Major Asset Classes | August 2026 | Performance Review

The majority of the major asset classes rose in August, led by commodities for a second straight month, based on a set of ETF proxies. Only property shares in the US and abroad lost ground.

The main theme in markets last month: a broad measure of commodities strengthened its lead in 2026 for the major asset classes. The iShares S&P GSCI Commodity-Indexed Trust ETF (GSG) rallied 6.2% in August, lifting its year-to-date gain to a sizzling 47.6% — the top performer this year by far.

Foreign stocks in developed (VEA) and emerging markets (VWO) posted a distant second- and third-place finish in August, followed by US shares (VTI), which gained 2.7%.

US bonds (BND) posted a modest 0.4% gain last month, but this broad measure of investment-grade fixed-income securities is still fractionally lower for the year.

Real estate shares were the main losers in August. Foreign property stocks (VNQI) gave up the gains from July’s rally and fell 2.8% last month, pushing this slice of equities back into the red for the year.

US real estate investment trusts (VNQ) also lost ground in August, but continue to post a solid 11.1% increase so far in 2026.

The Global Market Index (GMI) broke its two-month losing streak and rallied 2.5% in August. GMI is an unmanaged benchmark (maintained by The Capital Spectator) that holds all the major asset classes (except cash) in market‑value weights via ETFs and serves as a competitive benchmark for globally diversified, multi‑asset‑class portfolio strategies. For the year so far, GMI is ahead 12.0%, outperforming the majority of its components in 2026.