Silver Jumps as Defensives Lead ETF Movers

ETF leadership on Tuesday tilted toward defensives and hard assets, with silver and gold posting the strongest gains while long Treasuries and preferreds also advanced. In equities, clean energy and South Korea outperformed, while energy and materials lagged; among alternatives, oil reversed lower despite still leading on a three-month basis.

Clean Energy surged 4.01%

Equity ETFs:

Leaders: Clean Energy ICLN +4.01% (3M perf: +12.4%), South Korea EWY +3.86% (+34.7%)

Laggards: Energy XLE -2.03% (3M perf: +21.5%), Materials XLB -0.34% (+7.7%)

3M Regime:

Strong: South Korea EWY (3M perf: +34.7%), Brazil EWZ (+26.7%), Energy XLE (+21.5%)

Weak: China MCHI (3M perf: -9.7%), China Large Cap FXI (-9.2%), India INDA (-6.9%)

Signals to Monitor:

• Volatility Expansion: Energy XLE

• Overbought: Taiwan EWT, Brazil EWZ, Momentum Factor MTUM

Preferred Stock climbed 0.84%

Fixed Income ETFs:

Leaders: Preferred Stock PFF +0.84% (3M perf: unch.), Long Treasuries TLT +0.53% (+0.6%)

Laggards: Short TIPS VTIP +0.06% (3M perf: +1.4%), Muni Bonds MUB +0.07% (+0.4%)

3M Regime:

Strong: EM Sovereign Bonds EMB (3M perf: +1.5%), Short TIPS VTIP (+1.4%), TIPS TIP (+1.2%)

Weak: Global Bonds BNDX (3M perf: -0.1%), Preferred Stock PFF (-0.1%), Muni Bonds MUB (+0.4%)

Silver surged 5.51%

Alternative ETFs:

Leaders: Silver SLV +5.51% (3M perf: -6.7%), Gold GLD +2.23% (+5.4%)

Laggards: Oil USO -3.60% (3M perf: +72.9%), Broad Commodities PDBC -0.52% (+24.9%)

3M Regime:

Strong: Oil USO (3M perf: +72.9%), Broad Commodities PDBC (+24.9%), Real Estate Sector XLRE (+7.6%)

Weak: Bitcoin Trust IBIT (3M perf: -18.8%), Silver SLV (-6.7%), Copper CPER (+1.0%)

Signals to Monitor:

• Volatility Compression: Bitcoin Trust IBIT

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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.

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