Equities

Sectors in Indonesia and the US, tech and AI themes, returns by year and which markets lead.

Sectors

Indonesia sectors (IDX-IC)

1D 1W 1M YTD

No data yet. The next pipeline run fetches it (see Research Desk › Rules for status).

Source: IDX · daily closes; % for prices, bp for yields · how this is made

US sectors (Select Sector SPDR)

2 of 11 moves today were at least twice the usual size; the largest: Health care (2.6x usual).

1D 1W 1M YTD

Health care ▲ 2.53% 2.6× usual Consumer staples ▲ 2.22% 2.4× usual Energy ▲ 0.64% 0.5× usual Materials ▼ 0.10% 0.1× usual Utilities ▼ 0.36% 0.4× usual Financials ▼ 0.55% 0.6× usual Consumer discretionary ▼ 0.77% 0.6× usual Real estate ▼ 0.81% 0.9× usual Industrials ▼ 0.97% 0.9× usual Communication services ▼ 1.30% 1.3× usual Technology ▼ 2.98% 1.8× usual

Up Down Mixed or flat (USD/IDR, yields, spreads and volatility: up is red) Shade = how unusual the move was: < 0.5×0.5–1×1–2×2–3×≥ 3×

Source: Yahoo Finance · data to 14 Oct 2026 · daily closes; % for prices, bp for yields · how this is made

Data ↓

Tech and AI themes

Tech and AI themes against their benchmark

Theme	Names	1M (%)	3M (%)	YTD (%)	1Y (%)	Benchmark	vs benchmark 1M (pp)	vs benchmark 3M (pp)	vs benchmark YTD (pp)	vs benchmark 1Y (pp)	As of
Hyperscalers	5	+0.4%	+11.3%	+2.1%	−2.2%	Nasdaq 100	−2.4	+9.8	−16.5	−24.0	28 Sep 2026
Semis: AI compute & design	7	+16.0%	−0.6%	+108.0%	+117.5%	PHLX Semiconductor (SOX)	+11.0	+5.1	+43.1	+39.7	28 Sep 2026
Semis: memory	4	+13.9%	−6.6%	+405.7%	+916.6%	PHLX Semiconductor (SOX)	+8.9	−0.86	+341	+839	28 Sep 2026
Semis: foundry & equipment	8	+7.2%	−9.7%	+98.4%	+156.4%	PHLX Semiconductor (SOX)	+2.2	−3.9	+33.5	+78.6	28 Sep 2026
Cloud & software	10	−8.8%	+28.4%	−2.7%	−0.9%	Nasdaq 100	−11.7	+26.9	−21.3	−22.7	28 Sep 2026
Cybersecurity	8	+9.5%	+31.6%	+67.1%	+50.8%	Nasdaq 100	+6.7	+30.1	+48.5	+29.0	28 Sep 2026
AI infrastructure: network, servers, power	14	+2.6%	−1.2%	+63.3%	+61.1%	Nasdaq 100	−0.22	−2.8	+44.7	+39.3	28 Sep 2026
Consumer tech & platforms	3	−2.0%	+1.1%	−6.5%	−10.9%	Nasdaq 100	−4.8	−0.39	−25.1	−32.8	28 Sep 2026
China tech	8	−7.0%	+5.2%	−19.5%	−26.0%	Hang Seng	−4.5	+9.0	−13.4	−18.9	28 Sep 2026
Indonesia digital, telco & data centres	10	−7.9%	+4.1%	−27.1%	−21.8%	JCI (IHSG)	+1.4	+8.1	+5.1	+5.4	25 Sep 2026

Each basket is the equal-weight average of its members' daily returns. Tap a theme to chart it against its benchmark.

