Asset Class Returns

Asset Class Returns Diversified portfolios demonstrated strong resilience during the U.S. stock market drawdowns in the first half of 2025 by cushioning losses and providing more stable returns. Image: J.P. Morgan Asset Management

U.S. Households’ (Incl. Hedge Fund) Asset Allocation

U.S. Households’ (Incl. Hedge Fund) Asset Allocation U.S. households are currently heavily overweight in equities relative to fixed income, reflecting strong conviction in U.S. equity markets despite ongoing economic uncertainties and cautious positioning in bonds. Image: Deutsche Bank

Monthly Flow of G4 Central Bank Asset Purchases

Monthly Flow of G4 Central Bank Asset Purchases Global central banks are continuing to reduce their asset holdings at a robust pace, primarily through balance sheet runoff and measured non-reinvestment of maturing securities. Image: Deutsche Bank

Equities as a Share of Household Assets

Equities as a Share of Household Assets U.S. households now allocate about 49% of their assets to equities, a level that reflects strong market optimism and a significant appetite for risk. Image: Goldman Sachs Global Investment Research

Money Market Fund Assets as a Percent of S&P 500 Market Capitalization

Money Market Fund Assets as a Percent of S&P 500 Market Capitalization Despite record levels of cash in money market funds, cash on the sidelines is not elevated relative to the S&P 500 market capitalization. In fact, the ratio of money market funds assets to S&P 500 market cap is near historic lows. Image: J.P.…

Money Market Fund Assets

Money Market Fund Assets While the $7 trillion in money market funds is frequently cited as potential fuel for equities and risk assets, most evidence suggests this cash is primarily a result of yield optimization and prudent cash management. Image: Bloomberg

Probability of U.S. Recession As Priced Across Asset Classes

Probability of U.S. Recession As Priced Across Asset Classes The S&P 500 is pricing in about a 25% chance of a recession, which is lower than signals from copper prices or the yield curve, but higher than the recession probabilities implied by global equities or high-yield credit markets. Analysts often use the current percentage change…

Gold vs. Other Asset Total Returns

Gold vs. Other Asset Total Returns A performance rotation from stocks to gold is emerging. This may signal the beginning of a broader shift, as Trump’s efforts to weaken the dollar and lower rates coincide with a deteriorating outlook for equities. Image: Topdown Charts

Risk Appetite Indicator for Different Asset Classes

Risk Appetite Indicator for Different Asset Classes Investors have sharply shifted toward risk aversion due to escalating tariff policies and eroding market visibility. Image: Goldman Sachs Global Investment Research