One of the big themes of the year has been the sell off in commodities.
Gold, of course, has had a rough year. But so too have industrial commodities like copper.
Whereas past commodity downturns have been closely associated with declines in risk assets, there's a sense this time of the "supercycle" coming to an end.
And indeed while U.S. equities remain within a hair of all-time highs, and inflows into stocks spike, there's been a big decrease in money going into commodity funds. Commodity Outflows - Business Insider