The U.S. is not the place to be for investors in 2026 so far. Where they are turning to for gains

• The biggest winners this year are all abroad.
• Emerging markets stocks represented by the iShares MSCI Emerging Markets ETF (EEM) are higher by more than 6% this year, while all non-U.S. equities in the iShares MSCI ACWI ex U.S. ETF (ACWX) gaining more than 5%.  
• The U.S. market has lagged in comparison, with the S&P 500 in negative territory year to date.

One significant trend has emerged this year: The biggest winners this year are abroad.

Emerging markets stocks represented by the iShares MSCI Emerging Markets ETF (EEM) are higher by more than 7% this year, while all non-U.S. equities in the iShares MSCI ACWI ex U.S. ETF (ACWX) gaining more than 5%. The U.S. market has lagged in comparison, with the S&P 500 in negative territory year to date. The broad market index has lost 0.3%.

Source: https://ppam.com.au/wp-admin/