REITs Surged Amid Mixed Run For Major Asset Classes Last Week

Turning to the trailing one-year return, US equities are still the leading performer for the major asset classes. Vanguard Total US Stock Market (VTI) is up an extraordinary 69.4% over the past 12 months on a total return basis.

Note that one-year returns for global markets generally are unusually high at the moment because year-ago prices were dramatically depressed due to the coronavirus crash. Accordingly, trailing one-year results will remain temporarily elevated due to extreme year-over-year comparisons until last year’s markets collapse washes out of the annual comparisons.

At the moment, there are no losses for the major asset classes on a one-year basis. The weakest gain is currently posted by foreign government bonds in developed markets. SPDR Bloomberg Barclays International Treasury Bond (BWX) closed up 4.5% on Friday vs. its year-earlier price on a total return basis.

GMI.F is up 46.1% over the past year.

US stocks currently enjoy the smallest drawdown for the major asset classes. VTI closed on Friday with a fractional peak-to-trough decline.

By contrast, broadly defined commodities continue to post the deepest drawdown for the major asset classes: -34.4%.

GMI.F’s current drawdown is a relatively mild 0.9%.

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Disclosures: None.

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