QuantLake
Oct 1, 12:16 PM
Asia and US growth define the equity winners at the September 30 close. Across our ETF universe, 46 of 59 equity ETFs (78%, -11.9pp) hold above their 10-month MA, but only 10 of 58 (17%, -19.0pp) hold above their ratio MA vs the S&P 500
$SPY , a 61pp price-relative gap. Japan
$EWJ and Taiwan
$EWT anchor the relative leader cluster. Low-volatility, developed ex-US, and broad US equity sit above their price MA and below their ratio MA vs the benchmark.
Fixed income has no price participation, with 0 of 17 ETFs above their 10-month MA. Nine of 16 beat the Aggregate Bonds AGG, led by short duration, intermediate Treasuries, and selected credit. Long duration, investment grade credit, and EM debt lag.
Specialty relative strength vs the S&P 500 SPY is concentrated in crypto, semiconductors, and managed futures. Precious metals, clean energy, and real estate lag.
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