Stocks hogged the headlines during President Donald Trump’s first full calendar month in office as the Dow Jones Industrial Average embarked on its longest record-breaking run in three decades.

See:Here’s how analysts say you should trade Trump’s speech to Congress

But other assets logged gains that were commensurate with, if not stronger, than U.S. equities.

Here’s a rundown of this month’s best-performing assets.

Bitcoin

Bitcoin barreled higher in February, rising 30% and notching a record intraday high, amid growing optimism about the creation of a bitcoin-focused exchange-traded fund.

The Securities and Exchange Commission is expected to issue its decision on whether to allow the Winklevoss Bitcoin Trust to begin trading on the BATS exchange. Two other companies, Grayscale Partners and SolidX, also have submitted applications for a bitcoin ETF.

Bitcoin +30% Dow Jones Industrial Average +5% S&P 500 index +4% Nasdaq Composite Index +4% Mexican peso +4% Turkish lira +3.8% Russian ruble +2.8% South African rand +2.8%

Industry analysts believe a bitcoin ETF would usher in a torrent of capital from institutional investors hoping to profit from the cryptocurrency’s rapid ascent. It could appeal to retail investors, too, by allowing them to easily include exposure to bitcoin in their retirement accounts, said Chris Burniske, blockchain analyst and products lead at ARK Invest, a company that owns shares of the Grayscale Bitcoin Investment Trust GBTC, -1.59% through two of its ETFs.

Others, including Charles Hayter, chief executive officer at CryptoCompare, a company that provides data and analytics about the cryptocurrency market, have pointed out that bitcoin tends to appreciate alongside haven assets like gold and Treasury bonds.

So the cryptocurrency’s recent outperformance could portend a selloff for riskier assets like stocks.

A single bitcoin BTCUSD, +0.79% went for $1,187.77 in recent trade, according to CoinDesk’s bitcoin price index.

Emerging markets

February was an unusual month for emerging-market assets. The Mexican peso, Turkish lira, Brazilian real and South African rand effectively erased their postelection losses, despite a slight increase in the value of the U.S. dollar against its developed-market rivals, and a decline in commodity prices.

The dollar USDMXN, +1.29% has fallen 4% against the Mexican peso this month, while sliding 3.8% USDTRY, +0.14% against the Turkish lira, 2.8% against the Russian ruble USDRUB, +0.86% and 2.8% against the South African rand USDZAR, +1.07% .

Paul McNamara, director of emerging markets at GAM, attributed their performance to the improving outlook for global growth and trade.

The World Bank projects that economic growth in emerging markets will accelerate to 4.2% in 2017, from 3.4% in 2016, driven, in part, by rising commodity prices. The bank expects growth in the developed world to accelerate, too.

”The main reason we suggest [for the rise in emerging-market assets] is a sharp improvement in the elements of the global outlook that most affect EM,” McNamara said.

To be sure, fears that Trump’s protectionist leanings could seriously disrupt this trend persist. But its still unclear exactly what form his policies might take.

U.S. stocks

The Dow Jones Industrial Average DJIA, -0.87% is on track to notch a 5% monthly gain, what would be its strongest performance since November. The S&P 500 index SPX, -1.11% and Nasdaq Composite Index COMP, -1.07% were both on track to finish the month up 4%.

Equities have been on a tear since Trump’s Nov. 8 electoral triumph over Democrat Hillary Clinton, bolstered by expectations that his administration will implement a slate of business-friendly measures like slashing corporate taxes, gutting regulation and boosting infrastructure spending.

But their gains have slowed in recent weeks as investors worried that it might take longer than previously expected for Trump to push these measures through Congress.

Utilities, in particular, were the best-performing sector with a total return of 6.6%, followed by health-care stocks at 5.7%, and consumer staples at 5.6%.

Mike Antonelli, equity sales trader at R.W. Baird & Co. attributed their outperformance to the decline in bond yields during the last two weeks of February.

“Utilities are going to do well as rates go nowhere because the dividend makes them more attractive,” Antonelli said. “Those are very interest-rate sensitive stocks.”