While there has been a lot discussion in the last year about the supposed mania surrounding the fixed income universe, it is somewhat ironic that the total return of the 10-Year US Treasury is actuallyĀ less than the total return of the S&P 500 over the lastĀ 12 months.Ā Ā Over the last year,Ā the 10-Year Treasury has seen a total return of 12.01%, while the one yearĀ total return of the S&P 500 over the same time periodĀ eclipsed 17% last week.
Even more surprising is the performance of Treasuries since Ben Bernanke first broached the possibility of QE2.Ā Since Bernanke's speechĀ in Jackson Hole on August 26th,Ā 10-Year US Treasuries have had a total return of 0.16%.Ā Over that same time period the S&P 500 has seen a total return of more than 17%!Ā Equities may get no respect, but who needs respect when you have gains like these?
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