Global Stocks’ Great Year Was About More Than the Dollar

Global diversification was a winner for American investors in 2025. The MSCI all-country world ex-U.S. index covers 85% of the equity opportunity set outside the U.S. The iShares exchange-traded fund that tracks it returned about 33% in 2025 to a U.S. investor. There is how much that asset went up in its own local currency and how that currency did compared with the U.S. dollar.