US stocks have never had a run as good as the one China’s on

US stocks have had their fair share of parabolic gains, like the response to the massive monetary and fiscal stimulus in 2020, or a sharp countertrend rally after the government cobbled together a rescue plan for Citigroup back in 2008.

But recent performance of Chinese stocks is leaving those golden runs for US markets in the dust.

Since Chinese markets closed after Monday’s huge gain for the Golden Week holiday, we’re using the Xtrackers Harvest CSI 300 China A-Shares ETF as a proxy for the benchmark Mainland index. It’s not a perfect comp, but it’s pretty close.

The performance gap between the US and China, on the other hand, is not close: the ETF that tracks the CSI 300 has skyrocketed almost 40% higher over the past two weeks. The best period for US stocks came during their exodus from the bear market brought about by the Global Financial Crisis, when the S&P 500 surged nearly 22% in a 10-day stretch in March 2009.

Goldman Sachs’ technical trading guru thinks there’s still room to run.

“I am bullish on Chinese equities, this time is different,” writes Scott Rubner, managing director for global markets. “I have never seen this much daily demand for Chinese equities: I do not even think we have gone back to benchmark index weights yet.”