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The S&P 500 and the Nasdaq don’t have much to brag about the past 90-days, as their performance has been near flat.

It also hasn’t paid a great deal to be long bonds, as popular bond ETF (TLT) has declined over 6%.

What asset has it paid to own over the last 90-days? How about inverse bond fund ETF (TBF).

This table looks at the performance of the S&P, Nasdaq 100, and long/short bonds over the past 90-days.

As you can see, Inverse bond ETF (TBF) has done well the past 90-days, outperforming stocks.

Is this just a blip of outperformance by bonds or the start of a much bigger trend (the 40-year bond bull market is over)?