Real Estate
ETF Market Summary: Tuesday, June 05th 2007
Dollar-Weighted Category Return
21 of 26 categories ended Tuesday down, with the average category trading down -0.40% with an average dollar flow out of 3 million. The worst outflow was in small caps with 33 million red, followed by real estate, utilities, and large caps. The only two categories that saw non-negligible dollar inflows were short funds and China, despite the volatilitly that Chinese markets have experienced this week.
It's interesting to note which categories have had the lowest correlations to the SPY in the last week. Those with negative correlations are convertible funds, China funds, and currency funds. Low but positive categories include Japan funds, commodities and resources funds, call-write funds, and broad Asia funds. Asian markets have remained strong despite high volatility and dramatic swings, ignoring changes in the bond and currency markets that could point to troubling costs and inflation in the coming cycle.
| Sector | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Real Estate | -1.68% | 1.24% | -1.24% | 0.06% | 801 | 78.17% |
| Utilities | -1.32% | -0.70% | -3.75% | 0.79% | 736 | 55.83% |
| Transports | -0.87% | 0.59% | 1.49% | 12.82% | 18 | 43.12% |
| Infrastructure | -0.87% | 0.99% | -0.20% | 8.21% | 7 | 63.79% |
| Dividend | -0.83% | -0.01% | -0.32% | 0.66% | 43 | 71.16% |
| Retail | -0.81% | 2.59% | 3.09% | 2.54% | 475 | 79.77% |
| Latin America | -0.62% | 4.58% | 9.13% | 8.72% | 67 | 89.04% |
| Consumer Goods & Services | -0.60% | 1.15% | 1.58% | 0.36% | 141 | 67.80% |
| Europe | -0.57% | 1.14% | 0.98% | 0.48% | 288 | 35.41% |
| MSCI | -0.51% | 1.33% | 0.87% | 10.68% | 327 | 68.34% |
| Russia | -0.47% | 3.58% | -2.67% | -7.63% | 13 | 32.47% |
| Large Cap | -0.44% | 0.64% | 2.40% | 0.37% | 2093 | 86.19% |
| Small Cap | -0.42% | 1.43% | 2.25% | 0.24% | 7875 | 68.13% |
| Call/Write | -0.35% | 1.64% | 2.73% | 2.30% | 4 | 22.48% |
| Mid Cap | -0.35% | 2.11% | 3.26% | 0.55% | 987 | 57.84% |
| Energy | -0.35% | 3.70% | 7.53% | 1.39% | 1122 | 42.64% |
| Emerging Markets | -0.35% | 2.99% | 2.88% | 0.94% | 1212 | 39.79% |
| Asia | -0.32% | 2.40% | 1.28% | 1.37% | 30 | 30.74% |
| Healthcare | -0.30% | -0.09% | -0.53% | 1.05% | 84 | 31.67% |
| Commodities & Resources | -0.28% | 2.64% | -1.76% | 0.64% | 370 | 22.21% |
| Japan | -0.16% | 1.93% | 1.36% | 0.43% | 209 | 21.28% |
| Biotech | 0.02% | 0.98% | -2.00% | 0.72% | 87 | 26.64% |
| Currency | 0.19% | 0.98% | 0.83% | 0.55% | 47 | -6.66% |
| Convertible | 0.41% | 0.55% | 0.16% | 0.34% | 14 | -10.27% |
| Short | 0.52% | -2.69% | -3.13% | -1.78% | 1235 | NaN |
| China | 0.97% | 4.16% | 3.80% | -0.17% | 282 | -7.84% |
- Michael J Bommarito II's blog
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ETF Market Summary: Monday, June 4th, 2007
Dollar-Weighted ETF/CEF Category Return
12 of 26 categories were negative to start the week, as gains in crude and gold led to to a somewhat bearish underlying attitude. Most affected by this trend were infrastructure and transports, both having seen a 3%+ week return prior. Note as well that despite the 5% increase in VIX from Friday's close, small cap ETFs still closed above large caps.
To the upside on Monday was primarily energy, driven by crude prices, as well as Asia, real estate, and retail. Though Asia funds may attempt to continue their uptrends into today after high volatility in Asian markets, retail and real estate will likely feel the heat from this morning's retailers' negative assesments and the possible bond swings resulting form Bernanke's comments today.
