September 2025 delivered another strong month across most asset classes, with World Stocks gaining +3.62% and U.S. Stocks posting a solid +3.56% return. The continued strength pushed World Stocks to an impressive +26.40% year-to-date performance.

Managed Futures posted their best month of 2025 with a +3.41% gain in September, building on August’s positive momentum. This strong performance has significantly improved their year-to-date position, reducing losses to -2.85% and marking a dramatic turnaround from their challenging first half of the year.

Hedge Funds extended their positive streak with a +1.82% return, while Bonds added +1.11% for the month. Commodities participated in the broad rally with a +0.88% gain, continuing their recovery from August’s brief decline.

U.S. Real Estate was notably flat in September with just a +0.06% return, a sharp contrast to the strong gains seen across other asset classes. Cash maintained its steady trajectory with a +0.33% return.

The third quarter concluded with broad-based strength, as most asset classes delivered positive returns for the three-month period. September’s performance demonstrates continued momentum in equity markets while highlighting Managed Futures’ notable recovery trajectory after a difficult start to 2025.

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