March 6, 2026 | Power Index

The Power Index ranks five major capital buckets by relative performance for the short window ending March 6, 2026 (Mon close → Thu close). U.S. Equities are proxied by SPY, Treasuries by IEF, Commodities by DBC, Gold by GLD, and Bitcoin by BTC spot close.

Commodities retain the top rank for a third consecutive update. Bitcoin remains last. The middle of the table reshuffles slightly as Gold moves ahead of Equities.

Commodities holding #1 for a third window confirms repetition. The leadership position has not rotated despite shifts elsewhere in the table.

Treasuries remain second. Duration stays competitive inside the ranking even as yields move modestly higher. The position reflects stability rather than expansion.

Gold rises one position to third. This is the first upward move for the metal in two windows. The shift places it ahead of equities inside the universe.

U.S. Equities slip from third to fourth. The decline reflects relative weakness versus other assets rather than an absolute collapse.

Bitcoin remains last for a third consecutive update. (RankHistory | 3 windows | as of Mar 6) Capital continues to bypass the crypto bucket across both defensive and commodity-led windows.

Contribution data shows Commodities and Treasuries again account for the majority of dispersion within the universe for this window. Leadership remains concentrated near the top.

The structure does not rotate. It repeats.

Commodities remain #1 — three consecutive windows confirm persistence.
Treasuries hold #2 — duration remains competitive in the hierarchy.
Gold rises one rank — modest defensive improvement.
Equities slip to #4 — participation weakens relative to peers.
Bitcoin remains #5 — speculative capital remains disengaged.

Leadership stays concentrated. The top asset does not change. Movement occurs in the middle while the extremes remain fixed.

The structure is stable. Capital continues to favor the same hierarchy rather than expanding participation.