Key ETF Performance Through July 2023

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The S&P 500-tracking ETF (SPY) finished July up 3.27%, leaving it up 20.62% YTD on a total return basis. The mega-cap Tech-heavy Nasdaq 100 (QQQ) gained only slightly more than SPY in July, but it's up more than twice as much as SPY on a YTD basis at +44.5%. The small-cap Russell 2,000 (IWM) did better than large-caps and mid-caps in July with a gain of 6.11%, but IWM is up less than large-caps on a YTD basis at +14.7%. Value and dividend stocks held up well in July and actually outperformed growth for the month, but value is lagging YTD and the DJ Dividend ETF (DVY) is actually down 0.5% on the year.

Looking at US sectors, Energy (XLE) and Financials (XLF) -- which lagged in the first half of 2023 -- did the best in July, while Health Care (XLV) and Real Estate (XLRE) were up the least. Technology (XLK) and Communication Services (XLC) are currently neck and neck on a YTD basis with XLK up 43.94% through July and XLC up just three basis points more at 43.97%.

Outside of the US, we saw China (ASHR) and Israel (EIS) gain the most in July, while France (EWQ) and Spain (EWP) gained the least. YTD, it's Mexico (EWW) that's currently atop the list of country ETFs with a gain of 42.85%.

Oil (USO) gained 15%+ in July, while natural gas (UNG) fell 4.2%. Gold (GLD) saw a small monthly gain of 2.3% versus a gain of 8.6% for silver (SLV). Finally, with yields rising again during the month, Treasury ETFs were in the red. Aside from natural gas, the 20+ Year Treasury ETF (TLT) is down more than any other asset class in our matrix on a YoY basis with a total return of -12.3%.

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Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any ...

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