---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/26613316.md"
description: "Image source: gs, interpretation: llmThis chart shows the performance correlation of different global industries and styles relative to the weekly changes in the U.S. 10-year Treasury yield. The bar chart represents the correlation percentages since 2010 and since 2022. A positive value indicates that when the 10-year Treasury yield (BY) rises, the sector outperforms the market average, while a negative value indicates underperformance.Here are some key points from the chart:1. Outperforming the market (when BY rises):• Cyclicals: Since 2010, the correlation was 40%, and since 2022, it was 16%, indicating that cyclical sectors generally perform well when Treasury yields rise.• Financials: Since 2010, the correlation was 28%, and since 2022, it was 27%, showing that the financial sector also performs well when Treasury yields rise.• Value: Since 2010, the correlation was 24%, and since 2022, it was 31%, indicating that value stocks perform well when Treasury yields rise.• Energy: Since 2010, the correlation was 21%, and since 2022, it was 28%, showing that the energy sector also performs well when Treasury yields rise.2. Underperforming the market (when BY rises):• Real Estate: Since 2010, the correlation was -42%, and since 2022, it was -34%, indicating that the real estate sector generally underperforms when Treasury yields rise.• Defensives: Since 2010, the correlation was -40%, and since 2022, it was -17%, showing that defensive sectors underperform when Treasury yields rise.• Consumer Products & Services: Since 2010, the correlation was -35%, and since 2022, it was -22%, indicating that the consumer products and services sector underperforms when Treasury yields rise.• Utilities: Since 2010, the correlation was -33%, and since 2022, it was -13%, showing that the utilities sector underperforms when Treasury yields rise."
datetime: "2025-01-14T17:29:34.000Z"
locales:
  - [en](https://longbridge.com/en/topics/26613316.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/26613316.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/26613316.md)
author: "[佐菲特](https://longbridge.com/en/profiles/8637464.md)"
---

# Image source: gs, interpretation: llmThis chart sh…


## Comments (1)

- **佐菲特 · 2025-01-14T17:30:24.000Z**: 3. Other industries:• Technology: Since 2010, the correlation has been -8%, and since 2022 it has been -4%, indicating that the technology sector performs slightly below the market average when Treasury yields rise.• Health Care: Since 2010, the correlation has been -24%, and since 2022 it has been