May 2025 saw a significant rebound in equity markets, with U.S. Stocks surging +6.28% and World Stocks following closely with a +4.44% gain. This strong performance pushed U.S. Stocks back into positive territory for the year at +0.87%, while World Stocks extended their year-to-date lead to an impressive +14.04%.

Hedge Funds and Commodities also posted positive returns in May, gaining 1.93% and 2.02% respectively. However, Commodities remain down -2.76% for the year following a challenging April when they fell -8.87%.

Managed Futures continued to face headwinds, declining -1.61% in May. This marked their fourth negative month in 2025, bringing their year-to-date performance to -8.15%. Meanwhile, Cash maintained its steady course with a +0.36% return, accumulating a +1.81% gain year-to-date.

Bonds dipped slightly in May with a -0.67% return but remained positive for the year at +2.50%, while U.S. Real Estate posted a modest +0.91% gain, bringing its year-to-date return to +1.98%.

As May comes to a close, the scoreboard shows World Stocks maintaining their commanding lead while Managed Futures continues to search for solid footing.

Past performance is not indicative of future results.

Past performance is not indicative of future results.

Sources: Managed Futures = SocGen CTA Index,
Cash = US T-Bill 13 week coupon equivalent annual rate/12, with YTD the sum of each month’s value,
Bonds = Vanguard Total Bond Market ETF (NYSEARCA:BND),
Hedge Funds = IQ Hedge Multi-Strategy Tracker ETF (NYSEARCA:QAI)
Commodities = iShares S&P GSCI Commodity-Indexed Trust ETF (NYSEARCA:GSG);
Real Estate = iShares U.S. Real Estate ETF (NYSEARCA:IYR);
World Stocks = iShares MSCI ACWI ex-U.S. ETF (NASDAQ:ACWX);
US Stocks = SPDR S&P 500 ETF (NYSEARCA:SPY)

All ETF performance data from Y Charts