March 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 Commodity Index was the standout asset class in March with a gain of 15.34%. Gold, the top performer in both January and February, reversed sharply to finish at the bottom of the ranking with a decline of 11.05%, while the All Country World Index fell 6.11%.

Cumulative return, March 2026

Country equity markets

South Korea, the leader in both January and February, reversed sharply in March to finish at the bottom of the ranking with a decline of 18.74%. Norway took the top spot for the month with a gain of 7.23%, against an All Country World Index decline of 6.11%.

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

Volatility

Short-term volatility climbed through March, closing at 25.25—markedly above both the 19.95 reading at the end of February and the long-run average of 18.46. Medium-term volatility moved higher in tandem, ending the month at 26.93. The curve remained in contango, though the gap between near-term and medium-term volatility narrowed.

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

Currencies

The US Dollar Index led major currencies in March with a gain of 2.58%. The Australian Dollar, February's top performer, reversed to finish at the bottom of the ranking with a decline of 2.58%.

Cumulative return, March 2026

US sectors

Energy continued its run of leadership, topping the sector ranking in March with a gain of 10.27% after finishing second in February. Industrials sat at the bottom with a loss of 8.44%, while the S&P-500 Index declined 4.99% for the month.

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

Portfolios

pfolio portfolios

All eight pfolio portfolios finished March in negative territory, alongside the All Country World Index's decline of 6.11%. ETF - ESG - Low Volatility led the field with a fall of 3.59%—a marked turnaround from February, when it was the laggard—while ETF - High Volatility, February's top portfolio, posted the largest loss at 13.67%.

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