Russia
ETF Market Summary: Week Ending June 15th 2007
On the week, 21 of 26 categories ended up. Of these 21 categories, 17 ended up at least 1%, with the largest gains seen in Russia, Latin America, and China. Of those 5 categories that were in the red, only 2 were down more than 0.3% - short funds, on the wrong end of the market this week, and real estate funds, still plagued by the on-going subprime and rate worries.
It's interesting as well to note that the categories with the highest correlation to the S&P after retail were Russia and MSCI. Those with the lowest correlations after short funds were currency, convertible, and call-write funds, as is typically the case.
Dollar-Weighted Category Return
| Category | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Short | -1.46% | -3.36% | -4.69% | -1.84% | 1484 | -87.48% |
| Real Estate | 1.38% | -1.03% | -0.18% | -0.08% | 452 | 78.95% |
| Convertible | 0.30% | -0.32% | -2.24% | 0.02% | 16 | 58.95% |
| Japan | 0.91% | -0.20% | 2.38% | 0.37% | 243 | 78.41% |
| Retail | 0.25% | -0.05% | 2.81% | 2.07% | 324 | 98.67% |
| Infrastructure | 1.02% | 0.15% | -6.22% | 5.65% | 5 | 89.58% |
| Currency | 0.44% | 0.20% | 0.83% | 0.52% | 22 | 34.88% |
| Call/Write | 0.61% | 0.46% | 3.16% | 2.25% | 5 | 68.27% |
| Asia | 0.81% | 0.83% | 1.08% | 1.36% | 26 | 88.08% |
| Consumer Goods & Services | 0.40% | 0.98% | 1.09% | 0.32% | 172 | 75.78% |
| Healthcare | 0.75% | 1.04% | -0.56% | 0.92% | 71 | 81.96% |
| Transports | 0.43% | 1.15% | -0.61% | 11.57% | 68 | 92.41% |
| MSCI | 0.81% | 1.39% | 1.33% | 9.90% | 377 | 96.58% |
| Commodities & Resources | 0.67% | 1.47% | 0.79% | 0.42% | 332 | 71.76% |
| Mid Cap | 0.67% | 1.54% | 2.39% | 0.51% | 901 | 86.57% |
| Dividend | 0.92% | 1.61% | -0.84% | 0.60% | 62 | 92.87% |
| Large Cap | 0.53% | 1.74% | 1.39% | 0.38% | 1884 | 90.72% |
| Small Cap | 1.21% | 1.81% | 4.41% | 0.24% | 7668 | 77.82% |
| Biotech | 1.32% | 2.37% | 1.75% | 0.67% | 169 | 88.89% |
| Europe | 1.73% | 3.09% | 1.64% | 0.46% | 250 | 91.06% |
| Utilities | 1.38% | 3.58% | -4.23% | 0.75% | 631 | 74.58% |
| Energy | 1.51% | 4.77% | 6.58% | 1.54% | 1212 | 90.13% |
| Emerging Markets | 2.26% | 4.97% | 4.93% | 1.16% | 2042 | 76.41% |
| China | 2.40% | 6.05% | 6.17% | 0.87% | 538 | 83.60% |
| Latin America | 2.33% | 6.06% | 7.51% | 9.74% | 78 | 89.87% |
| Russia | 1.51% | 6.06% | 4.05% | -6.44% | 20 | 97.80% |
- Michael J Bommarito II's blog
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ETF Market Summary: Week Ending June 1st 2007
Dollar-Weighted ETF/CEF Category Return
A combination of surprisingly tame inflation data, strong payroll numbers, and falling energy prices resulted in a week of broad market gains. Over the week, the largest gainers were real estate, Latin America, and emerging market funds by far. Small caps, emerging markets, commodities, and retail funds ended the week with strong inflows as well. A relatively quiet week and falling energy prices seems to have tempted large numbers of investors back into these higher-return assets, especially given their possibly oversold prices after last week's volatility.
