Stocks, Bonds, Gold, Crypto: Market Update 1/20/2026
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity dropped -2% yesterday, vs. -2.5% weekly and 0.9% monthly changes
- Bonds fell -0.4% yesterday, staying under pressure weekly and monthly
- Gold gained 3.8% yesterday, also rising over the week and month
- Commodities investors earned 1.4% yesterday, with gains in week and month too
- Real Estate declined -1.9% yesterday, adding to 1.5% weekly and 1.7% monthly shifts
- Bitcoin decreased -3.1% yesterday, vs. 1.5% weekly and 7.4% monthly moves
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | -2.0% | -2.5% | 0.9% |
| Bonds | AGG | -0.4% | -0.4% | -0.4% |
| Gold | GLD | 3.8% | 3.6% | 9.5% |
| Commodities | DBC | 1.4% | 1.3% | 2.8% |
| Real Estate | VNQ | -1.9% | 1.5% | 1.7% |
| Bitcoin | BTCUSD | -3.1% | 1.5% | 7.4% |
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 | 15.3% | 14.9% | 85.5% |
| Bonds | AGG | 1.9% | 5.1% | -10.9% |
| Gold | GLD | 15.4% | 14.4% | 89.2% |
| Commodities | DBC | 8.0% | 15.8% | 41.2% |
| Real Estate | VNQ | 5.7% | 17.6% | 24.3% |
| Bitcoin | BTCUSD | 70.4% | 76.4% | 99.5% |
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 | – | 12% | 20% | 7.9% | 5.1% | 12% | 2.3% | 34% | 24% | 36% | 73% | 69% | 64% | 26% | 38% | 39% |
| Bonds | 12% | 20% | 7.9% | – | 34% | 33% | 8.1% | -0.4% | -3.1% | -15% | 28% | 38% | 35% | 11% | 7.5% | -5.0% |
| Gold | 5.1% | 12% | 2.3% | 34% | 33% | 8.1% | – | 26% | 34% | 34% | 13% | 19% | 9.4% | 10% | 9.2% | 9.5% |
| Commodities | 34% | 24% | 36% | -0.4% | -3.1% | -15% | 26% | 34% | 34% | – | 24% | 15% | 24% | 10% | 12% | 22% |
| Real Estate | 73% | 69% | 64% | 28% | 38% | 35% | 13% | 19% | 9.4% | 24% | 15% | 24% | – | 17% | 25% | 21% |
| Bitcoin | 26% | 38% | 39% | 11% | 7.5% | -5.0% | 10% | 9.2% | 9.5% | 10% | 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.