In observing the divergence of calendar year-to-date returns between certain sectors and countries, I believe it is fair to say that the market right now is being driven by big picture macro considerations more so than bottom-up fundamentals. The table below represents the calendar year-to-date return of the MSCI World and its various constituent sectors in US dollars. (I’ve opted to use US dollars, since the weakness of the Aussie dollar in recent weeks skew the results somewhat).
Source: MSCI, FactSet. Year-to-date returns as at 11 February 2020.