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2025 Ends With Broad Asset Gains Despite a Turbulent Market Backdrop

ByJames Picerno
Published 01/02/2026, 08:14 AM
VTI
-1.19%
GLD
-1.23%
SHV
0.00%
VWO
-1.99%
VNQ
-0.20%
VEA
-1.59%
VNQI
-1.89%
GBTC
-0.50%

Global markets endured a volatile run in 2025, but when the last trades closed on Dec. 31, all the major asset classes posted gains for the year, based on a set of ETFs. As a result, outperforming passive global asset allocation strategies was unusually difficult in 2025… again. All the more so for portfolios that were heavily weighted in US assets and shunned international diversification.

The leading performer: stocks in developed markets ex-US. Vanguard FTSE Developed Markets ETF (NYSE:VEA) surged 35%, more than double the gain for US shares (VTI).

Stocks in emerging markets (VWO) posted a strong second-place performance, rising nearly 26%, just ahead of foreign real estate (VNQI), which rallied more than 21% in 2025.

The weakest performer for the major asset classes: US real estate investment trusts (VNQ), with a meek 3.3% advance last year — a gain that trailed the 4.2% increase for cash (SHV) in 2025.

Gold (GLD) was a standout winner last year among alternative assets, soaring nearly 64%, while bitcoin (GBTC) slumped in 2025.Total Returns Table

The Global Market Index (GMI) enjoyed another strong calendar-year run in 2025, posting its third straight double-digit gain by rising nearly 19%. GMI is an unmanaged benchmark that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for multi-asset-class portfolios.

Global Market Index

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