Treasury ETFs were among the worst performers this week as investors continue to favor riskier assets and the S&P 500 pushes to fresh record highs in the wake of the April jobs reprt.

Vanguard Extended Duration Treasury ETF (NYSEArca: EDV) lost 3% this week to close below its 50-day moving average.

Meanwhile, sector ETF performance in May reveals investors are favoring cyclical stocks in place of defensive industries, a change from the dominant trend in 2013. [Some Sector ETF Charts Pointing to a Cyclical Rotation]

In the major U.S. indices, the S&P 500 gained 1.2% this week, the Dow added 1% and the Nasdaq Composite climbed 1.7%. The stock market enjoyed its third straight week of gains.

“People are seeing light at the end of the tunnel,” Larry Kantor, head of research at Barclays, told Bloomberg. “We would not be surprised to see a correction but we would be a buyers on dips because of the tremendous monetary policy and the fact that the economy is growing.”

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