Relative rotation of the focus country indices against the global benchmark (ACWI). Returns are each country index's own price change; the RRG quadrants are relative to ACWI. Charts show the tail (last ~6 months, 4-week steps): 1-year is tactical, 3-year structural.
Structural (3-yr):Taiwan and South Korea remain the dominant structural leaders (x/y: 120.0/112.4 and 112.0/115.9 respectively), with deep outperformance and strong momentum entrenched over the three-year horizon. China is the most notable improver on the structural frame, crossing above the 100 threshold on momentum (y: 103.9) despite sitting just below trend leadership (x: 99.7), suggesting it is on the cusp of a structural upgrade. India and the United States remain structurally lagging, while Hong Kong’s structural leading position (x/y: 101.2/102.9) looks increasingly fragile given its sharp tactical deterioration.
Tactical (1-yr): The dominant 1y momentum theme this week is a broad deceleration in prior leaders: Taiwan and South Korea are both weakening tactically as momentum fades (y dropping to 94.2 and 91.5), even as their strong absolute 3M returns (+34% and +39.7%) confirm the underlying move was real. The standout tactical recovery is the United States, whose 1y momentum has surged to 110.4 → the highest y-reading in the cohort, lifting it into improving despite a structurally lagging 3y read — a sharp divergence worth monitoring. The sharpest structural-tactical disconnect belongs to Hong Kong, which is a structural leader yet sits deep in the lagging quadrant tactically (x/y: 84.3/88.8) with accelerating 1M losses of -4.6%, and to China, which is tactically weakening even as its structural momentum quietly builds.
Country-by-country
United States — Structurally, the US sits in the lagging quadrant vs ACWI on a 3-year horizon (x/y: 99.5/94.2), signalling that the long-run relative trend remains below benchmark and is losing momentum — a structurally cautious read. Tactically, however, the picture has turned more constructive: the 1-year node has moved into improving (x/y: 96/110.4), with the trajectory showing a sharp momentum surge from the 13-week low (x/y: 88/96.8) back toward the benchmark line — a classic recovery arc. This creates a clear structural vs tactical divergence: near-term relative momentum is rebuilding even as the multi-year trend has yet to confirm a regime shift. On an absolute basis, the US index has returned +23.8% over 1Y (+12.2% in 3M), but these gains have not yet translated into sustained structural outperformance vs global peers.
India — India remains structurally lagging vs ACWI on the 3-year horizon (x 88.6 / y 95.7), with both trend and momentum below par, offering no structural case for overweight relative to global peers. Tactically, however, the picture is more constructive: the 1-year node sits in improving (x 91.4 / y 102.5), and the trajectory shows a modest momentum recovery over the past 13 weeks after a prolonged slide from 52-weeks-ago (x 96.1 / y 107.5) → a trough near 13 weeks ago (x 90.6 / y 97.7) → a tick back above 100 on momentum today. The divergence is notable: a tactical improving read against a structural lagging backdrop suggests any near-term bounce is a countertrend move rather than a durable re-rating. Absolute 1Y return of -10.3% underscores the weight of the structural drag, even as the 3M return of +4.0% reflects the near-term stabilisation.
South Korea — South Korea sits in the leading quadrant structurally (3y x/y: 112/115.9), confirming a durable outperformance vs ACWI, but has rotated into weakening tactically (1y x/y: 111.2/91.5) — a clear divergence that warrants attention. The 1y trajectory maps the path: from improving at 52 weeks ago (99.2/105.2), through a sharp rs_ratio surge to a peak near 13 weeks ago (114.1/98.9), and now drifting lower on momentum (111.2/91.5), consistent with a post-rally consolidation. Absolute returns remain exceptional at +141.8% over 1Y, validating the structural case, but the fading momentum reading suggests near-term relative headwinds. Structural conviction stays intact; tactical exposure should be sized with awareness that the country is in the weakening arc of what has been a powerful outperformance cycle.
