Exchange-traded funds (ETFs) experienced a challenging March, with most asset classes posting negative returns as market volatility persisted across global markets. However, oil and Bitcoin emerged as notable exceptions, demonstrating resilience amid broader market weakness.
Mixed Performance Across Asset Classes in March
The commodity sector provided the standout performance in March, with the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) surging 18.7% for its third consecutive monthly gain. This impressive rally maintained oil’s uptrend trajectory, positioning it as the clear winner amongst major asset classes.
Bitcoin also bucked the broader negative trend, with the ProShares Bitcoin Strategy ETF (BITO) gaining 2.9% during the month. This positive performance helped snap a four-month losing streak, though the cryptocurrency remains in a broader downtrend pattern.
Conversely, precious metals faced significant headwinds, with the SPDR Gold MiniShares Trust (GLDM) tumbling 10.9% in March. This sharp decline snapped a seven-month winning streak for gold, marking it as the month’s worst performer.
Traditional equity markets also struggled, with the Vanguard S&P 500 ETF (VOO) declining 5.0% for its second consecutive monthly retreat. Similarly, the Hang Seng China Enterprises Index ETF fell 5.9%, extending its weakness into a second consecutive month.
Outlook for April Points to Continued Oil Strength
Looking ahead to April, technical analysis suggests oil is positioned to extend its outperformance relative to other asset classes. The oil ETF is expected to continue its upward momentum, with potential to test the US$202 level, representing a 13.6% upside from current prices.
Meanwhile, several asset classes are expected to face continued pressure. Both the S&P 500 and gold ETFs are anticipated to extend their March weakness, with potential retests of key support levels. The S&P 500 ETF may challenge the US$464.30 swing low established in July 2025, whilst gold could retest the US$86.09 support level formed in March 2026.
Other asset classes, including US Treasury bonds, Bitcoin, and Singapore equities, are expected to remain rangebound in April, trading within established consolidation patterns as markets await clearer directional catalysts.
Frequently Asked Questions
Q: Which ETF performed best in March?
A: The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) was the top performer, surging 18.7% for its third consecutive monthly gain.
Q: What was the worst-performing asset class in March?
A: Gold was the worst performer, with the SPDR Gold MiniShares Trust (GLDM) tumbling 10.9%, snapping a seven-month winning streak.
Q: Which asset class is expected to continue outperforming in April?
A: Oil is expected to continue outperforming other asset classes in April, with potential to test the US$202 level representing a 13.6% upside.
Q: What is the outlook for Bitcoin in April?
A: Bitcoin is expected to remain rangebound in April despite gaining 2.9% in March and snapping a four-month losing streak.
Q: How did US equities perform in March?
A: US equities struggled, with the S&P 500 ETF declining 5.0% for its second consecutive monthly retreat and entering a range consolidation pattern.
Q: What support levels are being watched for major indices?
A: The S&P 500 ETF may test the US$464.30 swing low from July 2025, while gold could retest the $86.09 support level formed in March 2026.
Q: Which asset classes are expected to remain sideways in April?
A: US Treasury bonds, Bitcoin, and Singapore equities are all expected to remain rangebound in April, trading within established consolidation patterns.
This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.
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