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Below is an updated look at our popular table that highlights the performance of various asset classes using key ETFs (or ETPs) traded on US exchanges.
For each asset class, we show its performance since COVID hit on 2/19/20, since the current bull market began on 10/12/22, and since the low last quarter on 10/27/23.
Since October 27th (less than four months ago), the S&P 500 ETF (SPY) is now up 22.8%. That’s a big move. The Tech-heavy Nasdaq 100 (QQQ) is up even more at 25.95%, and interestingly, the small-cap Russell 2,000 (IWM) is up nearly the same amount at 25.58%.
At the sector level, we’ve seen Technology (XLK) and Financials (XLF) gain the most since 10/27/23, while Energy (XLE) is up the least at just over 2.7%.
Outside the US, we’ve seen China (ASHR) actually fall 2.3% since 10/27, while Israel (EIS) is up 38%. Natural gas (UNG) is by far the worst performer in our table with a drop of 47%.
Looking at fixed income ETFs, the 20+ Year Treasury ETF (TLT) is up 11.3% since 10/27/23, but it’s still down 30.37% on a total return basis since COVID hit in February 2020.
Below is a quick six-month chart of SPY so you can see the sharp move higher seen since 10/27:
Within the large-cap Russell 1,000, we’ve seen 12 stocks gain more than $100 billion in market cap since 10/27/23, including a $794 billion gain for Nvidia (NVDA).
In terms of percentage gainers, below are the 20 best-performing Russell 1,000 stocks since 10/27/23. Coinbase (COIN), Affirm (AFRM), and Coherent (COHR) are the three stocks up more than 100%, while Lyft (LYFT), SentinelOne (S), Karuna (KRTX), Uber (UBER), and CrowdStrike (CRWD) are all up more than 90%.
Not everything is up, though. Below are the 20 worst-performing Russell 1,000 names since 10/27/23. SSR Mining (SSRM) has been the worst with a decline of 65.2%, followed by agilon health (AGL) with a drop of 60.2%. New York Community Bancorp (NYCB) is down 46.6%, while AMC Entertainment (AMC) is down a hair less at 46.34%.
The huge rally we’ve seen in some areas of the market has left a large number of stocks trading above their consensus analyst price target.
As of Friday, nearly 16% of Russell 1,000 stocks were trading above their consensus analyst price target, and below are the ones the farthest above.
Coinbase has been the best-performing stock in the Russell 1,000 since 10/27, and it’s also now the farthest above where analysts think it should be trading. GameStop (GME) ranks second at 36.76% above its average analyst price target.
One last table…
Below is a list of stocks that have done well since 10/27 (up 20%+) but remain well below (20%+) their consensus analyst price target. These are names that have been rallying, but analysts think there’s more gas in the tank.
Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.