Taiwan — Taiwan is structurally leading vs ACWI on the 3-year horizon (x/y: 120/112.4, leading), reflecting a dominant long-run outperformance driven by the semiconductor and AI supply-chain cycle that has delivered an extraordinary absolute 1Y return of +87.3%. Tactically, however, the picture is less constructive: the 1-year node sits at x/y 112.7/94.2 in the weakening quadrant, and the trajectory confirms a clear momentum fade — rs_momentum has slid from 103.1 (52 weeks ago) through 100.8 (26w) and 101.6 (13w) to 94.2 today, even as rs_ratio has held above 112. This is a textbook structural-vs-tactical divergence: Taiwan remains a long-run relative outperformer vs ACWI, but the near-term relative momentum is rolling over → the country is drifting clockwise toward the lagging quadrant on the 1-year RRG. PMs with a structural mandate can stay long, but tactical overlays should be sized cautiously given the momentum deterioration.
China — Structurally, China sits in improving territory vs ACWI on a 3-year horizon (x/y: 99.7/103.9), meaning relative momentum is positive even as trend strength remains just below benchmark — a recovery posture rather than confirmed leadership. Tactically, however, the picture has deteriorated sharply: China is weakening on the 1-year RRG (x/y: 103.4/92.5), and the trajectory confirms a meaningful rollover — from 104.6/95.4 six months ago to a peak at 110.9/104.8 thirteen weeks ago before a decisive reversal back to current levels. This is a classic divergence: structural momentum is constructive, but tactical momentum has faded meaningfully from its recent peak, suggesting near-term relative headwinds despite an absolute 1Y return of +37.1%. PMs should treat China as a structural improving story that is tactically stretched and currently correcting, with the 1M absolute return of -4.2% reflecting the near-term pressure.
Hong Kong — Hong Kong sits in a structurally leading posture vs ACWI on the 3-year horizon (x 101.2 / y 102.9), but has deteriorated sharply on the 1-year tactical view, now firmly lagging (x 84.3 / y 88.8) → a clear and meaningful dual-horizon divergence. The 1-year trajectory tells the story: from x 106.1 / y 90.3 a year ago, momentum and trend strength have eroded continuously through each quarterly checkpoint to the current print, with both axes well below 100. Absolute returns are modestly positive over one year (+9.6%), but the 1-month (-4.6%) and 3-month (-3.4%) readings confirm near-term pressure is mounting. PMs should treat the structural read with caution; the tactical deterioration is broad-based and the 3-year leading status appears increasingly at risk of rolling over.
Countries — 1-Year (52w) tactical
Countries — 3-Year (156w) structural
Country
1M
3M
1Y
1-yr RRG (x/y)
3-yr RRG (x/y)
Taiwan
+6.5%
+34.0%
+87.3%
weakening113/94
leading120/112
South Korea
+6.0%
+39.7%
+141.8%
weakening111/92
leading112/116
Hong Kong
-4.6%
-3.4%
+9.6%
lagging84/89
leading101/103
China
-4.2%
+1.4%
+37.1%
weakening103/92
improving100/104
United States
+0.8%
+12.2%
+23.8%
improving96/110
lagging100/94
India
+0.9%
+4.0%
-10.3%
improving91/102
lagging89/96
2 · Country drill-down — Sectors vs own country
For each country: its sector indices with actual returns (1M / 3M / 1Y) and how each sector rotates relative to the country index (1-year tactical and 3-year structural). Sectors grouped by 1-year quadrant. (Returns are absolute; the quadrant carries the relative read.)
United States
Index returns 1M +0.8% 3M +12.2% 1Y +23.8% | vs ACWI: 1-yr improving 3-yr lagging
Sector read.Electronic Technology is the standout dual-horizon leader — 1y leading (x/y: 112.2/101.4) and 3y leading (x/y: 111.5/106.3) — backed by a remarkable +76% absolute 1Y return (+31.3% in 3M), making it the clearest structural and tactical conviction position within the US market. Producer Manufacturing and Non-Energy Minerals are 3y leading but have rolled into 1y weakening, flagging a tactical fade in their relative momentum despite strong absolute 1Y returns of +70.7% and +60.4% respectively — worth monitoring for continued rotation. Industrial Services mirrors this pattern, also 3y leading but 1y weakening (x/y: 106/97.2), with a soft 1M of -3.3%. On the improving side, Technology Services (1y improving, x/y: 93.6/106.4) and Finance (1y improving, x/y: 89/101.1) are tactically re-engaging, though both remain structurally lagging on a 3y basis — momentum without structural conviction. Commercial Services is the clearest structural and tactical laggard, sitting 3y lagging (x/y: 84.3/88.6) with a -18.1% absolute 1Y return, while Consumer Services and Communications are dual-horizon lagging with flat-to-negative 1Y returns, suggesting persistent relative underperformance with no near-term catalyst visible.
