Gold Miners GDX Tumbled 3.12%

Thursday brought defensive rotation. Healthcare and real estate led, and leadership concentrated in long Treasuries and defensive equities.

Defensives led, Korea and Taiwan lagged

Movers

Leaders: Healthcare XLV +2.40% (3M: +13.7%), Real Estate XLRE +2.21% (3M: -3.7%)

Laggards: Taiwan EWT -2.71% (3M: +9.8%), South Korea EWY -2.46% (3M: +3.0%)

3M Leaderboard

Strong: Energy XLE +16.1%, Healthcare XLV +13.7%, Taiwan EWT +9.8%

Weak: China MCHI -12.3%, China Large Cap FXI -10.4%, Brazil EWZ -9.6%

DAILY · 3M

Defensive bonds led, credit lagged

Movers

Leaders: Long Treasuries TLT +0.62% (3M: +0.3%), EM Sovereign Bonds EMB +0.50% (3M: -1.2%)

Laggards: Preferred Stock PFF -0.21% (3M: -4.4%), High Yield Bonds JNK -0.02% (3M: -0.9%)

3M Leaderboard (within FI scale)

Strong: Short TIPS VTIP +0.3%, Long Treasuries TLT +0.3%, Short Corporate VCSH +0.1%

Weak: Preferred Stock PFF -4.4%, EM Sovereign Bonds EMB -1.2%, High Yield Bonds JNK -0.9%

DAILY · 3M

Real-asset proxies led, miners and momentum lagged

Movers

Leaders: Real Estate VNQ +2.27% (3M: -4.3%), Infrastructure PAVE +2.16% (3M: -3.3%)

Laggards: Gold Miners GDX -3.12% (3M: +9.8%), Momentum Factor MTUM -1.70% (3M: -0.2%)

3M Leaderboard

Strong: Bitcoin Trust IBIT +28.3%, Ethereum Trust ETHA +25.0%, Biotechnology IBB +16.9%

Weak: Clean Energy ICLN -10.6%, Global REITs REET -6.1%, Real Estate VNQ -4.3%

DAILY · 3M

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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.