With the S&P 500 set to open lower by 0.70% to start the new trading week, below is an updated look at recent asset class performance using our key ETF matrx.  For each ETF, we show its performance (total return %) last week, quarter-to-date, and year-to-date.  As shown, SPY is currently up 1.19% in Q2, but it’s still up 14.87% year-to-date.  The Dow 30 (DIA) is underperforming SPY by more than 3 percentage points on a YTD basis, while the Nasdaq 100 (QQQ) is outperforming SPY by 4 percentage points.  Small-caps and mid-caps are in the midst of a rough patch with declines of 2%+ last week.  However, the Russell 2,000 (IWM) is up nearly the same amount as the large-cap S&P 500 (SPY) for the entirety of 2019 so far.

Defensive sectors like Consumer Staples (XLP) and Utilities (XLU) have seen buying lately as investors rotate out of cyclicals a bit.  Quarter-to-date, Communication Services and Financials are up the most with gains of more than 4%, while Health Care (XLV) and Energy (XLE) have been the biggest losers with declines of 3.5%+.  Year-to-date, however, Technology is up the most with a 22% gain, followed by Communication Services (XLC) and Consumer Discretionary (XLY).  Health Care is lagging badly in 2019 with a gain of just over 2%.

Outside of the US, we’ve seen quite a bit of divergence lately.  Quarter-to-date, both Brazil (EWZ) and China (ASHR) are down more than 9%, while Hong Kong (EWH) and India (PIN) are pretty deep in the red as well.  On the flip side, Germany (EWG) is up 4.2%, while Russia (RSX) is up 2.6% and Canada (EWC) is up 1.6%.

Oil (USO) is up the most of any asset class on a year-to-date basis with a gain of 35.4%, but natural gas (UNG), gold (GLD), and silver (SLV) are all in the red on the year.  Fixed income ETFs rallied last week, leaving them all up roughly 3-4% year-to-date.  Start a two-week free trial to Bespoke Institutional to access our interactive equity market tools and much more.