United States sectors — 1-Year
United States sectors — 3-Year
Sector
1M
3M
1Y
1-yr vs country
3-yr vs country
Electronic Technology
+1.5%
+31.3%
+76.0%
leading112/101
leading112/106
Health Services
+3.6%
+22.5%
+17.5%
leading100/104
improving92/110
Retail Trade
-4.3%
+6.1%
+11.6%
improving94/102
lagging99/88
Finance
+4.5%
+10.2%
+10.7%
improving89/101
lagging90/93
Miscellaneous
+22.5%
+34.8%
+2.3%
improving99/103
lagging98/92
Technology Services
-4.9%
+6.5%
-0.6%
improving94/106
lagging99/89
Commercial Services
+3.0%
+0.8%
-18.1%
improving92/103
lagging84/89
Producer Manufacturing
+7.2%
+24.0%
+70.7%
weakening108/91
leading119/110
Non-Energy Minerals
+5.1%
+9.9%
+60.4%
weakening103/90
leading116/112
Industrial Services
-3.3%
+7.9%
+30.9%
weakening106/97
leading103/106
Energy Minerals
-4.2%
-2.8%
+27.8%
weakening104/93
improving96/112
Transportation
+5.0%
+14.1%
+23.0%
lagging95/91
improving93/105
Consumer Durables
-0.5%
+4.9%
+22.3%
lagging95/93
leading105/105
Health Technology
+5.6%
+1.5%
+17.3%
lagging93/90
improving94/106
Distribution Services
+6.7%
+1.4%
+16.3%
lagging90/87
leading100/106
Utilities
+1.0%
-4.1%
+11.3%
lagging91/95
improving96/102
Process Industries
+2.3%
+2.4%
+10.0%
lagging96/95
improving92/104
Consumer Non-Durables
+3.1%
+2.0%
+1.2%
lagging93/95
improving92/103
Consumer Services
+4.5%
+2.3%
-0.6%
lagging90/99
lagging90/94
Communications
+1.0%
-8.7%
-1.4%
lagging92/98
lagging94/92
India
Index returns 1M +0.9% 3M +4.0% 1Y -10.3% | vs ACWI: 1-yr improving 3-yr lagging
Sector read.Producer Manufacturing (1y leading x 114.6 / y 103.1; 3y leading x 105.9 / y 103.4) is the sole dual-horizon leader and the cleanest structural conviction within India, posting +2.2% on a 1Y absolute basis against a deeply negative market backdrop. Distribution Services (1y leading; 3y improving, x 94.7 / y 113.1) is the tactical standout with a striking +36.1% 3M absolute return, though its 3y node has not yet crossed into leading territory. Utilities and Transportation are both 1y leading but structurally improving and weakening respectively — tactically strong but without durable structural confirmation. A cluster of Healthcare names warrants close attention for divergence: Health Technology and Health Services are both 1y leading yet 3y weakening (Health Technology x 105.4 / y 91.5; Health Services x 107.2 / y 86.7), signalling that recent relative strength is occurring against a fading structural backdrop — a classic late-cycle rotation risk. On the laggard side, Finance (1y lagging x 90.3 / y 87.1; despite 3y leading x 106.4 / y 102.7) and Technology Services (1y improving but 3y lagging; -36.7% 1Y) represent the sharpest structural-tactical divergences to monitor, with Finance in particular flagging a meaningful deterioration from what was a strong 3-year base.