To the downside on the week were only short funds; no other category ended red or even unchanged. The worst performing categories, though still positive, were healthcare, utilities, currency, convertible, dividend, and large caps. With the VIX indicating overall market volatility fell 7% and the RVX indicating that small cap volatility fell 2%, it's not surprising that the more conservative asset classes saw a slow weak. It is interesting to note, however, that healthcare was actually more negatively correlated on the week than short funds. This is perhaps the result of the difference in performance between the S&P and the other indexes on which there are short ETFs, but such a strongly negative correlation is a trend that warrants further attention.
| Sector | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Short | 0.12% | -4.61% | -2.98% | -1.76% | 999 | -38.56% |
| Healthcare | 0.12% | 0.41% | 0.74% | 1.10% | 142 | -46.55% |
| Currency | -0.01% | 0.79% | 0.63% | 0.49% | 59 | -33.38% |
| Convertible | 0.12% | 0.93% | -0.26% | 0.30% | 14 | 10.21% |
| Utilities | -0.56% | 1.32% | -1.16% | 0.91% | 603 | 15.50% |
| Dividend | 0.50% | 1.58% | 1.26% | 0.74% | 43 | 56.37% |
| Large Cap | 0.27% | 1.74% | 3.37% | 0.39% | 1621 | 64.84% |
| Biotech | 0.37% | 1.93% | -1.82% | 0.78% | 324 | -38.90% |
| Consumer Goods & Services | 0.56% | 2.06% | 2.15% | 0.39% | 131 | 33.00% |
| MSCI | 0.65% | 2.36% | 2.22% | 10.95% | 278 | 0.33% |
| Japan | 0.55% | 2.42% | 2.01% | 0.40% | 180 | -39.30% |
| Europe | 0.49% | 2.59% | 2.50% | 0.49% | 201 | -16.02% |
| Asia | 0.91% | 2.93% | 1.52% | 1.31% | 49 | -11.33% |
| Retail | 1.33% | 3.30% | 3.67% | 2.58% | 612 | 28.69% |
| Small Cap | 0.52% | 3.36% | 2.93% | 0.25% | 6495 | 24.69% |
| Commodities & Resources | 1.53% | 3.37% | -0.74% | 0.65% | 606 | -18.40% |
| Energy | 0.91% | 3.38% | 6.46% | 1.30% | 880 | 28.79% |
| Mid Cap | 0.42% | 3.39% | 3.71% | 0.55% | 719 | 15.60% |
| Call/Write | 0.70% | 3.81% | 3.44% | 2.26% | 3 | -0.77% |
| Transports | 0.58% | 3.86% | 3.73% | 14.68% | 21 | -95.20% |
| Infrastructure | 0.60% | 3.94% | 2.96% | 9.85% | 3 | 14.84% |
| China | 1.82% | 4.11% | 4.61% | -0.29% | 269 | -27.83% |
| Russia | 1.80% | 4.73% | -2.30% | -7.33% | 21 | -4.39% |
| Emerging Markets | 2.47% | 5.06% | 4.34% | 1.00% | 1097 | 7.80% |
| Real Estate | 0.04% | 6.09% | -0.64% | 0.10% | 393 | 53.21% |
| Latin America | 3.14% | 8.31% | 10.89% | 9.09% | 123 | 57.28% |
ETF Market Summary: Tuesday, May 29th 2007
Dollar-Weighted ETF/CEF Category Return
| Sector | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Russia | -2.07% | -4.42% | -4.58% | -8.36% | 14 | 63.56% |
| China | -1.17% | -3.47% | 5.18% | -0.82% | 425 | 85.79% |
| Short | -1.16% | 0.89% | -3.38% | -1.48% | 1172 | -72.67% |
| Energy | -0.65% | -1.67% | 6.05% | 1.13% | 1421 | 72.37% |
| Emerging Markets | -0.33% | -1.36% | 3.77% | 0.68% | 902 | 76.38% |
| Europe | -0.16% | 0.25% | 1.27% | 0.42% | 191 | 77.34% |
| Currency | -0.01% | 0.00% | -0.71% | 0.43% | 25 | 46.50% |
| Healthcare | 0.05% | -0.04% | 1.35% | 1.06% | 67 | 69.27% |
| Consumer Goods & Services | 0.10% | -0.19% | 1.42% | 0.29% | 120 | NaN |
| MSCI | 0.12% | 0.40% | 1.43% | 9.22% | 428 | 89.51% |
| Latin America | 0.13% | -1.88% | 9.07% | 6.87% | 63 | 93.03% |
| Large Cap | 0.25% | -0.02% | 3.62% | 0.34% | 1896 | 93.67% |
