Commodities for the Win!
There it was. The final buzzer of the game as 2022 comes to an end. But it was a bit of a bore of a game overall, with the scoreboard at the end of the year looking a lot like it did throughout the year, with Commodities and Managed Futures leading the way. Managed Futures posted gains in each of the first three quarters before taking a breather in the 4th quarter, while Commodities shot out of the gate huge in Q1 before oscillating back and forth the rest of the year.
Elsewhere, December looked a lot like the rest of the year for the rest of the asset classes, with US Stocks, World Stocks, Real Estate, and (surprisingly) Bonds all finishing double digits in the red. Meanwhile, the surprise player of the game was cash, pushing materially into the black on the back of the Fed’s push to increase rates.
And now… the next game begins.
Past performance is not indicative of future results.
Past performance is not indicative of future results.
Sources: Managed Futures = SocGen CTA Index,
Cash = US T-Bill 13 week coupon equivalent annual rate/12, with YTD the sum of each month’s value,
Bonds = Vanguard Total Bond Market ETF (NYSEARCA:BND),
Hedge Funds = IQ Hedge Multi-Strategy Tracker ETF (NYSEARCA:QAI)
Commodities = iShares S&P GSCI Commodity-Indexed Trust ETF (NYSEARCA:GSG);
Real Estate = iShares U.S. Real Estate ETF (NYSEARCA:IYR);
World Stocks = iShares MSCI ACWI ex-U.S. ETF (NASDAQ:ACWX);
US Stocks = SPDR S&P 500 ETF (NYSEARCA:SPY)
All ETF performance data from Y Charts