January 2026

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

Summary

• Asset classes: Top Gold +12.44% vs. Bottom Bitcoin USD -4.21% vs. All Country World Index +2.83%
• Countries: Top Korea, Republic of +25.85% vs. Bottom Indonesia -5.56% vs. All Country World Index +2.83%
• Volatility: Short-Term 17.59 vs. Medium-Term 22.21 vs. 10-Year Average 18.40
• Currencies: Top AUD Index +3.45% vs. Bottom USD Index -0.70%
• US sectors: Top Energy +14.14% vs. Bottom Financials -2.39% vs. S&P-500 Index +1.48%
• Pfolio portfolios: Top ETF - Crypto - High Volatility +12.91% vs. Bottom ETF - ESG - Low Volatility +0.86% vs. All Country World Index +2.83%

Markets

Asset classes

Gold extended its rally, while non-US equities posted strong gains. Bitcoin remained under pressure, declining 4.21% for the month.

Cumulative return, January 2026

Country equity markets

South Korea was the top-performing equity market with a 25.85% return. In contrast, Indonesia finished at the bottom of the ranking with a 5.56% loss.

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

Volatility

Short-term volatility closed low, staying below the 10-year average of 18.40. The volatility curve remained in contango, with near-term volatility below medium-term levels.

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

Currencies

The US Dollar weakened by 0.70%, driving gains across all major currencies. The Australian Dollar was the standout, appreciating 3.45%.

Cumulative return, January 2026

US sectors

Nine out of 11 US sectors finished in positive territory. Energy was the top performer, while Financials placed last.

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

Portfolios

Pfolio portfolios

Five of the eight pfolio portfolios outperformed the All Country World Index, and all eight ended the month with positive returns.

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