Performance - S&P 500 Relative to MSCI All-World Ex-U.S.

The S&P 500 underperformed global markets by 9.9% in dollar terms in 2025, its biggest lag since 2009, as U.S. tariffs bit and the AI trade stayed locked in the hands of a few megacaps.

Image: Bloomberg

Performance - S&P 500 Relative to MSCI All-World Ex-U.S.