With interest rates on a fast upward track over the past year (2023), new bond issues commanded higher rates, lowering the principal value of existing bonds (issued at lower rates)
Sensitive to changes in inflation and inflation forecasts, bond values are impacted negatively by higher interest rates
Short positions, and inverse leveraged shorts, have benefited but, speculative by nature, short bond ETFs are at risk of reversal of market anticipations
Momentum signals trends of the last 5 days against a 20-day average
For comparison, select various time frames in the top right menu box, from 2 weeks to a full year