From 2009 through 2024, investing in the United States was generally a no-brainer from the standpoint of comparative global stock performance. But this year has been different. Consider these annualized returns, calculated by MSCI using its own major indexes and using U.S. dollars:

• U.S. stocks, from 2009 to 2024: 14.6 percent. In the first half of 2025: 5.8 percent.

• Developed market stocks, excluding the United States, 2009 to 2024: 7.6 percent. In the first half of 2025: 19.7 percent.

• Emerging market equities, 2009 to 2024: 7.4 percent. In the first half of 2025: 14.9 percent.

Clearly, while U.S. markets were better for many years, U.S. investors would have been better off so far in 2025 if they owned big dollops of international stocks.

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