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The fell on Thursday, March 13, closing 10.1% below its previous peak – a decline that many analysts define as a “correction,” which is a slide ranging from 10% to 20%. A “bear market,” according to Wall Street-speak, arrives when a decline exceeds 20%. The word “B” doesn’t apply, at least not yet, but stocks are clearly on the defensive. Yet some corners of global markets are holding up if not rallying. Here’s a quick review highlighting a select list of recent winners based on a set of ETFs through yesterday’s close.

A leading bright spot at the moment is (GLD (NYSE:)), which continues to rally; the metal set a new record high yesterday. “Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability – and they are finding it in gold,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

GLD (SPDR Gold Shares) Chart (Daily Timeframe)
Short-term US Treasuries are also resilient in the current climate. The iShares 1-3 Year Treasury Bond ETF (BMV:) closed up yesterday, trading near a record high.
SHY (iShares 1-3 Year Treasury Bond ETF) Chart (Daily Timeframe)

Certain portfolio strategies are also looking strong this year. One bullish standout is merger arbitrage. The recent uptrend for the NYLI Merger Arbitrage ETF (NYSE:) has been a port in a storm this year.

MNA (IQ Merger Arbitrage ETF) Chart (Daily Timeframe)

Some versions of broadly defined commodities portfolios are also posting relative strength in 2025. The WisdomTree Commodity Index (GCC) is up 2.7% year to date despite a recent setback.

GCC (WisdomTree Continuous Commodity Index Fund) Chart (Daily Timeframe)

Prices for foreign government bonds have been rising lately from a US-investor perspective, in part due to a weak this year. When the greenback falls, that’s usually a tailwind for foreign assets denominated in foreign currencies. The bullish effect is conspicuous in government bonds issued in developed markets ex-US (BWX).

BWX (SPDR Barclays International Treasury Bond ETF) Chart (Daily Timeframe)

Government bonds issued in emerging markets (EMLC) are posting even stronger results in 2025.

EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) Chart (Daily Timeframe)

Back in the US, stocks in the utilities sector (XLU) have traditionally been a safe haven, and there’s some evidence for maintaining that view amid the latest correction for stocks overall. Utilities have been relatively stable this year and are currently posting a 2.2% advance for 2025 through yesterday’s close.

XLU (Utilities Select Sector SPDR Fund) Chart (Daily Timeframe)





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