July 2025 presented a mixed picture across asset classes, with Commodities leading the charge for the second consecutive month with a +3.45% gain. U.S. Stocks continued their momentum with a solid +2.30% return, while World Stocks pulled back -1.12% after their strong June performance.

The commodity surge pushed this asset class to +4.73% year-to-date, representing a remarkable turnaround from the challenging April decline. U.S. Stocks extended their year-to-date gains to +8.49%, while World Stocks, despite the July setback, maintained their commanding position at +17.16% for the year.

Hedge Funds posted a modest +0.68% gain in July, bringing their year-to-date performance to +3.59%. U.S. Real Estate added a small +0.12% for the month, reaching +2.88% year-to-date. Bonds faced headwinds in July with a -0.26% decline but remained positive for the year at +3.79%.

Managed Futures demonstrated continued stabilization with a +0.34% gain in July, marking their second consecutive positive month after the difficult first half of the year. This represents a notable shift for the asset class, which had experienced significant volatility through the second quarter when it declined -5.23%. Despite this recent improvement, Managed Futures remains down -7.31% year-to-date, though the asset class appears to be finding more stable footing in the third quarter.

Cash maintained its consistent performance with a +0.36% return, bringing its year-to-date gain to +2.55%.

As July concluded, World Stocks continue to dominate the year-to-date rankings while Commodities have emerged as a standout performer in recent months.

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