As of February 28, 2025, the S&P 500 index continues to show signs of underperformance compared to global assets correlated to risk sentiment. A recent cross-asset model indicates a -0.15% loss for the S&P ahead of the New York market open, despite futures being up by 0.18% since the prior close. Over the last 20 days, the S&P has cumulatively underperformed the model by -3.87%. This trend of underperformance is consistent with previous reports, which noted a cumulative underperformance of -3.77% and -2.58% in earlier assessments. In contrast, international stocks have seen a notable increase of 7.3% this year, while the S&P has only gained 1.4%. The signals from various asset classes show mixed results, with commodities indicating a bullish signal of -0.06%, while rates are showing a bearish signal of -0.20%. The ongoing trend highlights a shift in market dynamics, with international stocks outperforming U.S. stocks for the first time in over 16 years.