Change: Change over the range: % for prices and FX, basis points for yields and spreads; base = the last reading on or before the range start.

vs benchmark: basket change − benchmark change, in percentage points

Source: Equal-weight baskets computed from member prices (cockpit); benchmarks from Yahoo Finance

Data ↓

Companies in each theme 77 rows

Theme	Ticker	Company	Market cap (USD bn)	Forward P/E	Revenue growth (%)	Operating margin (%)	Analyst target vs price (%)	Analysts	Next results	From 52-week high (%)
Hyperscalers	MSFT	Microsoft Corporation	3,804	21.6	17.7	45.1	+12.7%	52	28 Oct 2026	−7.5%
Hyperscalers	AMZN	Amazon.com, Inc.	2,666	23.6	19.6	13.7	+33.3%	57	29 Oct 2026	−13.9%
Hyperscalers	GOOGL	Alphabet Inc.	4,170	22.6	24.2	34.0	+26.0%	54	28 Oct 2026	−16.6%
Hyperscalers	META	Meta Platforms, Inc.	1,846	20.7	28.0	34.8	+9.0%	57	28 Oct 2026	−7.1%
Hyperscalers	ORCL	Oracle Corporation	405	12.2	29.6	35.6	+77.7%	41	10 Dec 2026	−58.5%
Semis: AI compute & design	NVDA	NVIDIA Corporation	5,588	14.8	105.9	66.2	+41.6%	59	17 Nov 2026	−2.2%
Semis: AI compute & design	AMD	Advanced Micro Devices, Inc.	993	39.1	50.1	17.2	+1.6%	50	3 Nov 2026	−4.8%
Semis: AI compute & design	AVGO	Broadcom Inc.	1,680	18.2	85.5	54.3	+51.1%	47	9 Dec 2026	−28.9%
Semis: AI compute & design	QCOM	QUALCOMM Incorporated	204	18.7	−4.0	18.5	+1.7%	30	4 Nov 2026	−26.6%
Semis: AI compute & design	ARM	Arm Holdings plc	306	93.8	22.4	7.6	+0.7%	40	4 Nov 2026	−36.7%
Semis: AI compute & design	MRVL	Marvell Technology, Inc.	228	37.5	36.5	16.7	+14.1%	43	1 Dec 2026	−23.0%
Semis: AI compute & design	INTC	Intel Corporation	614	56.3	25.4	12.2	+0.3%	43	22 Oct 2026	−18.5%
Semis: memory	MU	Micron Technology, Inc.	1,190	6.5	345.7	80.4	+44.3%	46	30 Sep 2026	−16.0%
Semis: memory	000660.KS	SK hynix	924	–	256.8	76.3	+80.1%	37	27 Oct 2026	−40.8%
Semis: memory	005930.KS	SamsungElec	1,305	–	130.0	52.2	+77.3%	36	28 Oct 2026	−27.9%
Semis: memory	SNDK	Sandisk Corporation	251	6.5	371.6	78.5	+24.4%	24	6 Nov 2026	−27.1%
Semis: foundry & equipment	TSM	Taiwan Semiconductor Manufactur	2,355	20.7	36.0	60.3	+21.6%	20	15 Oct 2026	−5.2%
Semis: foundry & equipment	2330.TW	TAIWAN SEMICONDUCTOR MANUFACTUR	2,021	17.3	36.0	60.3	+31.1%	35	15 Oct 2026	−2.4%
Semis: foundry & equipment	ASML	ASML Holding N.V. - New York Re	683	30.2	21.3	37.1	+19.3%	16	14 Oct 2026	−11.1%
Semis: foundry & equipment	AMAT	Applied Materials, Inc.	384	26.2	24.8	33.7	+32.1%	35	12 Nov 2026	−34.6%
Semis: foundry & equipment	LRCX	Lam Research Corporation	394	26.8	30.0	37.4	+18.8%	31	21 Oct 2026	−28.3%
Semis: foundry & equipment	KLAC	KLA Corporation	246	28.1	15.2	42.5	+23.9%	26	28 Oct 2026	−38.6%
