Stocks, Bonds, Gold, Crypto: Market Update 2/11/2026

February 12th, 2026 · by Trefis Team
SPYYTD+14.0%SPYYTD+14.0%QQQYTD+22.0%
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Here is a quick snapshot of how different asset classes moved yesterday, last week, and last month.

  • Equity fell -0.02% yesterday, versus a 0.8% gain this week and -0.5% over the month
  • Bonds dropped -0.2% yesterday, after rising 0.6% this week and 0.1% in the last month
  • Gold gained 1.1% yesterday, with increases over both the week and month as well
  • Commodities investors earned 1% yesterday, also seeing gains during the past week and month
  • Real Estate declined -0.6% yesterday, following a 2.6% weekly gain and 4.2% monthly rise
  • Bitcoin increased 0.2% yesterday, against a -5.6% weekly drop and -24% monthly loss

 

ETF 1D 1W 1M
Equity SPY -0.0% 0.8% -0.5%
Bonds AGG -0.2% 0.6% 0.1%
Gold GLD 1.1% 3.0% 10.8%
Commodities DBC 1.0% 0.7% 5.1%
Real Estate VNQ -0.6% 2.6% 4.2%
Bitcoin BTCUSD 0.2% -5.6% -24.4%

Why does it matter?

 

  • See where capital is flowing: Asset class performance reveals investor sentiment, from risk-on rallies to flight-to-safety moves.
  • Track shifts in correlation: Rising correlations reduce diversification benefits and increase portfolio risk during stress.
  • Spot early signs of rotation: Leadership changing across stocks, bonds, or commodities often precedes macro regime shifts.

Trefis works with Empirical Asset Management—a Boston-area wealth manager—whose asset allocation strategies yielded positive returns during the 2008-09 period when the S&P lost more than 40%. Empirical has incorporated the Trefis HQ Portfolio in this asset allocation framework to provide clients better returns with less risk versus the benchmark index—less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.

Capital Flow Patterns Have Governed Historical Risk-Return Profile

ETF Return Volatility Sharpe
Equity SPY 15.6% 14.9% 87.3%
Bonds AGG 1.9% 5.1% -12.2%
Gold GLD 15.7% 15.2% 91.0%
Commodities DBC 8.2% 15.9% 41.3%
Real Estate VNQ 6.1% 17.6% 27.0%
Bitcoin BTCUSD 68.7% 76.8% 102.3%

Figures are on annualized basis, based on monthly return data for last 10 years

How Stable Is the Correlation Between Different Asset Classes?

Equity Bonds Gold Commodities Real Estate Bitcoin
Equity – 12% | 20% | 8.0% 5.6% | 12% | 3.0% 34% | 23% | 34% 73% | 68% | 65% 26% | 39% | 42%
Bonds 12% | 20% | 8.0% – 33% | 30% | 7.1% -0.2% | -2.8% | -11% 28% | 38% | 33% 11% | 7.3% | -6.7%
Gold 5.6% | 12% | 3.0% 33% | 30% | 7.1% – 29% | 37% | 47% 12% | 18% | 7.3% 10% | 9.5% | 11%
Commodities 34% | 23% | 34% -0.2% | -2.8% | -11% 29% | 37% | 47% – 23% | 15% | 26% 10% | 12% | 19%
Real Estate 73% | 68% | 65% 28% | 38% | 33% 12% | 18% | 7.3% 23% | 15% | 26% – 18% | 25% | 20%
Bitcoin 26% | 39% | 42% 11% | 7.3% | -6.7% 10% | 9.5% | 11% 10% | 12% | 19% 18% | 25% | 20% –

The figures above are correlations for last 10Y, 5Y and 1Y, in same order

Which Assets Have Seen the Most Money Rotation During Market Crashes?

ETF Inflation Shock Covid Pandemic 2018 Correction
Equity SPY -23.0% -30.4% -19.3%
Bonds AGG -14.1% -2.1% 1.4%
Gold GLD -7.7% -6.3% 5.0%
Commodities DBC 20.5% -23.7% -16.5%
Real Estate VNQ -29.8% -41.6% -11.1%
Bitcoin BTCUSD -56.0% -33.5% -37.4%

The table shows return of different asset classes during market crises – specifically during the period where S&P fell and bottomed

The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 – S&P 500, Russell, and S&P midcap. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.

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