March was ugly, like real ugly. Here was a live (somewhat dramatized via GOT look in around the lows on March 23rd):



It was a red wedding to be sure, with not just red across the board, but deep, dramatic shades of red. Like, the DOW with its worst first quarter ever shades of red, like Crude Oil going back to $20 a barrel red. Like Bonds selling off with stocks red… leaving everything not named cash, bonds, and Managed Futures well into the red. Just like this, we’re in the thick of a crisis with nobody knowing which way we go from here with further Coronavirus fears lingering ahead, and stay-at-home orders extended to the end of the month at minimum, who knows what April may look like.

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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 Yahoo Finance.