Midlincoln Fixed Income Allocation Monitor

USD Total Return • Equal-Weight Country/Sector Bond Indexes • History since 2014
As-of: 2026-04-01 • Sector: Agency
Strongest 1Y Country
Mexico 18.46%
1M: -0.13% • 3M: 1.77%
Strongest 5Y Country
Argentina 205.69%
3Y: 79.14% • 10Y: 247.39%
Weakest 1Y Country
Bahrain -0.78%
1M: -3.43% • 3M: -4.06%

Executive Summary

This monitor tracks equal-weight USD total return bond indexes across countries and sectors using a consistent monthly mapping (calendar_months.mapdatebond). Returns incorporate USD price changes (including FX where applicable) and a carry approximation of 1/12 × prior-month YTW. Use this as a cross-sectional allocation reference and as supporting research data for custom index design.

Country Performance Matrix (Agency)

Sorted by 1Y return (descending). Missing horizons display as “—”.
Country 1M 3M 1Y 2Y 3Y 5Y 10Y Level
Mexico -0.13% 1.77% 18.46% 36.46% 59.82% 50.16% 100.37% 189.36
Panama -1.35% 1.03% 16.83% 28.71% 33.26% 18.18% 111.63
Peru 4.80% 5.93% 14.12% 21.81% 36.94% 11.37% 50.10% 161.16
Colombia 0.81% 1.46% 11.36% 18.76% 36.61% 20.77% 94.61% 178.32
Kazakhstan -0.81% 1.02% 11.02% 20.73% 40.57% 14.83% 86.13% 197.18
Paraguay -1.15% 0.54% 11.02% 25.54% 46.53% 52.08% 178.11
Morocco -1.57% -0.68% 10.78% 22.22% 33.59% 25.98% 72.56% 172.54
Argentina 0.89% 2.36% 9.33% 32.61% 79.14% 205.69% 247.39% 387.64
Israel -0.73% 0.70% 8.89% 20.74% 29.24% 19.53% 40.50% 146.57
South Africa -1.30% -0.66% 7.58% 20.18% 32.35% 43.75% 126.40% 221.46
Chile -1.68% -0.39% 7.26% 15.44% 16.82% 2.70% 40.71% 142.53
Brazil -0.53% 1.03% 7.23% 15.36% 27.82% 28.61% 116.03% 215.99
India -0.26% 0.37% 6.90% 15.60% 24.24% 22.91% 52.18% 158.00
Turkey -0.62% -0.42% 6.74% 16.67% 36.15% 55.33% 127.54% 241.05
Hong Kong -0.22% 0.44% 6.63% 14.84% 25.47% 24.96% 43.04% 147.90
China -0.11% 0.61% 6.40% 15.04% 20.56% 31.37% 56.13% 164.10
Poland -1.78% -0.37% 6.28% 12.42% 119.41
Singapore -0.10% 0.40% 6.22% 14.11% 20.09% 16.78% 41.66% 146.35
Oman -0.34% -0.05% 5.73% 12.92% 19.62% 27.64% 173.56
Hungary -0.43% 0.05% 5.53% 12.77% 21.13% 123.00
Qatar -0.85% -0.54% 5.35% 12.47% 17.88% 9.67% 35.88% 138.57
Kuwait -1.37% -1.24% 5.23% 13.58% 20.05% 14.87% 144.17
Malaysia -0.74% 0.22% 5.10% 13.27% 16.23% 9.57% 34.29% 139.26
Korea (South) -0.13% 0.53% 5.04% 12.53% 18.69% 14.68% 32.20% 135.54
Saudi Arabia -1.16% -0.92% 4.21% 11.04% 14.31% 8.29% 133.39
United Arab Emirates -1.32% -1.49% 4.20% 11.04% 16.19% 9.95% 44.96% 145.47
Serbia -1.31% 0.82% 3.85% 106.28
Indonesia -1.14% -1.16% 3.76% 11.40% 21.82% 17.46% 63.78% 176.16
Thailand -1.72% -0.29% 3.15% 11.50% 23.83% 4.09% 4.03% 111.31
Bahrain -3.43% -4.06% -0.78% 6.85% 14.78% 19.07% 163.51
Supranational 110.58
Nigeria 110.61

Top Countries (Index Level — last 36 months)

Top 1Y performers plotted for context. Lines may break if a series has missing months.
Methodology (click to expand)
  • Universe: Bonds classified by Country and raw Sector (as provided in your dataset).
  • De-duplication: Same ISIN held in multiple funds is aggregated at ISIN×month level.
  • USD normalization: Price_USD = Price / FX_Rate (FX_Rate=1 for USD).
  • Total return: Monthly price return plus carry approximation (prior-month YTW / 100) / 12.
  • Index return: Equal-weight average across bonds available in that country+sector for the month.
  • Time axis: Monthly mapping uses calendar_months.mapdatebond.

