As 2024 commenced, global markets presented a mixed bag of results. Leading the pack in January were commodities, bouncing back after a prolonged downturn, while property shares emerged as the biggest losers, based on a set of Exchange-Traded Funds (ETFs).
The iShares S&P GSCI Commodity-Indexed Trust (NYSE:) claimed the top spot as the best performer in the opening month of 2024. A solid 4.4% gain in January marked the first monthly advance since September for the fund.
Other assets that posted gains in January were US stocks (), cash (), inflation-indexed US Treasuries (), and US junk bonds (). However, the rest of the field experienced a retreat as the new year commenced.
On the flip side, the deepest loss in January was incurred by US property shares. The Vanguard Real Estate ETF (NYSE:) suffered a significant 5.1% drop in January, marking its first monthly setback since October.
GMI Total Returns Table
For the third consecutive month, the Global Market Index (GMI) experienced a modest edge up of 0.1% in January. GMI, an unmanaged benchmark maintained by CapitalSpectator.com, holds all major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for multi-asset class portfolios.
Although GMI’s one-year performance remains robust at 13.1%, the credit is partially attributed to the strong rally in US stocks (VTI). Meanwhile, the US bond market () has shown signs of recovery, but the progress over the trailing 12-month period has been sluggish.
GMI vs US Stock & Bond Markets
