The DAX index is up more than 25 per cent in the last twelve months beating all other primary developed and developing market indices over a 12 mon period – ahead of Europe's Eurostoxx 50, Canada's TSX Composite, the S&P 500 and India's Sensex index which are all up by more than 20 per cent, according to data compiled by Deltec International.

But in a sign of how much markets have reversed since the start of 2014, the winners over a 12 month period have been the losers in the last four. The DAX is actually down 3.42 per cent over the last three months – with Japan's Nikkei the only developed index to fare worse since 21 January – falling by 8.37 per cent. The Nikkei has gained just 7.73 per cent over 12 months since the sharp correction.

Australian shares have fared okay by global comparison. The ASX 200 gain of 2.80 per cent in the last three months has only been bettered by Singapore's Straits Index which is up 3.38 per cent. The 9 per cent gain of the ASX 200 over 12 months is better thanSingapore, Hong Kong, Japan and the UK and most emerging market bourses but was beaten by the US, Canadian, European and German indices.

Turkey' Borsa has been the second best performing stock market over the month, gaining 12.18 per cent. That's only bettered by Brazil's Ibovespa – but Turkey is by far the weakest stock index over the year having shed 12.84 per cent.

The Australian dollar is still the worst performing developed market currency relative to the US dollar over a 12 month period, shedding 9.39 per cent although in the last four months its been the strongest, gaining 6.25 per cent.  The British Pound is the stand-out, gaining more than 10 per cent against the US dollar over 12 months, according to Deltec.

Measured in US dollar terms, Greek government bonds have been the stand-out investment over 12 months, gaining a whopping 93 per cent according to Bank of America Merrill Lynch, Aussie government bonds have been very poor, shedding almost 9 per cent in US dollar terms, although if you bought them in January, you've made a healthy 6 per cent gain.

The best investments year to date, are Greek government bonds, Indonesian stocks and bonds (up 28 and 5 per cent to 10 April), and Isreali and Irish equities.

Where are all the macro traders making their bets at the moment? It's been dubbed "The carry-trade of the century" to go long peripheral European government bonds which have rallied from their depths during the financial crisis, to levels below those pre-crisis settings. Italian bonds at 3.12 per cent are at their lowest level since 1945 while Spanish bonds are lower yet, yielding just 3.08 per cent.

BAML makes another interesting point – Spanish banks are at their most expensive relative to Chinese banks (measured in price to book terms) since 2005, showing "how tough it is to fight central banks"

Now that trade looking a little too crowded according to Bank of America Merrill Lynch. Another heavy trade is investment grade corporate bonds, which are at their most stretched valuations relative to US Treasuries since 1986, the bank says.

The Commodities is the least crowded trade according to BAML which cites futures exchange data and its own fund manager survey. Corn, Coking Coal, Iron Ore could be the most primed for a correction having all fallen by double digit percentage points over the last 12 months.   Oil and Nikkel prices, meanwhile have gained 20 and 16 per cent respectively over 12 months.