Stocks, Bonds, Gold, Crypto: Market Update 12/19/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity rose 0.6% yesterday, versus -0.2% weekly and 2.7% monthly changes.
- Bonds dropped 0.5% yesterday, after a 0.03% weekly and 0.08% monthly gain.
- Gold gained 0.1% yesterday and increased over the week and month as well.
- Commodities jumped 0.7% yesterday but are down -0.3% weekly and -0.2% monthly.
- Real Estate fell 0.4% yesterday, with a -1% weekly drop and a 0.09% monthly rise.
- Gold declined 0.3% yesterday and recorded losses for the week and month too.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.6% | -0.2% | 2.7% |
| Bonds | AGG | -0.5% | 0.0% | 0.1% |
| Gold | GLD | 0.1% | 0.9% | 6.4% |
| Commodities | DBC | 0.7% | -0.3% | -0.2% |
| Real Estate | VNQ | -0.4% | -1.0% | 0.1% |
| Bitcoin | BTCUSD | -0.3% | -5.6% | -6.9% |
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 | 14.8% | 15.0% | 82.9% |
| Bonds | AGG | 1.9% | 5.1% | -13.1% |
| Gold | GLD | 14.5% | 14.2% | 82.3% |
| Commodities | DBC | 6.3% | 15.8% | 28.7% |
| Real Estate | VNQ | 5.4% | 17.8% | 25.7% |
| Bitcoin | BTCUSD | 68.9% | 76.1% | 99.8% |
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% | 12% | 5.1% | 12% | 4.3% | 34% | 24% | 34% | 73% | 69% | 65% | 25% | 38% | 41% |
| Bonds | 11% | 19% | 12% | – | 34% | 34% | 12% | -0.2% | -2.8% | -11% | 28% | 38% | 39% | 11% | 7.2% | 0.5% |
| Gold | 5.1% | 12% | 4.3% | 34% | 34% | 12% | – | 26% | 34% | 32% | 13% | 19% | 14% | 10% | 8.3% | 9.9% |
| Commodities | 34% | 24% | 34% | -0.2% | -2.8% | -11% | 26% | 34% | 32% | – | 24% | 15% | 19% | 10% | 12% | 21% |
| Real Estate | 73% | 69% | 65% | 28% | 38% | 39% | 13% | 19% | 14% | 24% | 15% | 19% | – | 17% | 25% | 23% |
| Bitcoin | 25% | 38% | 41% | 11% | 7.2% | 0.5% | 10% | 8.3% | 9.9% | 10% | 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.