Long-Term Performance Overview

The table summarizes 14 years of total returns across major global asset classes. The trend is clear: risk-on assets, especially Bitcoin and U.S. technology stocks, have dominated the post-2011 cycle.

Bitcoin is the top performer by a massive margin, with cumulative returns above 3,000%.
Among traditional assets, the leaders are:
• QQQ (Nasdaq 100): +884%
• IWF (U.S. Growth): +648%
• SPY (S&P 500): +442%

These results reflect a decade of tech expansion, digital transformation, and the rise of AI-driven business models.

The Weak Spots

Several asset classes struggle to generate meaningful long-term returns:
• Long-term U.S. Treasuries (TLT): –21% cumulative
• Emerging Markets (EEM): only +40% in 14 years
• Commodities (DBC): –13% cumulative

These categories were dragged down by rising rates, slower global growth, and structural headwinds in emerging economies.

What’s Happening in 2025?

The YTD snapshot shows:
• 95% of asset classes are positive in 2025
• Gold is the top YTD performer
• The biggest laggard remains long-duration U.S. Treasuries

The rebound across many categories reflects stabilized inflation and a softer interest-rate path.

Core Trends Emerging From the Data

• U.S. tech and growth stocks are the strongest long-term performers.
• The bond market reversal post-2022 continues to weigh on fixed income.
• Broad international diversification has not matched U.S. equity returns over the decade.

Conclusion

Since 2011, the data paints a clear picture: U.S. equities, especially technology and growth segments, have delivered the strongest long-term returns. Bitcoin stands in a league of its own, but among traditional assets, U.S. stocks remain dominant.

The early results for 2025 reinforce the same narrative — long-term investors who maintained exposure to U.S. equities have benefited the most, while bonds and emerging markets continue to trail.