With crude oil up 11% since the last week of September, it’s no surprise to see commodities as the best performing asset class last month. Given it’s range of monthly returns between -10% and +10%, we actually would be surprised if commodities weren’t the best or worst performer of the month.

Meanwhile, the rest of the market is barely making a move; with four of the eight asset classes we track not moving more than five one-hundredths of a percent!  Managed Futures, on the other hand, saw its second straight month of losses, and now find themselves bringing up the rear, just above positive for the year.

The big question is what will be the straw to break the camel’s back? Where will the volatility come from?

Source: All ETF performance data from Morningstar.com
Sources: Managed Futures = SG CTA Index, Cash = 13 week T-Bill rate,
Bonds = Vanguard Total Bond Market ETF (BND),
Hedge Funds= IQ Hedge Multi-Strategy (QAI)
Commodities = iShares GSCI ETF (GSG);
Real Estate = iShares DJ Real Estate ETF (IYR);
World Stocks = iShares MSCI ACWI ex US Index Fund ETF (ACWX);
US Stocks = SPDR S&P 500 ETF (SPY)