India sectors — 1-Year
India sectors — 3-Year
Sector
1M
3M
1Y
1-yr vs country
3-yr vs country
Distribution Services
+8.9%
+36.1%
+7.8%
leading116/112
improving95/113
Utilities
+0.2%
+12.3%
+4.5%
leading114/105
improving98/106
Producer Manufacturing
+3.6%
+13.3%
+2.2%
leading115/103
leading106/103
Transportation
+2.8%
+13.9%
+1.6%
leading106/103
weakening106/100
Health Services
+3.1%
+11.3%
+0.3%
leading106/109
weakening107/87
Health Technology
+1.1%
+6.5%
-3.1%
leading112/106
weakening105/92
Electronic Technology
+3.7%
+13.7%
-3.3%
leading110/107
weakening106/98
Industrial Services
+3.0%
+12.1%
-12.2%
improving100/109
lagging98/97
Process Industries
+1.5%
+10.9%
-15.0%
improving99/106
improving93/102
Consumer Non-Durables
-2.2%
+1.5%
-16.6%
improving94/103
improving93/101
Retail Trade
-2.9%
+7.3%
-19.2%
improving98/105
lagging87/94
Commercial Services
+3.0%
+11.1%
-22.0%
improving94/114
lagging88/92
Miscellaneous
-0.3%
+3.8%
-23.4%
improving97/101
improving92/117
Consumer Services
+0.7%
+0.2%
-26.9%
improving92/104
lagging87/99
Technology Services
-1.4%
-6.1%
-36.7%
improving89/101
lagging88/94
Non-Energy Minerals
-2.8%
+7.1%
+5.7%
weakening109/94
leading119/113
Consumer Durables
+2.3%
+2.7%
-0.2%
lagging100/95
leading111/105
Communications
-0.7%
+4.3%
-6.0%
lagging96/97
weakening108/92
Finance
+2.4%
+0.4%
-12.1%
lagging90/87
leading106/103
Energy Minerals
-3.3%
-8.7%
-14.3%
lagging96/87
improving98/106
South Korea
Index returns 1M +6.0% 3M +39.7% 1Y +141.8% | vs ACWI: 1-yr weakening 3-yr leading
Sector read.Electronic Technology is the unambiguous anchor — structurally leading (3y x/y: 119.9/110) and the top absolute performer (+394.3% 1Y, +83.2% 3M), though tactically weakening (1y x/y: 111/98.2), mirroring the country's own dual-horizon divergence; this is a structural hold, not a chase. Finance presents a cautionary read: structurally weakening (3y x/y: 102.7/93.2) and now tactically lagging (1y x/y: 90.5/98.3), a clockwise deterioration despite solid absolute returns (+90.1% 1Y) — relative leadership is eroding. A broad cluster of domestic-oriented sectors — Retail Trade, Distribution Services, Communications, Consumer Services, Technology Services, Consumer Non-Durables, Transportation, Industrial Services, Commercial Services, Producer Manufacturing, Health Technology, and Utilities — share a 1y improving posture, suggesting emerging relative strength vs the Korean index, though nearly all remain structurally lagging (3y), so recoveries should be treated as tactical rotations rather than structural re-ratings. Industrial Services stands out within this cohort as the sole name that is improving on both horizons (3y x/y: 90.1/103.4; 1y x/y: 90.3/100.3) with a credible absolute track record (+86.4% 1Y), making it the most structurally interesting of the improvers. On the laggard side, Health Services (1y: 81.3/90.9; 3y: 85.1/84.3 — lagging on both horizons) and Non-Energy Minerals (1y: 87.8/91 lagging; 3y: 87.5/94.4 lagging) offer no rotation catalyst across either timeframe and should be avoided.
