November 2026 · PAA ConfirmedIEF · GSG +5US Intermediate Treasury 83.3% · Commodities 2.8%
Defensive
7 of 12 assets above their 13-month average · 83.3% bonds · GSG ranks first among risky assets
Why this signal
risky assets
SPY+5.8%Selected
QQQ+4.0%Selected
IWM+3.6%Selected
VGK+2.3%Positive
EWJ+4.7%Selected
VWO-2.5%Negative
VNQ+2.6%Selected
GSG+24.5%Selected
GLD-11.7%Negative
HYG-0.2%Negative
LQD-1.6%Negative
TLT-2.3%Negative
defensive assets
IEF-1.1%Selected
PAA momentum (vs. 13-month average) · Keller & Keuning (2016)
Biggest moves this month
Largest gainXLEEnergy+0.67#11 → #2 ▲9
Largest dropEWYSouth Korea-0.90#6 → #45 ▼39