The Power Index ranks five major capital buckets by relative performance for the week ending February 20, 2026 (Mon close → Fri close), using close-to-close percentage change in USD. U.S. Equities are proxied by SPY, Treasuries by IEF, Commodities by DBC, Gold by GLD, and Bitcoin by BTC spot close.
Treasuries take the top rank after sitting behind Gold in the prior window. Gold holds near the top but does not match the move in duration. Bitcoin stays last for a third straight week, keeping the bottom of the table unchanged.
Ranked: The Divergence
Treasuries were the clean standout. IEF finished about +0.9% on the week, while the other four buckets sat between modest green and clear red. That gap matters because it shows a market paying for one hedge, not all hedges.
Gold stayed constructive but quieter. GLD was roughly +0.2% to +0.4%, enough to hold #2, not enough to confirm a full defensive sweep. Commodities were basically a coin flip. DBC was near flat, supported by energy stability while the rest of the complex chopped around.
Equities were where the table got interesting. SPY was down about -1.1%, but RSP (equal-weight S&P 500) was up about +0.3%. That is a spread of roughly 1.4 points between the headline index and the average stock. It is the same story you keep seeing when the biggest names carry the microphone. The cap-weighted number takes the hit. A wider set of stocks quietly holds up better.
Then there is Bitcoin. BTC was down roughly -2.4% and stayed in last place again. Three consecutive bottom finishes is not a “call.” It is a behavior read. In this window, Bitcoin is not where capital goes to express risk appetite or hedge demand. It is being passed over.
So the hierarchy ends up layered. Duration gets paid first. Gold tags along, but lightly. Equities split internally. Commodities hover. Bitcoin stays ignored. The table is not screaming panic. It is showing selectivity.
The tension that stays open is simple: if equal-weight keeps holding up while Treasuries keep leading, the market can look “fine” on the surface while still reallocating hard underneath.