| Sector | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Infrastructure | -1.98% | 2.01% | 0.77% | 8.64% | 7 | 50.74% |
| Transports | -0.76% | 2.40% | 2.30% | 13.81% | 18 | 7.92% |
| Short | -0.66% | -4.28% | -3.39% | -1.83% | 702 | -52.70% |
| Emerging Markets | -0.44% | 3.01% | 3.89% | 0.97% | 1195 | 12.76% |
| Utilities | -0.35% | 0.98% | -1.37% | 0.89% | 520 | 26.47% |
| Biotech | -0.31% | 1.45% | -2.36% | 0.71% | 136 | 18.66% |
| Latin America | -0.26% | 5.35% | 9.39% | 8.98% | 65 | 75.40% |
| China | -0.20% | 1.96% | 3.69% | -0.32% | 312 | -20.07% |
| Healthcare | -0.17% | 0.20% | -0.01% | 1.08% | 108 | -20.91% |
| Convertible | -0.10% | 0.71% | -0.19% | 0.30% | 15 | 8.51% |
| Dividend | -0.04% | 1.09% | 0.91% | 0.74% | 39 | 59.62% |
| Large Cap | -0.01% | 1.33% | 3.07% | 0.39% | 1205 | 70.37% |
| Europe | 0.09% | 1.67% | 1.78% | 0.50% | 358 | -9.98% |
| Russia | 0.12% | 1.84% | -2.30% | -7.33% | 11 | -4.27% |
| Small Cap | 0.12% | 2.79% | 2.40% | 0.26% | 5533 | 40.55% |
| Commodities & Resources | 0.17% | 3.15% | -1.39% | 0.66% | 323 | -15.61% |
| Consumer Goods & Services | 0.22% | 1.87% | 2.26% | 0.41% | 80 | 36.09% |
| MSCI | 0.27% | 1.98% | 1.54% | 11.25% | 398 | 14.34% |
| Japan | 0.35% | 3.16% | 2.01% | 0.45% | 181 | -31.74% |
| Currency | 0.37% | 0.94% | 0.88% | 0.53% | 30 | -29.32% |
| Mid Cap | 0.40% | 3.07% | 3.49% | 0.57% | 624 | 29.55% |
| Call/Write | 0.44% | 2.96% | 3.40% | 2.35% | 4 | 12.47% |
| Real Estate | 0.64% | 6.05% | 0.50% | 0.13% | 383 | 53.25% |
| Retail | 0.65% | 3.75% | 4.15% | 2.83% | 297 | 51.83% |
| Asia | 0.88% | 3.09% | 1.88% | 1.40% | 55 | -9.43% |
| Energy | 1.56% | 3.39% | 8.19% | 1.41% | 1281 |
7.81% |
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: Wednesday, May 30th 2007
Dollar-Weighted ETF/CEF Category Return
| Sector | Day | Week | Month | YTD | Day $ | Week Correlation to SPY |
| Short | -1.81% | -0.65% | -4.57% | -1.68% | 1616 | -80.40% |
| Commodities & Resources | -0.25% | -0.52% | -2.28% | 0.37% | 265 | 55.51% |
| Healthcare | 0.01% | -0.02% | 1.16% | 1.06% | 131 | 60.60% |
| Currency | 0.06% | 0.24% | -0.16% | 0.43% | 19 | 36.39% |
| Convertible | 0.15% | 0.50% | 0.06% | 0.29% | 16 | 27.77% |
| Japan | 0.20% | 0.50% | 1.19% | 0.21% | 380 | 68.14% |
| China | 0.33% | -2.49% | 4.40% | -0.77% | 609 | 69.29% |
| Europe | 0.34% | 0.46% | 1.36% | 0.43% | 210 | 69.80% |
| Biotech | 0.36% | 0.01% | -2.56% | 0.56% | 250 | 81.49% |
| Dividend | 0.40% | -0.47% | 1.68% | 0.69% | 27 | 84.16% |
| Call/Write | 0.41% | 1.66% | 2.16% | 1.91% | 3 | 72.58% |
| MSCI | 0.42% | 0.74% | 1.96% | 9.69% | 423 | 84.97% |
| Transports | 0.44% | 0.70% | 4.00% | 12.65% | 34 | 90.03% |
| Asia | 0.47% | -0.24% | 1.75% | 1.15% | 26 | 81.79% |
| Small Cap | 0.66% | 0.63% | 3.37% | 0.22% | 5884 | 82.60% |
| Retail | 0.66% | 1.60% | 1.65% | 1.85% | 231 | 42.32% |
| Consumer Goods & Services | 0.76% | 0.53% | 2.13% | 0.34% | 104 | NaN |
| Large Cap | 0.79% | 0.80% | 3.99% | 0.38% | 2243 | 96.07% |
| Russia | 0.96% | -2.96% | -4.55% | -7.97% | 12 | 69.03% |
| Mid Cap | 1.01% | 0.59% | 4.02% | 0.50% | 839 | 91.83% |
| Emerging Markets | 1.01% | -0.39% | 4.39% | 0.77% | 1537 | 61.35% |
| Utilities | 1.24% | -2.18% | -0.48% | 0.93% | 368 | 79.30% |
| Infrastructure | 2.06% | -0.85% | 1.43% | 8.86% | 4 | 72.80% |
| Energy | 2.08% | 1.30% | 7.79% | 1.27% | 1352 | 76.10% |
| Latin America | 2.21% | 1.05% | 11.35% | 7.76% | 81 | 92.12% |
| Real Estate | 2.56% | 3.90% | 0.81% | 0.11% | 814 |
86.69% |
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: Wednesday, May 16th 2007
Among today's worst losers was real estate, as the new housing data hit the market this morning. Of the worst 10 funds on the day's performance, 4 of 10 were real estate - FIO is the iShares FTSE Industrial/Office Park REIT introduced recently, URE is the ProShares REIT, RLF is a Cohen & Steers real estate fund, and DCA is the Dividend Capital Realty fund.
