South Korea EWY Sank 2.09%

Tuesday tilted toward a defensive rotation. Duration outperformed against a 3M downtrend.

Country ETFs diverged, energy led

Movers

Leaders: India INDA +1.90% (3M: -3.0%), Energy XLE +1.80% (3M: +19.6%)

Laggards: South Korea EWY -2.09% (3M: -3.0%), Brazil EWZ -1.54% (3M: +19.5%)

3M Leaderboard

Strong: Energy XLE +19.6%, Brazil EWZ +19.5%, Taiwan EWT +10.7%

Weak: S&P SmallCap Growth SLYG -6.8%, Utilities XLU -6.7%, Russell 2000 IWM -6.2%

Duration rallied, high yield lagged

Movers

Leaders: Muni Bonds MUB +0.60% (3M: -3.9%), Long Treasuries TLT +0.41% (3M: -5.9%)

Laggards: High Yield Bonds JNK -0.29% (3M: -1.9%), High Yield HYG -0.26% (3M: -2.0%)

3M Leaderboard

Strong: Short TIPS VTIP -0.5%, Short Corporate VCSH -0.7%, Global Bonds BNDX -1.4%

Weak: Long Treasuries TLT -5.9%, Muni Bonds MUB -3.9%, 7-10yr Treasuries IEF -3.5%

Clean energy rose, biotech and miners lagged

Movers

Leaders: Bitcoin Trust IBIT +0.58% (3M: +28.0%), Clean Energy ICLN +0.35% (3M: -10.0%)

Laggards: Biotechnology IBB -2.08% (3M: +5.3%), Gold Miners GDX -1.46% (3M: +17.9%)

3M Leaderboard

Strong: Ethereum Trust ETHA +30.1%, Bitcoin Trust IBIT +28.0%, Gold Miners GDX +17.9%

Weak: Clean Energy ICLN -10.0%, Global REITs REET -6.8%, Real Estate VNQ -6.1%

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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.