Gold Miners GDX Tumbled 4.36%

Wednesday registered a duration sell-off. Long-duration bonds set the tone.

Energy led, Korea and copper miners lagged

Movers

Outperformers: Energy XLE +0.96% (3M: +17.1%), Industrials XLI -0.10% (3M: -5.4%)

Underperformers: South Korea EWY -3.62% (3M: -5.9%), Copper Miners COPX -3.28% (3M: +15.4%)

3M Leaderboard

Strong: Energy XLE +17.1%, Copper Miners COPX +15.4%, Healthcare XLV +10.5%

Weak: Utilities XLU -12.1%, South Korea EWY -5.9%, S&P SmallCap Growth SLYG -5.6%

Short duration held up, duration-heavy bonds lagged

Movers

Outperformers: Short TIPS VTIP -0.26% (3M: -0.5%), Short Corporate VCSH -0.45% (3M: -0.9%)

Underperformers: Long Treasuries TLT -1.58% (3M: -6.9%), Investment Grade Credit LQD -1.14% (3M: -3.9%)

3M Leaderboard

Strong: Short TIPS VTIP -0.5%, High Yield Bonds JNK -0.7%, High Yield HYG -0.7%

Weak: Long Treasuries TLT -6.9%, Muni Bonds MUB -4.3%, Investment Grade Credit LQD -3.9%

Defensive diversifiers led, miners and crypto lagged

Movers

Outperformers: Managed Futures DBMF +1.76% (3M: +7.2%), Covered Calls Nasdaq JEPQ -0.11% (3M: +5.9%)

Underperformers: Gold Miners GDX -4.36% (3M: +25.4%), Ethereum Trust ETHA -2.65% (3M: +69.5%)

3M Leaderboard

Strong: Ethereum Trust ETHA +69.5%, Bitcoin Trust IBIT +41.4%, Gold Miners GDX +25.4%

Weak: Clean Energy ICLN -14.9%, Infrastructure PAVE -8.4%, Real Estate VNQ -4.9%

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.