{"id":203404,"date":"2024-03-14T08:41:52","date_gmt":"2024-03-14T12:41:52","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=203404"},"modified":"2024-03-18T10:22:38","modified_gmt":"2024-03-18T14:22:38","slug":"chart-advisor-classifying-bonds","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-classifying-bonds\/","title":{"rendered":"Chart Advisor: Classifying Bonds"},"content":{"rendered":"\n<p>By\u00a0<a href=\"https:\/\/links.investopedia.com\/u\/click?_t=36ba8fa8372241d58b3bfc06997a4332&amp;_m=64d9238f59084ee789e2a8dffcc2f28f&amp;_e=MCMQEkfZl1nWJTA6DRcPgd-03pHOySO20ccoFjYcPDvpEKJRSNYP1h_41M_84_c9pBewTz7H6j9Bt6P41ZTAX6nqBC3rEH2DW_22LtdW-hgm41QM-4_tvA3IosbXUsfsJKGDw8jBqX82dKaRHaw7poyVkQm6Da4poGeMVFGA5sfT4BuWBOWNsxKf37sApm0wbp0rHkpdU62qg4psupUmo3ZPw3LtPgrmoG3i-8hnzS9GYjedfQwh59AiwGQ1TK3-Sxnvs4utUh-VvRvr0QmpPJT69KMlReBRFGI_92LMgFlSd07UjFnOv9mcR_lBvXv90JW08O7JiCjernJjywFq94D8eexJpIGnYzNXKFh-cl5pEpeOvr0ZFQWrn4OpucJGoUm_WmR1mKRTmrqjj5sBnZ_AcDUvi5ES15Y2VpGSqnQVEax726CtY3b7kho2wIIIIIboHpDsUElhkWZYHgMIIQ%3D%3D\" target=\"_blank\" rel=\"noreferrer noopener\">Adam Koos, CFP, CMT, CEPA<\/a><\/p>\n\n\n\n<p><em>Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research to investors, and may trade or hold positions in securities mentioned herein do not represent the views of CMT Association or Investopedia. Please consult a financial advisor for investment recommendations and services.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-looking-at-bonds\">1\/ <strong>Looking at Bonds<\/strong><\/h2>\n\n\n\n<p>I hesitated to write up a whole edition on bonds because not a whole lot has changed in the last few years, but for those who aren\u2019t \u201cin-the-know,\u201d let\u2019s start by getting up to speed.<\/p>\n\n\n\n<p>If any of us received any financial education whatsoever, we were taught that stocks are risky, smaller stocks are even riskier, you\u2019ve gotta\u2019 be crazy to invest in commodities, and bonds\u2026 well, bonds are safe!<\/p>\n\n\n\n<p>Perhaps this was true as interest rates fell from their highs in the 1980\u2019s until the COVID pandemic began, but it\u2019s definitely not the case today.&nbsp;<\/p>\n\n\n\n<p>You see, bonds and interest rates have an inverse relationship.&nbsp; In other words, it\u2019s not a matter of speculation or analysis\u2026 when rates go up, bonds go down \u2013 and when rates go down, bonds go up.&nbsp; That\u2019s it.&nbsp; Pretty simple right?&nbsp;<\/p>\n\n\n\n<p>Well, it makes you wonder then\u2026 why is it that so many investors owned bonds this past few years as interest rates were almost sure to rise (and man\u2026 did they rise!), and as a result they stood by and watched the \u201csafe\u201d portion of their portfolio get vaporized in less than three years?<\/p>\n\n\n\n<p>Let\u2019s take a glimpse at reality\u2026<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"564\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1-1100x564.jpg\" alt=\"\" class=\"wp-image-203405 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1-1100x564.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1-700x359.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1-300x154.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1-768x394.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1-1536x787.jpg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-1.jpg 1575w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/564;\" \/><\/figure>\n\n\n\n<p>The above chart is a snapshot of the iShares U.S. Aggregate Bond ETF (AGG), which is a good representation of the overall bond market here in the U.S.&nbsp;<\/p>\n\n\n\n<p>I start with this chart because it\u2019s taken a milder beating than most bond investments out there, but being down -18% or more in what we\u2019ve been taught is a \u201csafe\u201d investment over a three year period?&nbsp; No bueno.&nbsp;<\/p>\n\n\n\n<p>As you can see today, a quick glimpse at this chart tells us that the bond market overall is printing lower-highs and lower-lows\u2026 the epitome of a downtrend.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-corporate-bonds\">2\/ <strong>Corporate Bonds<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"562\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2-1100x562.jpg\" alt=\"\" class=\"wp-image-203406 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2-1100x562.