Stocks, Bonds, Gold, Crypto: Market Update 1/6/2026
Here is a quick snapshot of how different asset classes moved yesterday, last week, and last month.
- Equity increased 0.6% yesterday and rose over the past week and month as well.
- Bonds declined 0.02% yesterday and stayed under pressure for the week and month.
- Gold gained 1.1% yesterday, with positive returns for the week and month too.
- After dropping 0.04% yesterday, commodities are up 1.4% for the week but down 1.7% for the month.
- Real Estate returned 0.7% in a day, extending gains for the week and month.
- Bitcoin dropped 0.3% yesterday, vs. gains of 7.5% for the week and 1.6% for the month.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.6% | 0.6% | 1.1% |
| Bonds | AGG | -0.0% | -0.1% | -0.1% |
| Gold | GLD | 1.1% | 3.7% | 6.7% |
| Commodities | DBC | -0.0% | 1.4% | -1.7% |
| Real Estate | VNQ | 0.7% | 0.4% | 0.2% |
| Bitcoin | BTCUSD | -0.3% | 7.5% | 1.6% |
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 | 14.8% | 15.0% | 80.4% |
| Bonds | AGG | 1.9% | 5.1% | -11.8% |
| Gold | GLD | 15.0% | 14.2% | 85.4% |
| Commodities | DBC | 7.1% | 15.7% | 34.6% |
| Real Estate | VNQ | 5.2% | 17.6% | 22.3% |
| Bitcoin | BTCUSD | 71.6% | 75.5% | 102.6% |
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% | 20% | 9.6% | 5.2% | 12% | 3.6% | 35% | 24% | 36% | 73% | 69% | 63% | 25% | 38% | 40% |
| Bonds | 11% | 20% | 9.6% | – | 34% | 33% | 9.8% | -0.3% | -2.9% | -15% | 28% | 38% | 37% | 11% | 7.1% | -3.3% |
| Gold | 5.2% | 12% | 3.6% | 34% | 33% | 9.8% | – | 26% | 34% | 32% | 13% | 19% | 10% | 11% | 8.3% | 8.7% |
| Commodities | 35% | 24% | 36% | -0.3% | -2.9% | -15% | 26% | 34% | 32% | – | 24% | 16% | 21% | 10% | 12% | 22% |
| Real Estate | 73% | 69% | 63% | 28% | 38% | 37% | 13% | 19% | 10% | 24% | 16% | 21% | – | 17% | 25% | 19% |
| Bitcoin | 25% | 38% | 40% | 11% | 7.1% | -3.3% | 11% | 8.3% | 8.7% | 10% | 12% | 22% | 17% | 25% | 19% | – |
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.