In Asia, where the trade deal will also be closely watched, some analysts see value and growth exchanging leads–value in the first half and growth in the second half–the inverse of what RWGV and RWVG are doing.

“As you get more clarity on the U.S.-China trade deal, China’s growth bottoming out at some time and the U.S. economy averting a recession in 2019–all these things will essentially reinforce that risk is coming down and that’s why equities are going higher in the first half (of 2019),” said Mixo Das of J.P. Morgan.

For more market trends, visit ETF Trends.