Stocks, Bonds, Gold, Crypto: Market Update 10/20/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity increased 1% yesterday and also rose over the past week and month.
- Bonds gained 0.2% yesterday, following its upward weekly and monthly trend.
- Gold earned 3.6% yesterday, also climbing in the weekly and monthly periods.
- Commodities rose 1% yesterday, with weekly performance at -0.04% and monthly at 0.4%.
- Real Estate gained 1% in one day, continuing its upward weekly and monthly trends.
- Bitcoin rose 2.1% yesterday, despite declines of -5.7% over the week and -6.1% over the month.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 1.0% | 1.2% | 1.1% |
| Bonds | AGG | 0.2% | 0.5% | 0.8% |
| Gold | GLD | 3.6% | 6.6% | 18.9% |
| Commodities | DBC | 1.0% | -0.0% | 0.4% |
| Real Estate | VNQ | 1.0% | 3.8% | 0.5% |
| Bitcoin | BTCUSD | 2.1% | -5.7% | -6.1% |
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 | 14.7% | 15.1% | 82.8% |
| Bonds | AGG | 1.9% | 5.1% | -12.0% |
| Gold | GLD | 13.7% | 14.9% | 74.9% |
| Commodities | DBC | 4.6% | 16.1% | 18.4% |
| Real Estate | VNQ | 5.5% | 17.6% | 24.8% |
| Bitcoin | BTCUSD | 83.9% | 78.8% | 114.0% |
Figures are on annualized basis, based on monthly return data for last 10 years
How Stable Is Correlation Between Different Asset Classes?
| Equity | Bonds | Gold | Commodities | Real Estate | Bitcoin | |
|---|---|---|---|---|---|---|
| Equity | – | 11% | 19% | 9.9% | 5.0% | 12% | 3.2% | 35% | 25% | 30% | 73% | 70% | 63% | 25% | 37% | 40% |
| Bonds | 11% | 19% | 9.9% | – | 35% | 35% | 18% | -0.2% | -2.5% | -7.2% | 28% | 36% | 42% | 10% | 7.3% | -5.5% |
| Gold | 5.0% | 12% | 3.2% | 35% | 35% | 18% | – | 26% | 33% | 36% | 13% | 19% | 15% | 9.8% | 7.8% | 1.0% |
| Commodities | 35% | 25% | 30% | -0.2% | -2.5% | -7.2% | 26% | 33% | 36% | – | 23% | 16% | 18% | 9.9% | 12% | 12% |
| Real Estate | 73% | 70% | 63% | 28% | 36% | 42% | 13% | 19% | 15% | 23% | 16% | 18% | – | 17% | 24% | 18% |
| Bitcoin | 25% | 37% | 40% | 10% | 7.3% | -5.5% | 9.8% | 7.8% | 1.0% | 9.9% | 12% | 12% | 17% | 24% | 18% | – |
The figures above are correlations for last 10Y, 5Y and 1Y, in same order
Which Assets Have Seen 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.