Country Allocation Momentum (Aggregate Index)

Equal-weight USD total return across all bonds within each country. Sorted by 3M return (flow proxy).
Country 1M 3M 1Y 3Y 5Y Flow Score
Trinidad and Tobago 7.29% 35.62% 12.74% 30.35% 31.76% 33.09%
Ghana 4.84% 17.57% 23.51% 81.75% 9.17% 10.76%
Norway 2.99% 10.62% 34.81% 29.40% -12.33% 8.17%
Australia 0.66% 7.62% 17.39% 18.53% -10.02% 6.08%
Ecuador 0.98% 5.24% 83.30% 367.21% 351.90% -25.36%
Angola 1.19% 5.09% 19.81% 58.84% 66.85% 0.19%
Ukraine -3.98% 3.38% 24.79% 245.66% 16.61% -17.09%
Hungary 3.49% 3.19% 33.20% 47.66% 5.52% -0.78%
Argentina 0.62% 3.14% 15.08% 187.79% 315.68% -12.51%
China 0.59% 3.13% 10.81% 16.12% 19.87% 1.79%
Malaysia -1.85% 2.83% 22.86% 33.99% 26.09% -0.00%
Togo 0.39% 2.54% 14.53%
Colombia 2.16% 2.43% 24.60% 66.13% 57.44% -3.08%
Panama -0.75% 2.25% 17.12% 28.23% 10.91% -0.10%
Sri Lanka -1.19% 2.24% 7.73% 105.94% 74.63% -6.59%
Brazil 1.27% 2.03% 8.92% 29.49% 30.49% -0.42%
New Zealand -2.79% 1.93% 1.80% -2.37% 2.13%
Barbados 0.53% 1.84% 7.20% 26.64% -0.38%
Nigeria -0.34% 1.77% 22.47% 80.34% 60.61% -4.93%
Israel -0.34% 1.62% 20.73% 41.74% 31.47% -1.85%
Dominican Republic -2.27% 1.48% 7.49% 30.46% 30.56% -1.06%
Luxembourg 2.60% 1.34% 4.72% 25.45% 7.02% -0.78%
Mexico -0.32% 1.33% 14.26% 33.54% 27.12% -1.46%
Pakistan 0.83% 1.31% 22.14% 339.69% 122.69% -27.00%
Guatemala -0.72% 1.14% 11.62% 31.85% 24.44% -1.51%
Romania 0.05% 0.95% 21.68% 32.19% 12.33% -1.73%
Tanzania -0.20% 0.64% 7.30% 31.85% -2.01%
Hong Kong -0.61% 0.57% 7.13% 25.44% 20.90% -1.55%
Chile -0.78% 0.53% 10.55% 22.01% 8.21% -1.30%
South Africa -0.61% 0.52% 17.12% 45.77% 40.75% -3.30%
Singapore -0.57% 0.50% 12.05% 27.82% 25.19% -1.82%
United States 0.39% 0.50% 7.65% 37.06% 32.42% -2.59%
Kazakhstan -0.73% 0.45% 8.34% 33.21% 16.39% -2.32%
Korea (South) -0.43% 0.35% 5.72% 22.10% 17.55% -1.49%
Madagascar -0.68% 0.32%
Peru 0.28% 0.31% 14.21% 35.43% 25.57% -2.65%
Taiwan -0.54% 0.29% 6.57% 19.64% 12.50% -1.34%
Denmark 0.63% 0.26% 20.00% 28.52% -8.37% -2.11%
France 0.03% 0.10% 22.52% 28.91% -2.44% -2.31%
Democratic Rep of Congo -1.74% -0.04% -6.26%
Macau -0.35% -0.06% 10.02% 39.72% 41.97% -3.37%
Serbia -0.32% -0.10% 16.13% 34.74% 10.34% -2.99%
Austria 0.08% -0.10% 14.54% 20.57% -21.24% -1.81%
Slovenia -0.40% -0.10% 29.47%
Azerbaijan -0.47% -0.15% 12.51% 27.63% 26.48% -2.45%
Latvia -1.32% -0.20% 6.55%
Costa Rica -1.38% -0.25% 9.97% 30.32% 51.85% -2.77%
Switzerland 0.47% -0.27% 15.27% 42.38% 42.30% -3.80%
Oman -0.86% -0.29% 6.16% 22.69% 32.12% -2.18%
Ireland 0.02% -0.31% 15.77% 28.16% -6.80% -2.66%
Belgium -0.47% -0.31% 15.31% 19.78% -20.04% -1.96%
Burkina Faso -0.96% -0.37% 4.40% 42.42% -3.91%
Canada -1.32% -0.38% 4.64% 20.91% 10.17% -2.13%
Finland -0.28% -0.39% 19.18% 24.75% -11.53% -2.45%
Paraguay -1.53% -0.43% 8.71% 31.27% 24.76% -3.04%
Kuwait -0.91% -0.43% 6.51% 30.50% 27.00% -2.97%
Jordan -0.67% -0.51% 8.60% 32.82% 33.07% -3.24%
Morocco -1.46% -0.52% 9.55% 28.25% 20.64% -2.87%
Philippines -1.12% -0.52% 4.94% 24.02% 13.88% -2.53%
Bulgaria -1.69% -0.55% 8.45%
Saudi Arabia -1.02% -0.71% 4.71% 15.12% 8.66% -1.97%
Portugal -0.31% -0.78% 21.15% 46.55% 27.84% -4.66%
Netherlands 0.06% -0.79% 19.09% 34.40% 5.71% -3.66%
Spain -0.45% -0.83% 21.00% 33.46% -2.06% -3.62%
Turkey -1.05% -0.85% 4.59% 18.13% 10.76% -2.36%
Qatar -1.18% -0.86% 4.63% 17.15% 10.69% -2.29%
Jamaica -1.45% -0.88% 6.50% 24.18% 34.09% -2.90%
El Salvador -0.42% -0.90% 12.39% 108.51% 41.68% -9.95%
Germany -0.42% -0.96% 19.58% 29.31% -0.57% -3.40%
Greece -0.56% -1.15% 24.20% 52.55% 42.33% -5.53%
Poland 0.57% -1.16% 21.18% 50.14% 20.95% -5.34%
Lebanon -14.64% -1.23% 179.54% 311.21% 118.02% -27.16%
Sweden -1.21% -1.26% 28.83% 50.29% 6.74% -5.45%
Kenya -0.11% -1.29% 17.31% 66.58% 50.43% -6.84%
Czech Republic 1.00% -1.37% 31.59% 25.73% 22.95% -3.52%
Zambia -1.42% -1.41% 13.48% 66.52% 78.03% -6.96%
Italy -0.47% -1.42% 21.98% 36.81% 4.18% -4.49%
Bahrain -0.58% -1.50% 5.34% 23.85% 27.64% -3.49%
United Arab Emirates -1.46% -1.67% 4.40% 16.03% 11.28% -3.01%
Uruguay -2.68% -1.71% 12.61% 16.76% 21.37% -3.11%
India -1.55% -2.13% 0.47% 24.80% 20.97% -4.20%
United Kingdom -0.62% -2.19% 12.22% 31.18% -2.85% -4.79%
Indonesia -2.43% -2.20% 0.57% 12.00% 12.65% -3.20%
Moldova -5.48% -2.35% 4.53% 93.55% -10.14%
Egypt -2.01% -3.95% 19.27% 111.67% 5.64% -13.25%
Japan -3.67% -4.12% -19.03% -40.71% -60.94% -0.73%
Thailand -2.92% -4.21% 12.95% 25.11% 10.37% -6.30%
Senegal -10.08% -7.99% -26.87% -6.44% -18.57% -7.45%
Jersey -2.40% -9.40% -1.48% 17.58% -10.86%
Benin -2.86%
Cameroon 0.56%
Suriname 0.06%
Cote D'Ivoire (Ivory Coast)
Supranational
Cayman Islands 0.35% 3.32% -4.90%
Armenia -1.45%