South Korea sectors — 1-Year
South Korea sectors — 3-Year
Sector
1M
3M
1Y
1-yr vs country
3-yr vs country
Industrial Services
+2.7%
+32.7%
+86.4%
improving90/100
improving90/103
Producer Manufacturing
-7.4%
+9.7%
+69.1%
improving89/104
lagging98/97
Retail Trade
+1.0%
+27.3%
+37.3%
improving92/102
lagging87/94
Communications
-2.9%
+11.2%
+26.2%
improving92/102
lagging86/87
Utilities
-6.7%
-19.2%
+13.2%
improving87/101
lagging99/95
Distribution Services
-0.1%
+10.1%
+6.4%
improving92/104
lagging85/95
Consumer Non-Durables
-7.5%
+1.3%
+2.2%
improving91/104
lagging82/87
Technology Services
+0.7%
+2.2%
+0.7%
improving91/104
lagging82/90
Transportation
-8.6%
-6.4%
-5.8%
improving91/102
lagging83/93
Health Technology
-13.3%
-25.2%
-10.9%
improving88/102
lagging89/89
Commercial Services
-8.3%
-25.1%
-20.7%
improving89/102
lagging87/85
Consumer Services
-8.2%
-11.2%
-29.6%
improving92/103
lagging88/98
Electronic Technology
+16.3%
+83.2%
+394.3%
weakening111/98
leading120/110
Consumer Durables
-10.1%
+15.7%
+104.4%
lagging97/87
improving91/100
Finance
+5.8%
+27.0%
+90.1%
lagging90/98
weakening103/93
Miscellaneous
-11.2%
-15.3%
+44.0%
lagging84/92
improving96/101
Process Industries
-10.4%
-3.2%
+31.3%
lagging88/94
improving92/104
Health Services
-13.7%
-34.8%
+25.3%
lagging81/91
lagging85/84
Energy Minerals
-10.1%
-5.2%
+17.5%
lagging89/98
improving91/100
Non-Energy Minerals
-19.1%
-12.0%
+15.7%
lagging88/91
lagging88/94
Taiwan
Index returns 1M +6.5% 3M +34.0% 1Y +87.3% | vs ACWI: 1-yr weakening 3-yr leading
Sector read.Electronic Technology is the market's dominant weight and sits in weakening on both the 1-year (x/y: 109.2/98) and 3-year (x/y: 110.8/99.5) horizons → a dual-horizon weakening signal that mirrors the country-level tactical fade, despite a stunning absolute 1Y return of +124.6%; relative leadership is eroding even as absolute gains have been exceptional. Producer Manufacturing is the sole 1-year leading sector (x/y: 106.8/108.2, +90.7% 1Y, +41.9% 3M) but structurally remains lagging (3y x/y: 94/99.1) — a tactical bright spot that has not yet earned structural credibility. A broad cluster of sectors — Finance (+17.3% 1M, 1y improving), Industrial Services (+13.7% 1M), Transportation (+9.4% 1M), and Non-Energy Minerals (+9.6% 1M) — are all tactically improving vs the Taiwan index, suggesting a broadening rotation out of pure tech leadership into cyclicals and domestics. Conversely, Process Industries and Commercial Services present a cautionary divergence: both are structurally improving (3y) yet have slipped into 1-year lagging (x/y: 87.3/86.4 and 85.6/95.3 respectively), indicating near-term relative momentum has broken down despite solid absolute 1Y gains of +44.5% and +47.8%. Utilities and Consumer Non-Durables are dual-horizon laggards with deeply negative absolute 1Y returns (-34.5% and -22.5%) and warrant avoidance.
