As December 2025 came to a close, markets reflected a mixed performance across asset classes. World Stocks led the way, posting a +2.57% return for the month and solidifying their position as 2025’s top performer with an impressive  +32.60% gain.

Managed Futures finished strong with a +1.15% return in December, marking its fifth consecutive positive month. Despite this late-year rally, Managed Futures ended 2025 nearly flat at -0.19%.

Hedge Funds posted a +0.54% gain for December, bringing their year-to-date return to +8.28%. U.S. Stocks ended quietly with a +0.08% monthly return, finishing 2025 up +17.71%.

Several asset classes retreated in December. U.S. Real Estate declined -2.21%, reducing its annual gain to +3.42%. Commodities fell -0.90%, ending the year up +5.92%, while Bonds dipped -0.30%, closing 2025 with a +7.10% return.

Cash continued its steady performance with a +0.30% December gain, accumulating a +4.22% return for 2025. 

The year concluded with all major asset classes except Managed Futures posting YTD positive returns, led by World Stocks’ substantial outperformance.

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