Defensive sector leadership remains in control, with utilities and real estate strengthening while major cyclicals stay negative.

QuantLake | Sectors — Week of 10-04-2026

Broad equity breadth improved into growth rebounds, but dividend leaders still led while fixed income stayed shallow and credit held up better than duration.

Equity & Fixed Income — Week of 10-04-2026

Semiconductors and infrastructure strengthened, but bitcoin remained the clear laggard, leaving the alternatives sleeve highly dispersed.

QuantLake | Alternatives — Week of 10-04-2026

S&P 500 sector dispersion stays subdued, with Materials leading, Consumer Discretionary improving, and Energy showing tactical weakness.

South Korea jumped 10.13% Wednesday
  
  Equity ETFs (Quantlake Coverage):
  Outperformers: EWY +10.13% (3M perf: +28.6%), COPX +6.89% (+5.8%)
  Underperformers: XLE -3.51% (3M perf: +25.2%), USMV +0.98% (-0.1%)
  
  #SouthKorea #CopperMiners #Energy

Ethereum Trust slid 1.54% Tuesday
  
  Alt Asset ETFs Price Chg:
  Top 2 (by %): GDX +1.23%, GLD +0.97%
  Bottom 2: ETHA -1.54%, IBIT -1.06%

Int. Treasuries rose 0.25% Tuesday
  
  Rates/FI ETFs Breakdown:
  Top 2 (by %): IEF +0.25%, MBB +0.21%
  Bottom 2: TLT -0.01%, BNDX +0.06%

Consumer Staples tumbled 1.69% Tuesday
  
  Equity ETFs Breakdown:
  Top 2 (by %): EWY +0.99%, SMH +0.99%
  Bottom 2: XLP -1.69%, XLY -1.16%

Bitcoin Trust climbed 4.08% Monday
  
  Alt Asset ETFs Price Chg:
  Top 2 (by %): IBIT +4.08%, USO +0.74%
  Bottom 2: GDX -0.81%, GLD -0.41%
  
  #goldminers #bitcoin

Int. Treasuries fell 0.26% Monday
  
  Rates/FI ETFs Breakdown:
  Top 2 (by %): VTIP +0.00%, MUB -0.04%
  Bottom 2: IEF -0.26%, MBB -0.21%

South Korea jumped 2.50% Monday
  
  Equity ETFs Breakdown:
  Top 2 (by %): EWY +2.50%, INDA +1.29%
  Bottom 2: ICLN -0.89%, XLB -0.38%

South Korea tanked 2.65% Thursday
  
  Equity ETFs Breakdown:
  Top 2 (by %): XLK +0.80%, USMV +0.74%
  Bottom 2: EWY -2.65%, XLY -1.50%

Long Treasuries climbed 0.61% Thursday
  
  Rates/FI ETFs Breakdown:
  Top 2 (by %): TLT +0.61%, TIP +0.41%
  Bottom 2: BNDX -0.10%, IEI +0.13%

Oil climbed 11.15% Thursday
  
  Alt Asset ETFs Price Chg:
  Top 2 (by %): USO +11.15%, PDBC +2.46%
  Bottom 2: SLV -3.45%, GLD -1.92%

High Yield Bonds jumped 1.01% Tuesday

Rates/FI ETFs Moves:
Top 2 (by %): JNK +1.01%, EMB +0.88%
Bottom 2: TLT -0.1%, TIP +0.01%

Gold Miners surged 6.97% Tuesday

Alt Asset ETFs Snapshot:
Top 2 (by %): GDX +6.97%, SMH +5.76%
Bottom 2: PFF +0.66%, USMV +1.15%

S&P Growth jumped 4.08% Tuesday

Equity ETFs Moves:
Top 2 (by %): SPYG +4.08%, IWF +3.77%
Bottom 2: DVY +0.92%, SDY +1%

Semiconductors slid 3.13% Monday

Alt Asset ETFs Snapshot:
Top 2 (by %): IBB +0.90%, IBIT +0.75%
Bottom 2: MTUM -2.12%, SMH -3.13%

Long Treasuries jumped 1.33% Monday

Rates/FI ETFs Moves:
Top 2 (by %): TLT +1.33%, LQD +0.64%
Bottom 2: JNK +0.11%, EMB +0.17%

Russell 2000 slid 1.44% Monday

Equity ETFs Moves:
Top 2 (by %): DVY +0.35%, EFA +0.29%
Bottom 2: IWM -1.44%, MDYG -1.4%

Energy Leads as Sector Dispersion Stays Elevated S&P 500 sector dispersion remains elevated but normal, favoring selective relative strength. Energy leads, Utilities hold, and Materials improves.

Energy Leads as Sector Dispersion Stays Elevated www.quantlake.com/post/energy-...

Gold Miners rallied 4.13% Friday

Alt Asset ETFs Snapshot:
Top 2 (by %): GDX +4.13%, FTLS -0.47%
Bottom 2: IBIT -3.66%, IBB -2.93%

EM Sovereign Bonds pulled back 0.55% Friday

Rates/FI ETFs Moves:
Top 2 (by %): VGIT +0.14%, VCSH +0.10%
Bottom 2: EMB -0.55%, TLT -0.55%

Russell Growth tanked 2.26% Friday

Equity ETFs Moves:
Top 2 (by %): DVY -0.35%, SDY -0.6%
Bottom 2: IWF -2.26%, SPYG -2.11%

Sector ETFs Saw Energy-Led Acceleration and Broad Narrowing

- Sector ETFs shifted this week with leadership concentrated in XLE and XLU while XLF and XLY showed deeper downside and XLRE flipped below zero.
- Breadth is thin as 5 of 12 sectors carry positive 3-month momentum and 7 sit negative.

Equity ETFs Shifted Toward Defensive Leadership This Week

- Leaders are DVY and SDY and both are the only clear upside trends amid widespread negative momentum.

- Laggards are IWF and SPYG with growth 3-month momentum near the bottom of its 52-week range and delivering negative alpha.

Fixed Income Saw Broad Momentum Downshift Last Week

- Fixed income suffers a synchronized momentum air pocket with 100% of ETFs decelerating on 3-month momentum and TIP flipping from positive to negative.

GDX: Can Gold Miners Hold Leadership? Safe-haven gold and a softer dollar boost GDX, but restrictive real rates test whether miners can turn bullion strength into lasting 2026 equity leadership.

Can Gold Miners Hold Leadership?

Safe-haven gold and a softer dollar boost GDX, but restrictive real rates test whether miners can turn bullion strength into lasting 2026 equity leadership.

Leadership Broadens Beyond Mega-Cap Growth So far this week, small caps, materials, and biotech are improving versus SPY while large-cap growth leadership is fading.

So far this week, small caps, materials, and biotech are improving versus SPY while large-cap growth leadership is fading.

Read the full Quantlake note: www.quantlake.com/post/leadership-broadens...

#ETFs #RelativeStrength #SectorRotation #SmallCaps #Tech

SPYG: Rates Headwind, Weak Growth Regime SPYG sits 3% below its trend as rising yields sap growth leadership.

SPYG: Rates Headwind, Weak Growth Regime www.quantlake.com/post/spyg-ra...