April 2026

For definitions and explanations of the numbers and charts below, read this article.

Summary

• Asset classes: Top Commodity Index +15.34% vs. Bottom Gold -11.05% vs. All Country World Index -6.11%
• Countries: Top Norway +7.23% vs. Bottom Korea, Republic of -18.74% vs. All Country World Index -6.11%
• Volatility: Short-Term 25.25 vs. Medium-Term 26.93 vs. 10-Year Average 18.46
• Currencies: Top USD Index +2.58% vs. Bottom AUD Index -2.58%
• US sectors: Top Energy +10.27% vs. Bottom Industrials -8.44% vs. S&P-500 Index -4.99%
• pfolio portfolios: Top ETF - ESG - Low Volatility -3.59% vs. Bottom ETF - High Volatility -13.67% vs. All Country World Index -6.11%

Markets

Asset classes

The NASDAQ-100 Index led asset classes in April with a gain of 15.69%, against an All Country World Index gain of 9.52%. Gold remained at the bottom of the ranking with a decline of 1.54%—a much smaller loss than its 11.05% fall in March, when it also finished last.

Cumulative return, April 2026

Country equity markets

South Korea reversed sharply in April to take the top spot with a gain of 30.69%, after finishing at the bottom of the ranking in March. Indonesia closed the month at the bottom with a decline of 5.45%, against an All Country World Index gain of 9.52%.

Cumulative return, vs. All Country World Index, April 2026

Volatility

Short-term volatility fell sharply through April, closing at 16.89—well below both the 25.25 reading at the end of March and the long-run average of 18.50. Medium-term volatility moved lower more modestly, ending the month at 22.61. The curve remained in steep contango, with the gap between near-term and medium-term volatility widening.

S&P-500 Index's implied volatility based on CBOE Volatility Index (VIX)

Currencies

The Australian Dollar Index led major currencies in April with a gain of 3.49%, reversing from its position at the bottom of the ranking in March. The US Dollar Index, March's top performer, moved to the bottom with a decline of 1.51%.

Cumulative return, April 2026

US sectors

Technology topped the US sector ranking in April with a gain of 20.02%, against an S&P-500 Index gain of 10.54%. Energy, the leader in March, reversed to finish at the bottom of the ranking with a decline of 2.63%.

Cumulative return, vs. S&P-500 Index, April 2026

Portfolios

pfolio portfolios

All eight pfolio portfolios trailed the All Country World Index's gain of 9.52% in April. Stock - ESG - High Volatility led the field with a gain of 1.70%, while ETF - Crypto - High Volatility, the only portfolio in negative territory, posted a loss of 1.74%.

Cumulative return, vs. All Country World Index, April 2026