December 2025

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

Summary

• Asset classes: Top ex-US DM Equities +2.72% vs. Bottom Bitcoin USD -3.68% vs. All Country World Index +0.89%
• Countries: Top Peru +12.44% vs. Bottom Brazil -2.46% vs. All Country World Index +0.89%
• Volatility: Short-Term 14.90 vs. Medium-Term 20.92 vs. 10-Year Average 18.46
• Currencies: Top AUD Index +1.70% vs. Bottom USD Index -0.87%
• US sectors: Top Financials +3.06% vs. Bottom Utilities -5.08% vs. S&P-500 Index +0.07%
• Pfolio portfolios: Top ETF - Medium Volatility +2.41% vs. Bottom Stock - ESG - High Volatility -3.85% vs. All Country World Index +0.89%

Markets

Asset classes

Gold extended its gains, while non-US equities showed a strong performance; Bitcoin continued its decline, dropping 3.68% this month.

Cumulative return, December 2025

Country equity markets

Peru topped the country equity markets ranking with a 12.44% return; Brazil lost around one third of last month's gains.

Cumulative return, vs. All Country World Index, December 2025

Volatility

Short-term volatility closed low and below the 10-year average of 18.46. Volatility continued to stay in contango, with short-term volatility below medium-term volatility.

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

Currencies

The Australian Dollar, the British Pound, the Swiss Franc, and the Euro strengthened at the expense of the Japanese Yen and the US Dollar.

Cumulative return, December 2025

US sectors

Six out of 11 US sectors in the green this month, with Financials in the number one spot and Utilities in last place.

Cumulative return, vs. S&P-500 Index, December 2025

Portfolios

Pfolio portfolios

Four out of eight pfolio portfolios outperformed the All Country World Index.

Cumulative return, vs. All Country World Index, December 2025