November 2025 saw modest movements across most asset classes, with U.S. Real Estate staging a notable comeback, gaining +2.37% after October’s decline. Despite the monthly gain, U.S. Real Estate remains up 5.75% for the year.

Most asset classes posted small positive returns for the month. Bonds gained +0.60%, pushing their year-to-date return to 7.43%. Commodities added +0.26%, bringing their 2025 gain to 6.89%.

Managed Futures continued its recovery with a +0.24% increase, marking its fourth consecutive positive month, though still down -1.19% for the year. World Stocks and U.S. Stocks showed similar modest gains of 0.21% and 0.20% respectively, with year-to-date returns of 29.28% and 17.62%.

Hedge Funds experienced a slight decline of -0.10%, their first negative month since March, yet maintained a solid 7.70% return for 2025. Cash continued its reliable performance with a +0.32% gain, bringing its year-to-date return to 3.90%.

As the final month of 2025 closes, World Stocks maintain their substantial lead in year-to-date performance, while most asset classes remain comfortably positive for the year.

 

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