Sector Allocation Momentum (Aggregate Index)

Equal-weight USD total return across all bonds within each sector. Sorted by 3M return (flow proxy).
Sector 1M 3M 1Y 3Y 5Y Flow Score
Energy 0.48% 2.69% 9.19% 30.80% 39.92% 0.13%
Structured / Other 0.42% 0.72% 11.83% 36.86% 27.14% -2.35%
Real Estate -0.05% 0.67% 13.87% 46.32% 37.06% -3.19%
Communications 0.55% 0.56% 14.69% 51.02% 32.79% -3.69%
Utilities -0.65% 0.37% 11.02% 35.28% 29.61% -2.57%
Consumer Non-Cyclical 0.17% 0.34% 11.65% 39.61% 25.54% -2.96%
Industrials -0.24% 0.10% 6.68% 31.07% 23.58% -2.49%
Agency -0.65% -0.05% 6.72% 28.56% 27.63% -2.43%
Consumer Cyclical 0.20% -0.21% 11.65% 39.41% 32.40% -3.50%
Sovereign -1.00% -0.26% 10.94% 17.37% -7.36% -1.71%
Financials -0.54% -0.26% 7.17% 27.90% 24.13% -2.59%
Technology 1.38% -1.11% 6.07% 29.21% 22.60% -3.55%