Stocks, Bonds, Gold, Crypto: Market Update 11/12/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity increased 0.06% yesterday and rose over the week and month as well.
- Bonds fell 0.04% yesterday, after gaining 0.6% over the week and dropping 0.4% over the month.
- Gold returned 1.6% yesterday and has also risen over the week and month.
- Commodities dropped 1.1% yesterday but are up 1% for the week and 4.3% for the month.
- Real Estate declined 0.7% yesterday, with weekly gains of 1.4% and monthly gains of 1%.
- Bitcoin rose 0.3% yesterday, though it decreased 0.5% over the week and 8.6% over the month.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.1% | 0.9% | 3.2% |
| Bonds | AGG | -0.0% | 0.6% | -0.4% |
| Gold | GLD | 1.6% | 5.3% | 1.4% |
| Commodities | DBC | -1.1% | 1.0% | 4.3% |
| Real Estate | VNQ | -0.7% | 1.4% | 1.0% |
| Bitcoin | BTCUSD | 0.3% | -0.5% | -8.6% |
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 | 14.4% | 15.1% | 78.6% |
| Bonds | AGG | 1.9% | 5.1% | -12.4% |
| Gold | GLD | 13.8% | 14.4% | 75.8% |
| Commodities | DBC | 5.2% | 16.4% | 19.0% |
| Real Estate | VNQ | 5.2% | 17.6% | 22.2% |
| Bitcoin | BTCUSD | 73.8% | 75.9% | 103.4% |
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% | 11% | 5.1% | 12% | 3.9% | 35% | 24% | 33% | 73% | 69% | 64% | 25% | 37% | 39% |
| Bonds | 11% | 19% | 11% | – | 34% | 34% | 11% | -0.2% | -3.0% | -12% | 28% | 37% | 39% | 11% | 7.2% | -4.0% |
| Gold | 5.1% | 12% | 3.9% | 34% | 34% | 11% | – | 26% | 32% | 35% | 13% | 18% | 13% | 10% | 7.6% | 7.4% |
| Commodities | 35% | 24% | 33% | -0.2% | -3.0% | -12% | 26% | 32% | 35% | – | 24% | 15% | 19% | 9.8% | 12% | 17% |
| Real Estate | 73% | 69% | 64% | 28% | 37% | 39% | 13% | 18% | 13% | 24% | 15% | 19% | – | 17% | 25% | 21% |
| Bitcoin | 25% | 37% | 39% | 11% | 7.2% | -4.0% | 10% | 7.6% | 7.4% | 9.8% | 12% | 17% | 17% | 25% | 21% | – |
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.