Stocks, Bonds, Gold, Crypto: Market Update 2/2/2026
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity rose 0.5% yesterday and gained over the last week and month as well.
- Bonds fell 0.4% yesterday, continuing to face pressure through the week and month.
- Gold declined 4% in the last session, with weekly and monthly changes of -8.1% and 7.8%, respectively.
- Commodities dropped 3.6% yesterday, with weekly and monthly returns at -3.1% and 5.3%, respectively.
- Real Estate decreased 1% yesterday, contributing to a weekly decline of 0.6% and a monthly rise of 1.5%.
- Gold fell 8.5% yesterday and recorded losses over the week and month as well.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | 0.5% | 0.4% | 2.0% |
| Bonds | AGG | -0.4% | -0.6% | -0.2% |
| Gold | GLD | -4.0% | -8.1% | 7.8% |
| Commodities | DBC | -3.6% | -3.1% | 5.3% |
| Real Estate | VNQ | -1.0% | -0.6% | 1.5% |
| Bitcoin | BTCUSD | -8.5% | -12.8% | -12.0% |
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 | 15.9% | 14.9% | 89.4% |
| Bonds | AGG | 1.9% | 5.1% | -12.5% |
| Gold | GLD | 14.9% | 14.5% | 84.2% |
| Commodities | DBC | 8.3% | 16.2% | 43.4% |
| Real Estate | VNQ | 5.8% | 17.5% | 26.3% |
| Bitcoin | BTCUSD | 69.6% | 75.6% | 100.2% |
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% | 9.3% | 5.6% | 12% | 2.3% | 34% | 24% | 34% | 73% | 69% | 65% | 26% | 38% | 40% |
| Bonds | 12% | 20% | 9.3% | – | 33% | 31% | 9.5% | -0.09% | -2.6% | -9.9% | 28% | 38% | 34% | 11% | 7.6% | -3.8% |
| Gold | 5.6% | 12% | 2.3% | 33% | 31% | 9.5% | – | 28% | 36% | 43% | 13% | 18% | 7.3% | 10% | 8.8% | 7.5% |
| Commodities | 34% | 24% | 34% | -0.09% | -2.6% | -9.9% | 28% | 36% | 43% | – | 23% | 16% | 26% | 10% | 12% | 20% |
| Real Estate | 73% | 69% | 65% | 28% | 38% | 34% | 13% | 18% | 7.3% | 23% | 16% | 26% | – | 18% | 25% | 20% |
| Bitcoin | 26% | 38% | 40% | 11% | 7.6% | -3.8% | 10% | 8.8% | 7.5% | 10% | 12% | 20% | 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.