Stocks, Bonds, Gold, Crypto: Market Update 1/30/2026
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity declined 0.3% yesterday, versus weekly and monthly moves of 0.4% and 0.7%
- Bonds fell 0.02% yesterday, after weekly and monthly changes of 0.02% and 0.01%
- Gold dropped 10% in the last session, with weekly and monthly shifts of -2.8% and 12%
- Commodities fell 3.4% yesterday, standing at 1% weekly and 7.9% monthly gains
- Real Estate gained 0.1% in a day, contributing to weekly and monthly returns
- Gold dropped 3.6% yesterday and recorded losses over the week and month
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | -0.3% | 0.4% | 0.7% |
| Bonds | AGG | -0.0% | 0.0% | 0.0% |
| Gold | GLD | -10.3% | -2.8% | 11.5% |
| Commodities | DBC | -3.4% | 1.0% | 7.9% |
| Real Estate | VNQ | 0.1% | 0.3% | 1.8% |
| Bitcoin | BTCUSD | -3.6% | -9.0% | -7.9% |
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 | 15.6% | 14.9% | 88.0% |
| Bonds | AGG | 1.9% | 5.1% | -11.9% |
| Gold | GLD | 15.5% | 14.5% | 89.4% |
| Commodities | DBC | 8.5% | 16.0% | 43.9% |
| Real Estate | VNQ | 5.9% | 17.6% | 26.5% |
| Bitcoin | BTCUSD | 70.9% | 75.8% | 102.2% |
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 | – | 12% | 20% | 9.4% | 5.6% | 12% | 2.9% | 34% | 24% | 36% | 73% | 69% | 65% | 26% | 38% | 40% |
| Bonds | 12% | 20% | 9.4% | – | 33% | 31% | 7.9% | -0.3% | -2.9% | -13% | 28% | 38% | 34% | 11% | 7.5% | -4.2% |
| Gold | 5.6% | 12% | 2.9% | 33% | 31% | 7.9% | – | 27% | 35% | 41% | 12% | 18% | 6.7% | 10% | 9.6% | 11% |
| Commodities | 34% | 24% | 36% | -0.3% | -2.9% | -13% | 27% | 35% | 41% | – | 23% | 16% | 25% | 10% | 12% | 22% |
| Real Estate | 73% | 69% | 65% | 28% | 38% | 34% | 12% | 18% | 6.7% | 23% | 16% | 25% | – | 18% | 25% | 20% |
| Bitcoin | 26% | 38% | 40% | 11% | 7.5% | -4.2% | 10% | 9.6% | 11% | 10% | 12% | 22% | 18% | 25% | 20% | – |
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.