I wrote a little while ago about the need to be aware of the history of markets and their propensity to go nowhere for significant periods of time. This sort of saga is unfolding in the US with their markets making no real gain for some 18 months. The US seems to be range bound at present with no desire to move outside of this range The reality of this is that $1.00 invested in the S&P500 18 months ago would now be worth the princely sum of about $1.06.
When stocks go sideways, other instruments move in mysterious ways.