Major Asset Classes | June 2025 | Performance Review

Stocks in emerging markets extended their rally in June, posting the strongest gain for the major asset classes last month, based on a set of ETFs. A broad measure of US equities delivered a robust second-place performance amid rallies for all the main categories of global markets for the month.

The Vanguard Emerging Markets Stock Index ETF (VWO) rose 5.5%, June’s leader. The fund has posted a gain in every month so far this year except for a slight loss in April. For 2025 so far, VWO is up 12.7%.

US stocks (VTI) also rallied last month, rising 5.2%. The increase marks a second straight monthly advance following a three-month run of declines for American shares.

Year to date, foreign stocks in developed markets continue to enjoy a commanding lead for the major asset classes. Vanguard FTSE Developed Markets ETF (VEA) is up 20.7% year to date, well ahead of the second-best performer in 2025: foreign real estate shares (VNQI) with a 16.7% increase in 2025 through June 30.

The Global Market Index (GMI) also posted a solid gain in June via a 4.2% rise. Year to date GMI is up 8.6%, reflecting a strong rally for this multi-asset-class benchmark.

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.