Semis: foundry & equipment	8035.T	TOKYO ELECTRON	163	44.0	33.3	28.9	+36.5%	23	30 Oct 2026	−30.7%
Semis: foundry & equipment	6857.T	ADVANTEST CORP	155	141.9	39.3	51.7	+26.2%	21	28 Oct 2026	−12.9%
Cloud & software	CRM	Salesforce, Inc.	188	14.3	10.8	21.4	+23.1%	53	2 Dec 2026	−15.1%
Cloud & software	NOW	ServiceNow, Inc.	136	26.2	24.0	4.1	+10.5%	46	28 Oct 2026	−32.0%
Cloud & software	SNOW	Snowflake Inc.	117	110.3	35.1	−17.0	+27.8%	48	2 Dec 2026	−13.5%
Cloud & software	MDB	MongoDB, Inc.	27	43.1	30.5	3.7	+36.0%	37	1 Dec 2026	−29.0%
Cloud & software	DDOG	Datadog, Inc.	97	90.8	35.6	0.7	+6.1%	46	5 Nov 2026	−7.8%
Cloud & software	ADBE	Adobe Inc.	92	8.3	12.9	34.8	+20.4%	33	9 Dec 2026	−36.5%
Cloud & software	INTU	Intuit Inc.	72	10.0	13.7	17.6	+50.4%	31	19 Nov 2026	−61.7%
Cloud & software	WDAY	Workday, Inc.	46	14.3	12.8	11.8	+10.1%	38	27 Aug 2026	−24.1%
Cloud & software	PLTR	Palantir Technologies Inc.	454	81.3	92.8	47.1	+3.5%	26	2 Nov 2026	−9.0%
Cloud & software	SHOP	Shopify Inc.	184	57.9	33.7	17.6	+21.9%	48	3 Nov 2026	−22.2%
Cybersecurity	CRWD	CrowdStrike Holdings, Inc.	265	161.2	25.8	−2.3	−8.9%	50	1 Dec 2026	−1.9%
Cybersecurity	PANW	Palo Alto Networks, Inc.	319	79.9	34.5	5.4	+1.5%	50	19 Nov 2026	−2.3%
Cybersecurity	FTNT	Fortinet, Inc.	129	46.5	25.6	33.6	−6.4%	36	4 Nov 2026	−3.2%
Cybersecurity	ZS	Zscaler, Inc.	33	35.8	24.9	−1.0	+4.6%	44	24 Nov 2026	−40.5%
Cybersecurity	OKTA	Okta, Inc.	35	45.9	10.6	13.3	+4.4%	43	1 Dec 2026	−5.4%
Cybersecurity	NET	Cloudflare, Inc.	127	212.2	35.9	−7.6	−5.3%	31	29 Oct 2026	−3.2%
Cybersecurity	CHKP	Check Point Software Technologi	13	11.6	1.3	27.5	+11.6%	31	4 Nov 2026	−38.0%
Cybersecurity	S	SentinelOne, Inc.	8	49.5	20.6	−22.7	+6.6%	30	27 Aug 2026	−6.3%
AI infrastructure: network, servers, power	ANET	Arista Networks, Inc.	260	39.7	37.7	45.4	+17.4%	28	3 Nov 2026	−4.1%
AI infrastructure: network, servers, power	VRT	Vertiv Holdings, LLC	95	27.0	24.1	20.4	+37.1%	27	21 Oct 2026	−35.1%
AI infrastructure: network, servers, power	ETN	Eaton Corporation, PLC	167	26.7	21.4	16.6	+11.7%	26	3 Nov 2026	−10.0%
AI infrastructure: network, servers, power	GEV	GE Vernova Inc.	257	38.3	21.9	7.5	+28.5%	33	28 Oct 2026	−19.5%
AI infrastructure: network, servers, power	VST	Vistra Corp.	46	13.3	−5.5	13.8	+57.4%	19	5 Nov 2026	−36.3%
AI infrastructure: network, servers, power	CEG	Constellation Energy Corporatio	92	19.5	23.0	8.7	+33.9%	20	9 Nov 2026	−37.1%
AI infrastructure: network, servers, power	CIEN	Ciena Corporation	49	29.3	37.0	18.1	+49.5%	19	3 Sep 2026	−45.8%
AI infrastructure: network, servers, power	COHR	Coherent Corp.	55	20.1	33.7	11.8	+48.1%	22	4 Nov 2026	−36.3%
