The Power Index ranks five major capital buckets by relative performance for the short window ending March 9, 2026 (Thu close → Mon 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 another update. Bitcoin remains last. The ordering in the middle remains unchanged as Treasuries hold second and Gold stays ahead of Equities.
Ranked: The Persistence
Commodities holding #1 for a fourth consecutive window confirms continued leadership. The position has remained unchanged across several updates, reinforcing the persistence of commodity strength relative to the broader universe.
Treasuries remain second. Duration continues to hold a stable position inside the ranking despite firm yields. The placement reflects resilience rather than expansion.
Gold remains third. The metal holds the same position reached in the previous window. No new upward movement occurs, but the asset continues to outrank equities in relative standing.
U.S. Equities remain fourth. The ranking reflects weaker participation compared with commodities and defensive assets rather than an outright collapse in equity markets.
Bitcoin remains last for a fourth consecutive update. (RankHistory | 4 windows | as of Mar 9) Capital allocation continues to bypass the crypto bucket across both commodity-led and defensive market environments.
Contribution data again shows Commodities and Treasuries accounting for most dispersion inside the universe for this window. Leadership remains concentrated near the top.
The structure does not rotate. It persists.
Positional Takeaways
Commodities remain #1 — four consecutive windows confirm persistence.
Treasuries hold #2 — duration stability remains intact.
Gold remains #3 — defensive positioning holds steady.
Equities remain #4 — participation continues to trail the leaders.
Bitcoin remains #5 — speculative capital remains disengaged.
Leadership stays concentrated. The top asset does not change. Movement remains limited to the middle of the table while the extremes stay fixed.
The structure remains stable. Capital continues to reinforce the same hierarchy rather than broadening participation.