Major Asset Classes | September 2025 | Performance Review

All the major asset classes posted gains in September, extending a broad-based rally in recent history. The year-to-date results also reflect across-the-board wins, based on a set of proxy ETFs.

Stocks in emerging markets (VWO) led the field last month with a strong 5.7% advance in September. So far in 2025, VWO is up more than 24%, second only to equities in developed markets ex-US (VEA).

US shares (VTI) were the second-best performer in September, rallying 3.4%. Year to date, VTI is up 14.3%.

US property shares (VNQ) posted the weakest performance last month, rising a fractional 0.1%. For the year to date, VNQ is up 5.7%.

The Global Market Index (GMI) delivered another strong advance in September, jumping 2.8%. The advance marks the sixth straight monthly increase. Year to date, GMI is up 15.6%.

GMI is an unmanaged benchmark (maintained by CapitalSpectator.com) 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.