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You wouldn’t know it if you rely on CNBC for your financial news, but outside of a select group of U.S. growth stocks, global equity markets are down YTD.

The MSCI All-Country World Index is down 2.4% for the year, while the same index excluding U.S. stocks is down 9.34%.

Emerging equity markets have already dipped into bear market territory (down 20% from high), and developed equity markets outside of the U.S. are not far behind, falling 15% from their January peak.

Two thirds of the 3,000+ stocks in the FTSE All World Index (similar to the MSCI All Country Index) are down YTD.

The top-heavy market capitalization weighted S&P 500 is still up YTD, but it is a handful of stocks (literally) that are propping up the U.S. market. About half of the stocks in the S&P 500 are down YTD.

That handful includes Apple, Amazon, Netflix, and Microsoft. Together they account for more than 70% of the return of the U.S. market.

This is far from a broad based rally of the type that would signal a healthy market.

If you have made the prudent decision to diversify globally and invest conservatively, your portfolio is likely in the red YTD. Wear it as a badge of honor because as we got a hint of earlier this month, when the tide turns against this group, it only takes a couple of days to turn a solid performance in FAANG-type stocks ugly.