Stocks, Bonds, Gold, Crypto: Market Update 11/26/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity gained 0.7% yesterday, versus weekly 2.6% and monthly -1.1% changes.
- Bonds rose 0.2% yesterday, after a 0.9% weekly increase and a 0.3% monthly decline.
- Gold returned 0.8% yesterday, with gains also seen over the week and month.
- Commodities jumped 1.1% yesterday, now down 0.6% for the week and up 0.8% monthly.
- Real Estate gained 0.4% yesterday, adding to weekly and monthly advances.
- Bitcoin increased 0.7% yesterday, following weekly and monthly drops of -3.8% and -22%, respectively.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.7% | 2.6% | -1.1% |
| Bonds | AGG | 0.2% | 0.9% | -0.3% |
| Gold | GLD | 0.8% | 2.2% | 5.1% |
| Commodities | DBC | 1.1% | -0.6% | 0.8% |
| Real Estate | VNQ | 0.4% | 2.9% | 0.2% |
| Bitcoin | BTCUSD | 0.7% | -3.8% | -22.1% |
Why does it matter?
- BWX Technologies Stock May Still Have Room to Run
- Intuitive Surgical Stock Now 12% Cheaper, Time To Buy
- Caterpillar Stock Capital Return Hits $57 Bil
- Accenture Stock Shares $58 Bil Success With Investors
- NVIDIA Stock Pays Out $83 Bil – Investors Take Note
- Fair Isaac Stock Hits Key Support – Buying Opportunity?
- 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% | 15.0% | 79.4% |
| Bonds | AGG | 1.9% | 5.1% | -10.7% |
| Gold | GLD | 14.1% | 14.1% | 81.2% |
| Commodities | DBC | 5.7% | 15.9% | 26.2% |
| Real Estate | VNQ | 5.6% | 17.6% | 25.9% |
| Bitcoin | BTCUSD | 74.6% | 76.2% | 106.8% |
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% | 5.2% | 12% | 4.5% | 34% | 24% | 33% | 73% | 69% | 64% | 25% | 37% | 41% |
| Bonds | 11% | 19% | 11% | – | 34% | 34% | 11% | -0.2% | -2.8% | -13% | 28% | 37% | 39% | 11% | 7.1% | -2.4% |
| Gold | 5.2% | 12% | 4.5% | 34% | 34% | 11% | – | 26% | 33% | 33% | 13% | 19% | 12% | 10% | 7.9% | 13% |
| Commodities | 34% | 24% | 33% | -0.2% | -2.8% | -13% | 26% | 33% | 33% | – | 23% | 15% | 18% | 9.9% | 12% | 22% |
| Real Estate | 73% | 69% | 64% | 28% | 37% | 39% | 13% | 19% | 12% | 23% | 15% | 18% | – | 17% | 25% | 21% |
| Bitcoin | 25% | 37% | 41% | 11% | 7.1% | -2.4% | 10% | 7.9% | 13% | 9.9% | 12% | 22% | 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.