Taiwan sectors — 1-Year
Taiwan sectors — 3-Year
Sector
1M
3M
1Y
1-yr vs country
3-yr vs country
Producer Manufacturing
+5.4%
+41.9%
+90.7%
leading107/108
lagging94/99
Industrial Services
+13.7%
+17.8%
+41.6%
improving89/103
lagging82/91
Distribution Services
-1.9%
+19.2%
+36.0%
improving95/102
improving91/106
Finance
+17.3%
+24.0%
+27.0%
improving90/103
lagging85/91
Technology Services
-2.5%
+14.2%
+23.2%
improving92/105
lagging94/94
Non-Energy Minerals
+9.6%
+13.5%
+4.9%
improving91/100
improving91/101
Communications
+5.6%
+11.1%
+1.7%
improving91/103
lagging88/96
Health Technology
+2.2%
+1.5%
+0.2%
improving89/102
improving91/103
Retail Trade
+7.3%
+14.2%
-9.7%
improving92/103
lagging89/98
Consumer Durables
+2.3%
+7.6%
-10.3%
improving92/101
improving88/104
Transportation
+9.4%
+5.9%
-13.8%
improving92/102
lagging86/93
Consumer Services
+0.7%
+1.3%
-13.8%
improving91/102
lagging90/99
Health Services
+6.3%
-6.2%
-35.4%
improving92/101
improving92/102
Electronic Technology
+6.0%
+39.8%
+124.6%
weakening109/98
weakening111/100
Commercial Services
-2.3%
+10.3%
+47.8%
lagging86/95
improving92/102
Process Industries
+6.5%
+13.4%
+44.5%
lagging87/86
improving94/103
Energy Minerals
+2.6%
-7.8%
+24.3%
lagging85/94
improving94/105
Consumer Non-Durables
+8.7%
-1.1%
-22.5%
lagging90/100
lagging88/100
Utilities
+1.8%
-11.1%
-34.5%
lagging92/100
lagging85/95
China
Index returns 1M -4.2% 3M +1.4% 1Y +37.1% | vs ACWI: 1-yr weakening 3-yr improving
Sector read.Electronic Technology is the standout dual-horizon story — 1y leading (x/y: 110.9/102.2) with a remarkable +108.7% absolute 1Y return, though its 3y posture is weakening (x/y: 115.1/97.4), flagging that the structural trend leadership may be maturing even as it tactically holds. Producer Manufacturing is weakening on both horizons (1y: 109.4/99.6; 3y: 112.9/99.4) but retains elevated rs_ratio readings, implying it is fading from a position of strength with +61.3% absolute 1Y return still impressive. Non-Energy Minerals presents the sharpest divergence: 3y leading (116.6/110.5) yet 1y weakening (103.2/91.7) with a -6.4% 3M return — a former structural pillar now rolling over tactically. On the lagging and deteriorating end, Health Services (1y lagging: 91.2/99.4; -14.7% 1Y, -16.1% 1M) and Consumer Services (1y lagging: 89.1/99.3; 3y lagging: 83.4/89.5; -13.3% 3M) are dual-horizon laggards with accelerating absolute losses. A cluster of consumer and healthcare names — Consumer Non-Durables, Retail Trade, Health Technology — show 1y improving readings but remain deeply negative in absolute terms (-10% or worse on 3M), warranting caution before reading the relative uptick as a durable recovery signal.
China sectors — 1-Year
China sectors — 3-Year
Sector
1M
3M
1Y
1-yr vs country
3-yr vs country
Electronic Technology
-0.8%
+23.0%
+108.7%
leading111/102
weakening115/97
Utilities
-0.6%
-1.2%
+14.8%
improving97/103
lagging93/95
Consumer Durables
-9.9%
-10.0%
+4.9%
improving89/102
lagging94/90
Finance
-2.1%
-3.8%
+0.4%
improving92/102
lagging87/89
Retail Trade
-8.5%
-11.7%
-5.7%
improving90/102
lagging87/92
Health Technology
-9.1%
-11.8%
-8.4%
improving90/102
improving86/102
Consumer Non-Durables
-5.0%
-10.0%
-10.3%
improving91/100
improving88/105
Miscellaneous
+0.0%
+0.0%
+0.0%
improving93/102
lagging89/95
Non-Energy Minerals
-2.2%
-6.4%
+66.5%
weakening103/92
leading117/110
Producer Manufacturing
-3.5%
+6.7%
+61.3%
weakening109/100
weakening113/99
Process Industries
-4.9%
-4.2%
+42.5%
