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S&P500 Return Attribution

MacroVantage 11/12/25
December 11, 2025
Qi Macro Valuation

1. Rate sensitive vs. bond proxy stocks – too far, too fast?

2. EURGBP – upside risks

3. EM bonds – trend break or pause that refreshes?

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Posted on
July 15, 2025
Written by
Qi Analytics Team

Strong Fundamentals, Macro Drag 

SPY has now returned +6.5% in the first 6 months of 2025 but note the breakdown - idio actually delivered +10.16%, but macro factors were a 3.66% drag on performance.

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Author
Qi Analytics Team

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