Stocks, Bonds, Gold, Crypto: Market Update 2/5/2026
Here is a quick snapshot of how different asset classes moved yesterday, last week, and last month.
- Equity declined 1.2% yesterday and also dropped over the past week and month.
- Bonds rose 0.4% yesterday, after a -0.08% weekly and 0.05% monthly change.
- Gold fell 2.7% in the last session, with weekly and monthly moves of -11% and 6.9%, respectively.
- Commodities dropped 1.8% yesterday, with weekly and monthly returns at -6.1% and 4.2%.
- Real Estate slipped 0.1% yesterday, adding to a 0.1% weekly gain and a 1.6% monthly increase.
- Gold fell 1.5% yesterday, also showing losses over the week and month.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | -1.2% | -2.4% | -2.1% |
| Bonds | AGG | 0.4% | -0.1% | 0.0% |
| Gold | GLD | -2.7% | -10.9% | 6.9% |
| Commodities | DBC | -1.8% | -6.1% | 4.2% |
| Real Estate | VNQ | -0.1% | 0.1% | 1.6% |
| Bitcoin | BTCUSD | -1.5% | -14.9% | -23.2% |
Why does it matter?
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- 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 | 15.5% | 14.9% | 86.7% |
| Bonds | AGG | 1.9% | 5.1% | -12.7% |
| Gold | GLD | 15.3% | 14.5% | 86.4% |
| Commodities | DBC | 7.9% | 15.9% | 39.3% |
| Real Estate | VNQ | 6.0% | 17.6% | 27.6% |
| Bitcoin | BTCUSD | 68.9% | 75.7% | 100.0% |
Figures are on annualized basis, based on monthly return data for last 10 years
How Stable Is the Correlation Between Different Asset Classes?
| Equity | Bonds | Gold | Commodities | Real Estate | Bitcoin | |
|---|---|---|---|---|---|---|
| Equity | – | 12% | 20% | 8.5% | 5.4% | 11% | 1.8% | 34% | 24% | 34% | 73% | 69% | 65% | 26% | 38% | 41% |
| Bonds | 12% | 20% | 8.5% | – | 33% | 31% | 7.8% | -0.2% | -2.7% | -11% | 28% | 38% | 34% | 11% | 7.6% | -4.7% |
| Gold | 5.4% | 11% | 1.8% | 33% | 31% | 7.8% | – | 28% | 37% | 46% | 12% | 18% | 6.7% | 9.6% | 7.9% | 4.1% |
| Commodities | 34% | 24% | 34% | -0.2% | -2.7% | -11% | 28% | 37% | 46% | – | 23% | 16% | 25% | 9.9% | 11% | 16% |
| Real Estate | 73% | 69% | 65% | 28% | 38% | 34% | 12% | 18% | 6.7% | 23% | 16% | 25% | – | 18% | 25% | 19% |
| Bitcoin | 26% | 38% | 41% | 11% | 7.6% | -4.7% | 9.6% | 7.9% | 4.1% | 9.9% | 11% | 16% | 18% | 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.