The healthcare composite has been a bottom 3 performer across all time frames.
The Oil+Gas composite has been strong recently as a top 3 performer L/63, L/21, and L/10 days.
The Large Cap composite is essentially unchanged over the L/252 and L/126 days.
PMM has continued to outperform. The long gold and gold producers trade has been the trade of the year.
PMM is up 60% (log returns) over L/126 days!
An anecdotal observation: When every composite is all positive(negative) returns over the L/63 days or less, there has been a tendency for the markets to mean revert. Notice the return range compression for both best/worst performers over L/10 days. Seems like there is either a lack of catalysts or indecision among market participants.
The explosive performance of the Precious Metals Miners (PMM) and Precious Metals (PM) composites this year makes me consider that market participants are expecting "unexpected" inflation.
The "unexpected" inflation theory is supported by the outperformance of the Oil/Gas and Energy composites over the L/63, L/21, and L/10 trading days.
Composite performance over the L/63 trading days is intriguing. It is the only time frame in which none of the composites had negative performance.
I still find it somewhat surprising that the Correlation Clustermap (Dendrogram) shows that T-Bonds, PMM, PM are closely correlated with each other offering diversification vs the other composites from the L/126 days onwards.
The Precious Metals Miners composite (PMM) has been a top 3 performer in all timeframes. More research is needed to determine the catalyst if any exists. However the strength of the PMM composite performance indicates there is some long-term conviction behind the buying.
L/252 days the top 4 performing composites have a risk-off/defensive 'tilt': (1) Utilities (2) Telecom (3) T-Bond (4) Precious Metals Miners (PMM).
L/252 and L/126 the Large Cap composite is almost unchanged at ~1% and ~2% respectively.
L/252 the correlation clustermap (dendrogram) groups T-Bond, Bonds, Precious Metals (PM), and PMM as most closely correlated. Based on the data this grouping has offered the most diversification vs the remaining composites.
YTD L/71 days the top 3 performers are PMM, PM, and Utilities. PMM is trending strongly over the period gaining over 43%.
L/21 and L/10 days Healthcare, PMM, and real estate have been the strongest performers.
Financials appear to be trending negatively over the L/71, L/21 and L/10 days. The composite has been a bottom 3 performer across timeframes. This is likely related to the Fed signaling the pace of interest rate increases should be slower than expected.
