Ranking 2025's Standout and Lagging Asset Classes: What Investors Should Know

Equity Markets Delivered Strong Returns Across the Board

The year 2025 proved remarkably favorable for stock investors globally. The S&P 500, representing roughly 80% of U.S. market capitalization, advanced 16.4% throughout the year—continuing a powerful momentum from prior years. This marked the third consecutive year of double-digit gains, well above the long-term historical average of under 11% annually.

However, American equities weren’t the top performers. International developed markets significantly outpaced domestic gains. The Vanguard FTSE Developed Markets ETF (VEA), which tracks stocks in established economies outside the U.S., surged 35.2% during 2025, more than double the S&P 500’s return. This fund maintains substantial exposure to European, Japanese, and Canadian equities.

Meanwhile, emerging-market exposure also delivered impressive results. The Vanguard FTSE Emerging Markets ETF (VWO) rose 25.6% last year, with concentrated positions in major middle-income economies including China, Taiwan, Brazil, and India.

Precious Metals and Industrial Metals Emerged as 2025’s Top Performers

Among commodity markets, three metals demonstrated exceptional strength and stand as standout performers among all asset classes. Gold, traditionally purchased as a haven investment during uncertain times, climbed nearly 64% in 2025, driven by persistent inflation concerns and sustained central bank accumulation that intensified following geopolitical tensions in early 2022.

Copper posted equally impressive gains of approximately 40%, buoyed primarily by infrastructure buildouts in artificial intelligence data centers, electric vehicle manufacturing, and the renewable energy sector. But silver eclipsed both metals, with prices more than doubling to achieve a stunning 140% annual gain. This dual tailwind—functioning both as a precious-metal safe haven like gold and as an industrial conductor like copper—positioned silver uniquely within commodity markets.

Both copper and silver have maintained their upward trajectory into early 2026, suggesting the ongoing AI infrastructure expansion will continue supporting valuations for these metals.

Digital and Energy Assets Struggled Throughout 2025

Bitcoin, despite its “digital gold” characterization, encountered significant headwinds in 2025. The cryptocurrency retreated 7.6% across the year according to available data, with losses accelerating following late-September developments that triggered investor rotation away from speculative assets. Current pricing stands near $91,930, reflecting a year-over-year decline of approximately 3.13%.

Crude oil faced comparable challenges. Brent crude fell roughly 8.5% in 2025, declining to approximately $61 per barrel—half its mid-2022 valuation. Energy sector weakness appears poised to persist in 2026, as ballooning supply in global markets continues pressuring prices downward. Policy initiatives potentially increasing oil reserves accessibility could further expand oversupply conditions.

Divergence Across Asset Classes Points to Shifting Investment Dynamics

The striking performance dispersion across different asset classes in 2025 reflects evolving market dynamics. While traditional equities and industrial metals thrived on growth and infrastructure narratives, digital currencies and energy commodities faced headwinds from both macro policy shifts and structural supply-demand imbalances. Investors seeking exposure across diverse assets might consider this divergence when constructing forward-looking portfolios through 2026.