According to @lisaabramowicz1, the S&P 500 is up 17.4 percent year to date as of Monday’s US close, while the MSCI All Country World ex US index is up 29 percent, the widest US underperformance versus the rest of the world since 2009, source: @lisaabramowicz1. This implies an 11.6 percentage point performance spread favoring non US equities, offering a concrete relative strength measure that traders can monitor for cross asset positioning, source: @lisaabramowicz1. Crypto traders can reference this spread when evaluating BTC and ETH risk exposure within broader global risk sentiment analysis, source: @lisaabramowicz1.

According to Charlie Bilello, gold is up 55% year-to-date in 2025, making it the best-performing major asset as of Nov 15, 2025. Source: Charlie Bilello (X post, Nov 15, 2025; bilello.blog/newsletter). According to Charlie Bilello, Bitcoin (BTC) is up 1% year-to-date in 2025, ranking as the worst-performing major asset over the same period. Source: Charlie Bilello (X post, Nov 15, 2025; bilello.blog/newsletter). According to Charlie Bilello, the 54 percentage-point performance spread between gold and Bitcoin is the inverse of 2013 and has not occurred in any prior calendar year in his dataset. Source: Charlie Bilello (X post, Nov 15, 2025; bilello.blog/newsletter).