AI infrastructure: network, servers, power	DELL	Dell Technologies Inc.	347	18.7	57.7	12.0	+5.8%	25	27 Nov 2026	−8.3%
AI infrastructure: network, servers, power	SMCI	Super Micro Computer, Inc.	28	8.0	93.2	13.4	−0.1%	16	3 Nov 2026	−27.8%
AI infrastructure: network, servers, power	CRWV	CoreWeave, Inc.	47	−46.9	112.5	−1.9	+65.6%	38	11 Nov 2026	−44.2%
AI infrastructure: network, servers, power	NBIS	Nebius Group N.V.	64	−67.3	454.0	−0.2	+20.6%	19	10 Nov 2026	−21.6%
AI infrastructure: network, servers, power	EQIX	Equinix, Inc.	100	54.3	16.7	27.0	+22.0%	31	28 Oct 2026	−10.5%
AI infrastructure: network, servers, power	DLR	Digital Realty Trust, Inc.	67	64.4	29.9	25.9	+25.6%	32	22 Oct 2026	−14.5%
Consumer tech & platforms	AAPL	Apple Inc.	4,980	35.6	16.4	32.6	−3.8%	39	29 Oct 2026	−1.2%
Consumer tech & platforms	TSLA	Tesla, Inc.	1,429	166.5	25.5	1.4	+9.4%	38	21 Oct 2026	−27.5%
Consumer tech & platforms	NFLX	Netflix, Inc.	289	18.2	13.4	33.4	+33.9%	45	20 Oct 2026	−44.4%
China tech	0700.HK	TENCENT	505	12.2	11.0	32.9	+50.7%	41	18 Nov 2026	−35.6%
China tech	9988.HK	BABA-W	273	11.7	8.6	7.3	+61.4%	22	24 Nov 2026	−42.2%
China tech	3690.HK	MEITUAN-W	51	14.9	13.9	−0.6	+53.6%	36	26 Nov 2026	−33.4%
China tech	1810.HK	XIAOMI-W	85	16.7	−6.1	4.0	+40.2%	28	17 Nov 2026	−54.3%
China tech	9618.HK	JD-SW	36	6.4	−2.9	1.2	+45.1%	21	12 Nov 2026	−27.3%
China tech	0981.HK	SMIC	67	34.0	36.1	17.1	+54.6%	22	12 Nov 2026	−34.7%
China tech	PDD	PDD Holdings Inc.	112	6.4	8.1	24.7	+45.6%	34	18 Nov 2026	−43.5%
China tech	BIDU	Baidu, Inc.	30	11.3	−4.2	9.7	+67.1%	31	18 Nov 2026	−47.2%
Indonesia digital, telco & data centres	GOTO.JK	GoTo Gojek Tokopedia Tbk.	3	−8.1	30.6	6.4	+69.9%	22	28 Oct 2026	−41.1%
Indonesia digital, telco & data centres	BUKA.JK	Bukalapak.com Tbk.	1	23.7	−0.5	0.9	+93.0%	4	27 Oct 2026	−48.0%
Indonesia digital, telco & data centres	EMTK.JK	Elang Mahkota Teknologi Tbk	1	62.1	2.6	7.3	–	–	30 Oct 2026	−76.0%
Indonesia digital, telco & data centres	DCII.JK	DCI Indonesia Tbk.	26	–	64.0	47.2	–	–	–	−34.2%
Indonesia digital, telco & data centres	MTDL.JK	Metrodata Electronics Tbk	0	7.7	12.5	4.7	+60.6%	1	–	−21.0%
Indonesia digital, telco & data centres	TLKM.JK	Telkom Indonesia (Persero) Tbk.	13	9.1	6.4	28.5	+45.3%	23	29 Oct 2026	−40.6%
Indonesia digital, telco & data centres	ISAT.JK	Indosat Tbk	4	11.2	14.0	21.2	+28.5%	21	–	−21.4%
Indonesia digital, telco & data centres	EXCL.JK	XLSMART Telecom Sejahtera Tbk.	2	13.8	16.0	3.2	+37.3%	22	–	−49.2%
Indonesia digital, telco & data centres	TOWR.JK	Sarana Menara Nusantara Tbk.	1	5.4	14.6	54.0	+71.3%	14	29 Oct 2026	−41.2%
Indonesia digital, telco & data centres	WIFI.JK	Solusi Sinergi Digital Tbk.	1	–	179.3	51.8	+117.4%	7	–	−61.7%

