After losing 10% in 2013 while the MSCI World Index of stocks gained 24%, the Dow Jones-UBS Commodity Index made up some ground in January, eking out a small advance while the MSCI index slid 3.7%.
But as rallies go, it was a pretty lame one. The DJ-UBS index's biggest weighting is for natural gas at nearly 14.5%, and gas futures surged 18% amid the coldest January in memory. Spring will come soon though, and then what?
Second in the index weighting is gold which gained 3% in January - not the greatest bounce considering a 29% dive in 2013.
Commodities tied more closely to global economic activity - oil and industrial metals - make up 42% of the sector's weighting and they were pretty much uniformly in the red.