13 of the 19 key risk ratios now favor the Risk-On asset, up from just nine last month.
Here’s the chart:
Let's break down what the chart shows:
This chart plots 19 different Risk-On vs. Risk-Off ratios, showing where each currently sits within its 52-week range.
The x-axis shows each ratio’s position within its 1-year range (0% = Risk-Off, 100% = Risk-On).
Risk-Off assets are listed on the left, their Risk-On counterparts on the right.
Black diamonds show current levels.
Grey triangles mark where they stood one month ago.
The Takeaway: The weight of evidence has shifted toward Risk-On.
With 13 of the 19 Risk-On/Risk-Off ratios now above the midpoint of their 52-week range — meaning the Risk-On side is leading — and 18 showing upward momentum over the past month, the shift is clear and widespread.
This isn’t just a few speculative names catching a bid. It’s a coordinated rotation across style, sector, asset class, and region.
High Beta stocks are breaking out versus Low Volatility.
Broker-Dealers, which is a classic early-cycle leadership group, are making new relative highs against the S&P 500.
Copper, a barometer of growth expectations, just posted the biggest jump of the month relative to Gold.
The message is consistent: defensive areas are losing ground, and leadership is asserting control.
When this many Risk-On ratios line up across markets, it’s not a coincidence — it’s a signal.
This isn’t scattered strength. It’s coordinated conviction.
When multiple ratios from different parts of the market all move in sync, it speaks to a genuine shift in investor appetite, not a short-term trade.
This is the kind of Risk-On environment that tends to support strong trends, not fade them.
If you’re looking for signs of stress or hesitation, this isn’t it.
How many more confirmations do you need before you believe it?
Grant Hawkridge | Chief Aussie Operator, All Star Charts
From breakout setups to sector rotation, we cover what matters. With Premium, you get curated watchlists like the “Hall of Famers” and “Freshly Squeezed” — plus our take on what to do with them.
If you find my content valuable, I would greatly appreciate it if you could share it with your friends, family, and colleagues. Your help in spreading the word is invaluable in supporting our work. Thank you to all of you who share!
