Talk about sensitivity to interest rates. Long duration equities or short duration? Value or Growth? In this type of environment, at times it can feel as if interest rate movement is the end all be all. To be honest, if you think that, I don't believe you're necessarily wrong. Sensitivity to changes in the yields is driving the displayed relationship. For now...
Rates rates rates. Lower interest rates in the US are a tailwind for US RE and result in US RE outperforming Global Ex-US Real Estate.
The US RE vs. Global Ex-US RE ratio is breaking down is priced at January 2020 levels
Gold trading below the 200 DMA is interesting given all the inflation talk. If you have a strong conviction for gold as an asset class over the next 5-10 years, picking up Gold here should be a no brainer.