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2-700x358.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2-300x153.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2-768x392.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2-1536x785.jpg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-2.jpg 1578w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/562;\" \/><\/figure>\n\n\n\n<p>The next chart is a look at corporate bonds, so we\u2019re drilling down into different bond sectors now.&nbsp; Not much different here, is there?&nbsp; Again\u2026 higher rates = lower bond prices.<\/p>\n\n\n\n<p>Similar to the AGG chart above, we can clearly see lower-highs and lower-lows (again, a downtrend in my book), but what\u2019s worse here?\u00a0 Corporate bonds have been down more than -30% since their post-COVID peak.\u00a0 Ugh\u2026 that\u2019s rough.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-treasury-bonds\">3\/ <strong>Treasury Bonds<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"564\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4-1100x564.jpg\" alt=\"\" class=\"wp-image-203407 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4-1100x564.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4-700x359.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4-300x154.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4-768x394.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4-1536x788.jpg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-4.jpg 1573w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/564;\" \/><\/figure>\n\n\n\n<p>Alright, alright\u2026 maybe I\u2019m not being fair.&nbsp; Surely United States Treasury Bonds are safe, aren\u2019t they?&nbsp; I mean, they\u2019re backed by the full faith of the U.S. government, so how bad could they really be?<\/p>\n\n\n\n<p>Short answer:&nbsp; Bad.<\/p>\n\n\n\n<p><br>Long(er) answer:\u00a0 All I see here are lower-highs and lower-lows (again), but worse yet, if you\u2019ve held onto bonds since the post-COVID peak, this portion of your portfolio is down approximately -45% (FORTY-FIVE PERCENT!!!).\u00a0 &lt;sigh&gt;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-the-bottom-line\">4\/ <strong>The Bottom Line<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"562\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3-1100x562.jpg\" alt=\"\" class=\"wp-image-203408 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3-1100x562.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3-700x358.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3-300x153.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3-768x393.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3-1536x785.jpg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/14.03-3.jpg 1577w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/562;\" \/><\/figure>\n\n\n\n<p>Enough is enough \u2013 isn\u2019t there&nbsp;<strong><em>something<\/em><\/strong>&nbsp;in the bond market that doesn\u2019t look and smell like, well\u2026 you know?<\/p>\n\n\n\n<p>There are a few bond sectors that are showing some life, however, that doesn\u2019t mean bonds are out of the woods yet.&nbsp; As you can see above, this chart of International Sovereign Debt is actually printing higher lows and just this year, printed a major higher-high, so perhaps this is a glimpse into \u201chope\u201d for the bond market turning around, possibly later this spring or summer.<\/p>\n\n\n\n<p>Could it be turning around soon as a result of the Fed pausing interest rates (or even cutting rates in the near future)?\u00a0 Possibly\u2026 but at the end of the day, until bonds \u201cprove themselves\u201d to me, they\u2019re going to remain a no-touch in my book.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally posted on March 14th 2024<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If any of us received any financial education whatsoever, we were taught that stocks are risky, smaller stocks are even riskier, you\u2019ve gotta\u2019 be crazy to invest in commodities, and bonds\u2026 well, bonds are 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