Stocks, Bonds, Gold, Crypto: Market Update 12/1/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity rose 0.09% yesterday, versus 4.3% weekly and -1% monthly changes.
- Bonds declined 0.9% yesterday, continuing pressure over the week and month.
- Gold gained 1.7% yesterday and also increased over the week and month.
- Commodities investors earned 1.6% yesterday, with gains over the past week and month.
- Real Estate dropped 0.8% yesterday, following 2.4% weekly and 2% monthly rises.
- Bitcoin dropped 0.1% yesterday, compared to 4.3% weekly gain and 18% monthly loss.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.1% | 4.3% | -1.0% |
| Bonds | AGG | -0.9% | -0.1% | -0.4% |
| Gold | GLD | 1.7% | 4.0% | 7.4% |
| Commodities | DBC | 1.6% | 1.9% | 1.8% |
| Real Estate | VNQ | -0.8% | 2.4% | 2.0% |
| Bitcoin | BTCUSD | -0.1% | 4.3% | -17.9% |
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% | 15.0% | 79.0% |
| Bonds | AGG | 1.9% | 5.1% | -11.9% |
| Gold | GLD | 14.2% | 14.1% | 80.1% |
| Commodities | DBC | 5.9% | 15.8% | 26.9% |
| Real Estate | VNQ | 5.5% | 17.6% | 24.8% |
| Bitcoin | BTCUSD | 75.5% | 76.0% | 107.2% |
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% | 4.8% | 34% | 24% | 33% | 73% | 69% | 64% | 25% | 37% | 42% |
| Bonds | 11% | 19% | 11% | – | 34% | 33% | 12% | -0.3% | -2.9% | -13% | 28% | 37% | 38% | 11% | 7.1% | 0.3% |
| Gold | 5.2% | 12% | 4.8% | 34% | 33% | 12% | – | 26% | 33% | 33% | 13% | 19% | 13% | 11% | 8.0% | 11% |
| Commodities | 34% | 24% | 33% | -0.3% | -2.9% | -13% | 26% | 33% | 33% | – | 23% | 15% | 18% | 9.9% | 12% | 22% |
| Real Estate | 73% | 69% | 64% | 28% | 37% | 38% | 13% | 19% | 13% | 23% | 15% | 18% | – | 17% | 25% | 23% |
| Bitcoin | 25% | 37% | 42% | 11% | 7.1% | 0.3% | 11% | 8.0% | 11% | 9.9% | 12% | 22% | 17% | 25% | 23% | – |
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.