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Most Markets Retreated Last Week

Summary:
Nearly every slice of the major asset classes retreated in the trading week through Friday, Sep. 10, based on a set of ETFs. The upside exception: US inflation-indexed Treasuries. The iShares TIPS Bond ETF (TIP) rose 0.4% last week, providing a rare bit of upside action in an otherwise down week for markets around the world. Nonetheless, TIP appears to be churning in a range after a strong rise earlier in the year. Otherwise, losses dominated. The biggest decline last week for the major asset classes: US real estate investment trusts (REITs). Vanguard Real Estate (VNQ) fell a hefty 4.1%, reversing the previous week’s surge. A benchmark portfolio that holds all the major asset classes retreated last week. The Global Market Index (GMI.F) fell 1.3%, marking the first weekly

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Nearly every slice of the major asset classes retreated in the trading week through Friday, Sep. 10, based on a set of ETFs. The upside exception: US inflation-indexed Treasuries.

The iShares TIPS Bond ETF (TIP) rose 0.4% last week, providing a rare bit of upside action in an otherwise down week for markets around the world. Nonetheless, TIP appears to be churning in a range after a strong rise earlier in the year.

Most Markets Retreated Last Week

Otherwise, losses dominated. The biggest decline last week for the major asset classes: US real estate investment trusts (REITs). Vanguard Real Estate (VNQ) fell a hefty 4.1%, reversing the previous week’s surge.

Most Markets Retreated Last Week

A benchmark portfolio that holds all the major asset classes retreated last week. The Global Market Index (GMI.F) fell 1.3%, marking the first weekly decline in three weeks. This unmanaged benchmark (maintained by CapitalSpectator.com) holds all the major asset classes (except cash) in market-value weights via ETF proxies.

Most Markets Retreated Last Week

Reviewing asset classes via the one-year window continues to show US stocks in the lead. Vanguard Total US Stock Market (VTI) ended the week with a 38.1% total return.

VTI’s leading one-year performance is just slightly ahead of the 36.7% total return for Vanguard Real Estate (VNQ), the second-strongest gainer over the past 12 months.

The weakest one-year performance for the major asset classes: foreign government bonds in developed markets (in US dollar terms) via SPDR Bloomberg Barclays International Treasury Bond (BWX), which is down a fractional 0.3%.

GMI.F’s one-year performance: a strong 25.1%.

Most Markets Retreated Last Week

Looking at the major asset classes in terms of current drawdown continues to show most markets with little or no declines relative to the previous peaks. The main exceptions: commodities (GCC) and stocks and bonds in emerging markets (EMLC and VWO, respectively).

GMI.F’s current drawdown is a mild -1.3%.

Most Markets Retreated Last Week

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By James Picerno


James Picerno
James Picerno is a financial journalist who has been writing about finance and investment theory for more than twenty years. He writes for trade magazines read by financial professionals and financial advisers. Over the years, he’s written for the Wall Street Journal, Barron’s, Bloomberg Markets, Mutual Funds, Modern Maturity, Investment Advisor, Reuters, and his popular finance blog, The CapitalSpectator.

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