Consensus figures are third-party estimates, shown as captured; not our view.

Source: Company data as captured in the cockpit file (market data and consensus via its sources)

Data ↓

Hyperscaler capex

Quarterly capital spending of the largest cloud companies: the money behind the AI build-out.

Hyperscaler capital spending per quarter (USD bn)

Source: SEC EDGAR filings (via the cockpit file) · As of 30 Jun 2026

Hyperscaler capex by company (USD bn per quarter)

Quarter	Quarter end	Total	AMZN	GOOGL	META	MSFT	ORCL	Total, year on year (%)
2023Q3	30 Sep 2023	38.3	12.5	8.1	6.5	9.9	1.3	–
2023Q4	31 Dec 2023	44.0	14.6	11.0	7.6	9.7	1.1	+5.6%
2024Q1	31 Mar 2024	46.0	14.9	12.0	6.4	11.0	1.7	+25.7%
2024Q2	30 Jun 2024	55.6	17.6	13.2	8.2	13.9	2.8	+57.5%
2024Q3	30 Sep 2024	61.2	22.6	13.1	8.3	14.9	2.3	+59.9%
2024Q4	31 Dec 2024	76.3	27.8	14.3	14.4	15.8	4.0	+73.4%
2025Q1	31 Mar 2025	77.8	25.0	17.2	12.9	16.7	5.9	+69.2%
2025Q2	30 Jun 2025	97.3	32.2	22.4	16.5	17.1	9.1	+74.9%
2025Q3	30 Sep 2025	105.8	35.1	24.0	18.8	19.4	8.5	+72.9%
2025Q4	31 Dec 2025	130.7	39.5	27.9	21.4	29.9	12.0	+71.2%
2026Q1	31 Mar 2026	148.4	44.2	35.7	19.0	30.9	18.6	+90.8%
2026Q2	30 Jun 2026	181.5	54.2	44.9	30.1	35.8	16.5	+86.5%

Year on year: total ÷ total in the same quarter a year earlier − 1, × 100

Source: SEC EDGAR filings (via the cockpit file) · As of 30 Jun 2026

Data ↓

Tech ETFs

ETF	Price	1W (%)	1M (%)	YTD (%)	1Y (%)	As of
VanEck Semiconductor (SMH)	599.73	+0.6%	+8.4%	+66.5%	+86.4%	28 Sep 2026
iShares Software (IGV)	105.59	−1.4%	−3.6%	−0.1%	−8.2%	28 Sep 2026
First Trust Cybersecurity (CIBR)	101.50	−1.5%	+3.0%	+42.1%	+33.9%	28 Sep 2026
WisdomTree Cloud (WCLD)	39.92	−3.3%	−7.0%	+14.0%	+11.1%	28 Sep 2026
KraneShares China Internet (KWEB)	24.73	−1.8%	−6.0%	−27.4%	−39.8%	28 Sep 2026
Utilities (XLU)	39.23	−3.5%	−8.2%	−8.1%	−9.6%	28 Sep 2026

Change: Change over the range: % for prices and FX, basis points for yields and spreads; base = the last reading on or before the range start.

Source: Yahoo Finance

Data ↓

Calendar-year returns

Calendar-year returns (%)

Asset	2021	2022	2023	2024	2025	YTD
Semis: AI compute & design (equal-weight basket)	–	−44.6%	+106.4%	+39.1%	+35.2%	+108.0%
Brent	+50.2%	+10.5%	−10.3%	−3.1%	−18.5%	+74.3%
TAIEX	+23.7%	−22.4%	+26.8%	+28.5%	+25.7%	+62.2%
KOSPI	+3.6%	−24.9%	+18.7%	−9.6%	+75.6%	+31.8%
Nikkei 225	+4.9%	−9.4%	+28.2%	+19.2%	+26.2%	+28.0%
MSCI EM (ETF)	−5.5%	−22.4%	+6.1%	+4.0%	+30.8%	+22.7%
Nasdaq 100	+26.6%	−33.0%	+53.8%	+24.9%	+20.2%	+18.6%
Copper	+26.8%	−14.6%	+2.0%	+2.7%	+41.2%	+17.4%
S&P 500	+26.9%	−19.4%	+24.2%	+23.3%	+16.4%	+12.8%
Euro Stoxx 50	+20.6%	−11.9%	+19.2%	+7.7%	+19.0%	+6.4%
Hyperscalers (equal-weight basket)	–	−38.5%	+80.2%	+44.5%	+26.1%	+2.1%
Gold	−3.5%	−0.1%	+13.4%	+27.5%	+64.4%	−5.4%
Bitcoin	+59.7%	−64.1%	+153.6%	+121.9%	−6.3%	−5.8%
Hang Seng	−14.1%	−15.5%	−13.8%	+17.7%	+27.8%	−6.1%
CSI 300	−5.2%	−21.6%	−14.0%	+18.2%	+17.7%	−6.2%
JCI (IHSG)	+10.1%	+4.1%	+6.2%	−2.7%	+22.1%	−32.2%

Full years are the cockpit's figures from daily closes; YTD is calculated here from our latest closes.

