ION expands ETF trading capabilities with Tradeweb integration
Most of the major asset classes rose in November, extending the previous-month’s broad-based gains, based on a set of ETF proxies. US real estate investment trusts led the way, posting a robust gain last month.
Vanguard US Real Estate (NYSE:VNQ) rose 2.4% in November, well ahead of the rest of the field. Despite the rally, the fund continues to struggle this year in relative terms.
US stocks (VTI) rose 0.3% in November, marking the fund’s seventh straight monthly gain, albeit via its weakest rally since the April selloff.
Stocks in emerging markets suffered a 1.2% loss in November, marking the weakest performance for the major asset classes last month.
Year to date, all the major asset classes are in the black. The best performer in 2025 by far: foreign stocks in developed markets ex-US (VEA) via a sizzling 31.0% rise. Other than cash (SHV), US real estate (VNQ) is weakest market by way of a 5.6% increase.
The Global Market Index (GMI) extended its run of monthly gains in November, rising 0.4%. The modest advance marks the eighth straight monthly increase. Year to date, GMI is up a strong 18.0%, well above its long-run performance.
GMI is an unmanaged benchmark that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for globally diversified multi-asset-class portfolio strategies.