Notable also was the drop in silver futures today, as evidenced in the fall of DBS and SLV, silver ETFs. Commodities and natural resources on the whole were down nearly 2% by my dollar-weighted calculations above.
On the other end, the top fund for the day was CLM, the Cornerstone Strategic Value CEF. Though closed, in 2005, they claimed their top ten holdings included Citigroup and American Internation Group, both enjoying the latest week of earnings and purchases.
Following CLM were mainly Latin American (Brazil's and Mexico's MSCIs EWZ and EWW, the Latin America 40 ILF, Spain Fund SNF, Brazil Telecom ADR TBH) and other foreign funds (Thai Fund TH). As noted above, today's best performing category was Latin America, trading at another percent-and-a-quarter to China. Expect the Mexican MSCI fund to be highly correlated to the US markets, however, as much of the rally today was on speculation of rate drop and a soft real estate impact.
Below you'll find both the full table of the best and worst performers, as well as a list of ETFs and CEFs that traded at least 300% above their 5-session average dollar liquidity today.
Dollar-Weighted ETF/CEF Category Return
| Sector | Day | Week | Month | YTD | Dollar Volume (Mil. USD) | Week Correlation to SPY |
| Short | -1.81% | 0.87% | -5.40% | -1.42% | 51 | -88.98% |
| Commodities & Resources | -1.47% | -2.79% | -4.43% | 0.44% | 39 | 56.34% |
| Real Estate | -0.98% | -2.98% | -3.60% | 0.00% | 22 | NaN |
| Currency | -0.35% | -0.09% | -0.31% | 0.44% | 3 | 26.60% |
| Asia | -0.01% | -0.51% | 0.49% | 1.22% | 3 | 78.95% |
| Call/Write | 0.14% | -1.01% | -0.90% | 1.32% | 1 | 11.73% |
| Convertible | 0.17% | -0.49% | 0.78% | 0.30% | 2 | 42.29% |
| Japan | 0.20% | -1.66% | -1.67% | 0.17% | 22 | 89.22% |
| Utilities | 0.27% | 0.63% | 3.05% | 1.10% | 12 | 67.98% |
| Energy | 0.37% | 1.35% | 4.48% | 0.97% | 63 | 68.83% |
| Mid Cap | 0.39% | -0.71% | 1.97% | 0.46% | 26 | 84.38% |
| Small Cap | 0.40% | -1.27% | 0.80% | 0.29% | 3 | 74.34% |
| Europe | 0.45% | -0.25% | 0.80% | 0.53% | 3 | 87.22% |
| Infrastructure | 0.57% | 0.91% | 3.46% | 9.10% | 1 | 74.91% |
| Retail | 0.59% | -1.75% | -0.88% | 1.07% | 132 | 87.16% |
| Dividend | 0.59% | 0.30% | 2.04% | 0.71% | 4 | 79.57% |
| Consumer Goods & Services | 0.63% | -0.19% | 0.11% | 0.25% | 4 | 71.33% |
| Large Cap | 0.80% | 0.17% | 2.55% | 0.64% | 1 | 91.06% |
| Biotech | 0.89% | -2.64% | -0.52% | 0.40% | 20 | 94.27% |
| Healthcare | 1.10% | -0.55% | 1.84% | 1.03% | 11 | 75.20% |
| Russia | 1.42% | -1.63% | -5.68% | -7.37% | 4 | 88.32% |
| Emerging Markets | 1.46% | 0.62% | 3.25% | 0.77% | 46 | 64.59% |
| MSCI | 1.71% | 0.61% | 3.15% | 0.46% | 112 | 91.31% |
| Transports | 1.91% | 0.10% | 1.38% | 12.42% | 192 | 83.69% |
| China | 2.07% | 4.15% | 4.78% | -0.03% | 42 | 85.88% |
| Latin America | 3.28% | 1.93% | 7.37% | 6.76% | 16 | 94.75% |
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