Stocks, Bonds, Gold, Crypto: Market Update 12/3/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity rose 0.3% yesterday, also increasing over the last week and month.
- Bonds gained 0.2% yesterday, after dropping 0.4% last week and rising 0.3% this month.
- Gold fell 0.09% yesterday, with weekly and monthly gains of 1.8% and 4.9%, respectively.
- Commodities gained 0.5% yesterday, with positive returns over the past week and month.
- Real Estate rose 0.3% yesterday, despite a 0.5% weekly decline and a 1.3% monthly increase.
- Bitcoin increased 1.5% yesterday, with a 6.1% weekly rise and a 13% monthly drop.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.3% | 1.3% | 0.1% |
| Bonds | AGG | 0.2% | -0.4% | 0.3% |
| Gold | GLD | -0.1% | 1.8% | 4.9% |
| Commodities | DBC | 0.5% | 2.7% | 0.3% |
| Real Estate | VNQ | 0.3% | -0.5% | 1.3% |
| Bitcoin | BTCUSD | 1.5% | 6.1% | -13.0% |
Why does it matter?
- 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?
- Dollar General Stock at Support Zone – Bargain or Trap?
- Is Brown-Forman Stock Poised for a Rally?
- 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% | 78.8% |
| Bonds | AGG | 1.9% | 5.1% | -11.6% |
| Gold | GLD | 14.2% | 14.1% | 80.3% |
| Commodities | DBC | 5.6% | 15.9% | 24.1% |
| Real Estate | VNQ | 5.4% | 17.6% | 23.7% |
| Bitcoin | BTCUSD | 76.3% | 76.2% | 107.9% |
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% | 12% | 5.2% | 13% | 4.7% | 34% | 24% | 34% | 73% | 69% | 65% | 25% | 37% | 42% |
| Bonds | 11% | 19% | 12% | – | 34% | 33% | 13% | -0.2% | -2.7% | -12% | 28% | 38% | 39% | 11% | 7.3% | 1.6% |
| Gold | 5.2% | 13% | 4.7% | 34% | 33% | 13% | – | 26% | 34% | 32% | 13% | 19% | 14% | 10% | 7.9% | 10% |
| Commodities | 34% | 24% | 34% | -0.2% | -2.7% | -12% | 26% | 34% | 32% | – | 23% | 15% | 19% | 9.9% | 12% | 21% |
| Real Estate | 73% | 69% | 65% | 28% | 38% | 39% | 13% | 19% | 14% | 23% | 15% | 19% | – | 17% | 25% | 23% |
| Bitcoin | 25% | 37% | 42% | 11% | 7.3% | 1.6% | 10% | 7.9% | 10% | 9.9% | 12% | 21% | 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.