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US stocks and US REITs, along with foreign REITs/real estate, have climbed the most this year as the first quarter winds down. By contrast, foreign government bonds in developed markets, emerging market stocks, and foreign corporate bonds are the main laggards. This horse race is defined by relative changes in an equally weighted ETF-based portfolio of all the major asset classes (excluding cash) that's created at last year's close and left to wander at Mr. Market's whim.

Here's how the relative changes to this portfolio compare as of March 27:

Stocks and REITs/real estate are on a relative roll this year. For the moment, all three are in the lead in terms of their current allocations (gray bars), which also their allocation highs for the year as well. The momentum factor, it seems, has anointed this year's first-quarter winners. Assuming, of course, that we avoid a dramatic reversal of fortunes in month's final trading days.

Source: Asset Allocation And Rebalancing Review