Return: last close of the year ÷ last close of the previous year − 1, × 100 (price only, no dividends, local currency)

Source: Full years: the cockpit file, computed from daily closes; YTD: our stored daily closes · As of 15 Oct 2026

Data ↓

What moves together

Correlation of daily moves, last 3M

	S&P 500	Nasdaq 100	PHLX Semicondu	JCI (IHSG)	KOSPI	TAIEX	CSI 300	UST 10YR	INDOGB 10YR	DXY	USD/IDR	Gold	Brent	Bitcoin	VIX
S&P 500	1.00	0.91	0.64	0.19	0.17	0.28	0.25	−0.44	−0.17	−0.29	0.07	0.37	−0.55	0.33	−0.74
Nasdaq 100	0.91	1.00	0.85	0.27	0.29	0.31	0.45	−0.33	−0.19	−0.24	0.05	0.33	−0.44	0.36	−0.66
PHLX Semiconductor (SOX)	0.64	0.85	1.00	0.30	0.39	0.30	0.49	−0.17	−0.10	−0.18	0.03	0.30	−0.20	0.27	−0.56
JCI (IHSG)	0.19	0.27	0.30	1.00	0.24	0.21	0.13	0.12	−0.38	−0.22	−0.12	0.24	0.06	0.18	−0.14
KOSPI	0.17	0.29	0.39	0.24	1.00	0.80	0.57	0.10	−0.25	−0.02	−0.02	0.19	0.03	0.02	−0.17
TAIEX	0.28	0.31	0.30	0.21	0.80	1.00	0.49	0.23	−0.27	0.17	−0.12	0.02	−0.06	−0.06	−0.27
CSI 300	0.25	0.45	0.49	0.13	0.57	0.49	1.00	0.03	−0.20	0.05	−0.06	0.27	0.00	0.19	−0.17
UST 10YR	−0.44	−0.33	−0.17	0.12	0.10	0.23	0.03	1.00	−0.03	0.31	−0.16	−0.30	0.51	−0.24	0.26
INDOGB 10YR	−0.17	−0.19	−0.10	−0.38	−0.25	−0.27	−0.20	−0.03	1.00	0.09	0.21	−0.29	0.04	−0.20	0.11
DXY	−0.29	−0.24	−0.18	−0.22	−0.02	0.17	0.05	0.31	0.09	1.00	0.04	−0.48	0.03	−0.33	0.37
USD/IDR	0.07	0.05	0.03	−0.12	−0.02	−0.12	−0.06	−0.16	0.21	0.04	1.00	−0.22	−0.27	0.12	−0.04
Gold	0.37	0.33	0.30	0.24	0.19	0.02	0.27	−0.30	−0.29	−0.48	−0.22	1.00	−0.02	0.49	−0.44
Brent	−0.55	−0.44	−0.20	0.06	0.03	−0.06	0.00	0.51	0.04	0.03	−0.27	−0.02	1.00	−0.20	0.37
Bitcoin	0.33	0.36	0.27	0.18	0.02	−0.06	0.19	−0.24	−0.20	−0.33	0.12	0.49	−0.20	1.00	−0.23
VIX	−0.74	−0.66	−0.56	−0.14	−0.17	−0.27	−0.17	0.26	0.11	0.37	−0.04	−0.44	0.37	−0.23	1.00

+1: they move together; −1: opposite; 0: unrelated. Yields are in changes, so bond prices move the other way.

