5%), Short Corporate VCSH +0.08% (3M: -0.7%)

Underperformers: Preferred Stock PFF -0.51% (3M: -2.4%), Muni Bonds MUB -0.49% (3M: -5.2%)

3M Leaderboard

Strong: Short TIPS VTIP -0.5%, Short Corporate VCSH -0.7%, High Yield Bonds JNK -1.7%

Weak: Long Treasuries TLT -7.6%, Muni Bonds MUB -5.2%, EM Sovereign Bonds EMB -4.1%

Digital assets and miners lagged

Movers

Outperformers: Biotechnology IBB +0.12% (3M: +3.0%), Managed Futures DBMF +0.09% (3M: +8.0%)

Underperformers: Ethereum Trust ETHA -4.58% (3M: +46.8%), Gold Miners GDX -3.13% (3M: +12.8%)

3M Leaderboard

Strong: Ethereum Trust ETHA +46.8%, Bitcoin Trust IBIT +31.8%, Gold Miners GDX +12.8%

Weak: Clean Energy ICLN -10.5%, Real Estate VNQ -7.9%, Global REITs REET -7.7%

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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.