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Volatility has been the word of the month, and though last week saw much of it, the market ended overall much further to the downside.

For the week, only 5 of 26 categories ended up, with only short and convertible funds ending the week up more than 1%. Of the 21 categories that were down, 17 were down more than 1%, 15 were down more than 2%, 9 were down more than 3%, and 4 were down more than 5%.

For the month now, only short funds are up, with the remaining funds down on average 8.5%.

As far as the week's correlations go, other than short funds, only commodity, municipal, and infrastructure funds had S&P correlations below 50%.

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etf week in review

Top Ten ETF and CEF Week Returns
individual ETF performance

Week and Month Select SPDR, S&P 500, and Russell 2000 Correlation Matrices
ETF correlations 1
ETF correlations 2

Source: Weekly ETF Performance Review: Only the 'Shorts' Were Higher