Correlation: Pearson correlation of day-to-day changes (% for prices, bp for yields) over the last 63 days both series have; at least 63 days per pair

Source: Our stored prices and yields

Data ↓

Correlation of daily moves, last 1Y 15 rows

	S&P 500	Nasdaq 100	PHLX Semicondu	JCI (IHSG)	KOSPI	TAIEX	CSI 300	UST 10YR	INDOGB 10YR	DXY	USD/IDR	Gold	Brent	Bitcoin	VIX
S&P 500	1.00	0.92	0.73	0.07	0.13	0.14	0.15	−0.32	−0.01	−0.33	0.03	0.30	−0.34	0.46	−0.81
Nasdaq 100	0.92	1.00	0.88	0.04	0.21	0.19	0.25	−0.26	−0.01	−0.28	0.03	0.28	−0.27	0.43	−0.72
PHLX Semiconductor (SOX)	0.73	0.88	1.00	0.03	0.29	0.21	0.35	−0.19	0.03	−0.22	0.07	0.26	−0.19	0.32	−0.57
JCI (IHSG)	0.07	0.04	0.03	1.00	0.35	0.30	0.32	−0.04	−0.28	−0.14	−0.05	0.14	−0.12	0.04	0.00
KOSPI	0.13	0.21	0.29	0.35	1.00	0.75	0.57	0.01	−0.29	−0.05	−0.06	0.21	−0.12	0.01	−0.02
TAIEX	0.14	0.19	0.21	0.30	0.75	1.00	0.52	0.11	−0.26	−0.02	−0.12	0.17	−0.14	0.00	−0.03
CSI 300	0.15	0.25	0.35	0.32	0.57	0.52	1.00	0.03	−0.24	−0.05	0.05	0.29	−0.05	0.07	−0.06
UST 10YR	−0.32	−0.26	−0.19	−0.04	0.01	0.11	0.03	1.00	0.04	0.36	0.00	−0.15	0.42	−0.05	0.19
INDOGB 10YR	−0.01	−0.01	0.03	−0.28	−0.29	−0.26	−0.24	0.04	1.00	0.07	0.18	−0.14	0.19	0.06	−0.11
DXY	−0.33	−0.28	−0.22	−0.14	−0.05	−0.02	−0.05	0.36	0.07	1.00	0.02	−0.37	0.22	−0.20	0.26
USD/IDR	0.03	0.03	0.07	−0.05	−0.06	−0.12	0.05	0.00	0.18	0.02	1.00	0.00	−0.05	−0.04	−0.03
Gold	0.30	0.28	0.26	0.14	0.21	0.17	0.29	−0.15	−0.14	−0.37	0.00	1.00	−0.15	0.25	−0.19
Brent	−0.34	−0.27	−0.19	−0.12	−0.12	−0.14	−0.05	0.42	0.19	0.22	−0.05	−0.15	1.00	−0.08	0.26
Bitcoin	0.46	0.43	0.32	0.04	0.01	0.00	0.07	−0.05	0.06	−0.20	−0.04	0.25	−0.08	1.00	−0.38
VIX	−0.81	−0.72	−0.57	0.00	−0.02	−0.03	−0.06	0.19	−0.11	0.26	−0.03	−0.19	0.26	−0.38	1.00

+1: they move together; −1: opposite; 0: unrelated. Yields are in changes, so bond prices move the other way.

Correlation: Pearson correlation of day-to-day changes (% for prices, bp for yields) over the last 252 days both series have; at least 222 days per pair

Source: Our stored prices and yields

Data ↓

Which markets lead

Rotation against MSCI ACWI (ETF)

Market	Relative strength (100 = 1-year average)	Momentum (100 = unchanged over 4 weeks)	Quadrant	As of
TAIEX	110.1	102.7	Leading	14 Oct 2026
Nasdaq 100	104.0	102.2	Leading	14 Oct 2026
S&P 500	101.6	101.5	Leading	14 Oct 2026
Bovespa	99.1	104.3	Improving	28 Sep 2026
Euro Stoxx 50	97.8	98.7	Lagging	14 Oct 2026
Mexico IPC	91.0	100.3	Improving	28 Sep 2026
Nifty 50	86.3	99.5	Lagging	14 Oct 2026
KOSPI	84.2	84.8	Lagging	14 Oct 2026

A simple approximation of a relative rotation chart, not the proprietary RS-Ratio method. Prices in local currency, so currency moves are not included.

Relative strength: 100 × (market ÷ benchmark) ÷ its average over the last 247 common daily readings

Momentum: 100 × relative strength now ÷ relative strength 20 days earlier

Source: Our stored prices (local currency)

Data ↓