| Dividend | 0.26% | -0.90% | 1.77% | 0.65% | 36 | 90.75% |
| Commodities & Resources | 0.27% | -0.88% | -2.58% | 0.40% | 331 | 62.97% |
| Retail | 0.28% | 0.70% | 1.47% | 1.64% | 429 | 4.09% |
| Infrastructure | 0.28% | -3.83% | -0.27% | 7.62% | 4 | 61.90% |
| Utilities | 0.33% | -3.57% | -0.87% | 0.84% | 510 | 73.28% |
| Asia | 0.38% | -1.11% | 1.59% | 1.10% | 27 | 85.95% |
| Convertible | 0.54% | 0.44% | 0.38% | 0.28% | 16 | 39.19% |
| Mid Cap | 0.59% | -0.30% | 3.22% | 0.46% | 673 | 92.44% |
| Biotech | 0.59% | 0.38% | -2.10% | 0.48% | 66 | 75.52% |
| Small Cap | 0.91% | 0.59% | 3.10% | 0.20% | 5438 | 75.35% |
| Transports | 0.92% | 0.16% | 3.34% | 12.16% | 45 | 98.75% |
| Japan | 1.05% | 1.28% | 0.97% | 0.18% | 211 | 62.87% |
| Call/Write | 1.12% | 1.63% | 1.59% | 1.81% | 4 | 87.00% |
| Real Estate | 3.04% | 2.34% | -2.34% | 0.01% | 709 | 80.10% |
ETF Market Summary: Thursday May 24th, 2007
Dollar-Weighted ETF/CEF Category Return
| Sector | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Latin America | -3.22% | -2.24% | 3.96% | 5.83% | 92 | 84.55% |
| Russia | -2.98% | -3.50% | -8.40% | -8.81% | 21 | 78.36% |
| China | -2.83% | -4.77% | 0.78% | -0.94% | 708 | 71.77% |
| Emerging Markets | -2.40% | -1.86% | 0.05% | 0.58% | 2260 | 71.14% |
| Utilities | -2.30% | -3.42% | -2.43% | 0.81% | 776 | 71.43% |
| Asia | -2.19% | -2.34% | -0.74% | 0.98% | 60 | 55.23% |
| Energy | -1.83% | -0.14% | 3.85% | 1.07% | 1937 | 75.77% |
| Mid Cap | -1.67% | -0.13% | -0.04% | 0.40% | 1174 | 78.47% |
| Infrastructure | -1.61% | -5.18% | -1.50% | 7.65% | 5 | 75.45% |
| Real Estate | -1.59% | -1.68% | -7.62% | -0.15% | 995 | 11.61% |
| Europe | -1.40% | -0.02% | -0.09% | 0.38% | 182 | 79.40% |
| Commodities & Resources | -1.35% | -0.40% | -3.12% | 0.33% | 535 | 63.87% |
| Small Cap | -1.33% | 1.44% | -1.09% | 0.15% | 8310 | 59.35% |
| Transports | -1.33% | -1.64% | -0.86% | 10.42% | 42 | 78.18% |
| Dividend | -1.32% | -1.10% | -0.08% | 0.57% | 45 | 66.53% |
| Biotech | -1.20% | 0.35% | -4.25% | 0.34% | 106 | 58.96% |
| MSCI | -0.96% | -0.06% | 0.08% | 8.39% | 483 | 86.22% |
| Call/Write | -0.91% | -0.38% | -1.62% | 1.23% | 5 | 45.74% |
| Convertible | -0.72% | -0.67% | -0.25% | 0.21% | 20 | 44.14% |
| Consumer Goods & Services | -0.69% | 0.05% | -0.56% | 0.25% | 166 | 78.62% |
| Large Cap | -0.65% | -0.16% | 2.47% | 0.32% | 4093 | 91.94% |
| Japan | -0.53% | 0.31% | -0.98% | 0.10% | 304 | 15.57% |
| Currency | -0.45% | -0.23% | -0.51% | 0.40% | 22 | 48.16% |
| Healthcare | -0.41% | 0.48% | 0.57% | 1.05% | 89 | 70.94% |
| Retail | 0.22% | 1.03% | -1.44% | 1.45% | 610 | 52.94% |
| Short | 2.63% | 0.62% | 1.78% | -1.24% | 2062 | -70.96% |
Russian Oil Deal: Good News for New Russian ETFs
News of a Russian deal with former USSR satellite states Turkmenistan and Kazakhstan hit the wire early Saturday morning, and the implications of this agreement are obvious for a number of funds. Notable among these is the brand new Market Vectors Russia, which follows the DAX Global Russia Index, which has about 13% in OAO Gazprom, the Russian state-owned oil company that will likely see the most benefit from this move. TRF likewise has a 3.4% Gazprom weight, and although CEE is closed, it is another Central Europe/Russia fund to watch.
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