weakening104/85
improving98/107
Energy Minerals
+5.1%
-3.2%
+35.2%
weakening100/99
improving93/103
Distribution Services
-7.4%
-4.4%
+29.0%
lagging97/95
weakening104/97
Commercial Services
-11.8%
-2.5%
+28.3%
lagging95/95
leading103/101
Industrial Services
-7.5%
-10.5%
+19.3%
lagging90/93
lagging88/100
Communications
-6.7%
-6.1%
+17.8%
lagging94/98
lagging94/92
Technology Services
-13.4%
-11.6%
+10.8%
lagging88/97
lagging100/92
Transportation
-5.0%
-7.6%
+0.0%
lagging92/100
lagging87/94
Consumer Services
-9.8%
-13.3%
-6.5%
lagging89/99
lagging83/90
Health Services
-16.1%
-16.7%
-14.7%
lagging91/99
improving92/103
Hong Kong
Index returns 1M -4.6% 3M -3.4% 1Y +9.6% | vs ACWI: 1-yr lagging 3-yr leading
Sector read.Electronic Technology (1y leading: x 113.5 / y 115.3; +36% 1Y) and Producer Manufacturing (1y leading: x 109.8 / y 102.1; +51.3% 1Y) are the clearest near-term bright spots, though both carry a structural caution → each is 3y weakening, suggesting the cyclical outperformance may not be durable. Process Industries and Distribution Services are structural 3y leading nodes (+65.2% and +57.3% 1Y respectively) but have both rotated into 1y weakening, flagging fading momentum against the domestic index. Non-Energy Minerals (3y leading, x 114.2 / y 106.3) is a notable structural laggard-in-the-making: tactically weakening with a punishing -26.5% over 3 months and -14.5% in one month. On the improving side, Health Services is the sole sector holding 1y and 3y improving quadrants, with +10.4% in the last month despite a -26% 1Y drag → worth monitoring for a sustained base. Communications shows a tactical improving signal (1y x 97.3 / y 106.5) against a structurally lagging 3y read, a counter-trend bounce rather than a conviction call. Retail Trade and Miscellaneous (1y lagging; -42% 1Y) remain the cleanest avoid signals across both horizons.
Hong Kong sectors — 1-Year
Hong Kong sectors — 3-Year
Sector
1M
3M
1Y
1-yr vs country
3-yr vs country
Producer Manufacturing
-5.6%
+1.2%
+51.3%
leading110/102
weakening115/98
Electronic Technology
-0.3%
+24.0%
+36.0%
leading114/115
weakening106/92
Finance
-1.5%
+5.8%
+12.3%
leading105/104
weakening101/94
Utilities
-7.2%
-8.3%
+2.8%
leading102/101
improving92/106
Consumer Durables
-5.7%
-6.1%
-2.6%
improving91/101
improving90/100
Technology Services
-2.0%
-12.4%
-5.8%
improving90/105
weakening102/88
Communications
-5.8%
-0.5%
-9.1%
improving97/106
lagging91/91
Consumer Services
-2.7%
-11.5%
-14.8%
improving90/102
lagging88/94
Health Services
+10.4%
+1.6%
-26.0%
improving92/108
improving94/106
Miscellaneous
-36.7%
-32.2%
-42.0%
improving88/105
weakening101/83
Process Industries
-6.3%
-2.6%
+65.2%
weakening107/94
leading100/108
Distribution Services
-3.1%
-13.7%
+57.3%
weakening100/94
leading113/109
Non-Energy Minerals
-14.5%
-26.5%
+43.1%
weakening101/93
leading114/106
Energy Minerals
-4.1%
-9.6%
+31.0%
weakening108/88
leading101/103
Industrial Services
-5.7%
-13.3%
+0.7%
lagging96/87
lagging90/97
Retail Trade
-14.2%
-13.9%
-2.8%
lagging93/98
leading100/102
Health Technology
-11.7%
-11.4%
-5.4%
lagging92/96
leading102/107
Transportation
-6.6%
-8.6%
-5.6%
lagging98/95
lagging90/100
Consumer Non-Durables
-4.8%
-7.5%
-11.1%
lagging93/98
improving91/105
Commercial Services
-9.0%
-16.0%
-21.4%
lagging90/99
improving95/102
Arohi RRG · data market.index_prices / rrg_values_52 / rrg_values_156 · relative to ACWI / own country · hover a dot to trace its tail · self-contained, offline-ready