Markets

Visualizing 30 Years of Global Equity Returns by Region

Published

2 months ago

December 3, 2024

Kayla Zhu

Article/Editing:

Niccolo Conte

Graphics/Design:

Sabrina Lam

See this visualization first on the Voronoi app.

Use This Visualization

Equity Returns By Region (1991-2024)

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Global equity performance since 1991 has been characterized by cycles of growth, volatility, and recovery, shaped by major economic events such as the dot-com boom, the global financial crisis, and the COVID-19 pandemic.

This chart shows yearly equity returns by region since 1991 for the U.S., UK, Japan, Europe (excluding the UK), and emerging markets.

MSCI indexes are used for each region. For Europe, the MSCI Europe Index excluding the UK Index was used.

The returns are total U.S. dollar returns shown in percentages using data sourced from Schroders, with 2024 YTD returns as of November 8th, 2024.

U.S. Dominates Recent Global Equity Returns

Below, we show the annual equity returns by region from 1991 to November 8, 2024 for the U.S., UK, Japan, Europe, and emerging markets.

Year	Best Performing Equity Region	Second Best Performing Equity Region	Third Best Performing Equity Region	Fourth Best Performing Equity Region	Fifth Best Performing Equity Region
2024 YTD	🇺🇸 U.S. 27%	🌍 EM 14%	🇯🇵 JAP 10%	🇬🇧 UK 9%	🇪🇺 EUR 5%
2023	🇺🇸 U.S. 27%	🇪🇺 EUR 23%	🇯🇵 JAP 21%	🇬🇧 UK 14%	🌍 EM 10%
2022	🇬🇧 UK -5%	🇯🇵 JAP -16%	🇪🇺 EUR -17%	🇺🇸 U.S. -19%	🌍 EM -20%
2021	🇺🇸 U.S. 27%	🇬🇧 UK 19%	🇪🇺 EUR 17%	🇯🇵 JAP 2%	🌍 EM -3%
2020	🇺🇸 U.S. 21%	🌍 EM 19%	🇯🇵 JAP 15%	🇪🇺 EUR 12%	🇬🇧 UK -10%
2019	🇺🇸 U.S. 32%	🇪🇺 EUR 26%	🇬🇧 UK 21%	🇯🇵 JAP 20%	🌍 EM 19%
2018	🇺🇸 U.S. -5%	🇯🇵 JAP -13%	🇬🇧 UK -14%	🌍 EM-14%	🇪🇺 EUR -14%
2017	🌍 EM 38%	🇪🇺 EUR 28%	🇯🇵 JAP 24%	🇬🇧 UK 22%	🇺🇸 U.S. 22%
2016	🇺🇸 U.S. 12%	🌍 EM 12%	🇯🇵 JAP 3%	🇪🇺 EUR 0%	🇬🇧 UK 0%
2015	🇯🇵 JAP 10%	🇺🇸 U.S. 1%	🇪🇺 EUR 0%	🇬🇧 UK -8%	🌍 EM -15%
2014	🇺🇸 U.S. 13%	🌍 EM -2%	🇯🇵 JAP -4%	🇬🇧 UK -5%	🇪🇺 EUR -6%
2013	🇺🇸 U.S. 33%	🇪🇺 EUR 29%	🇯🇵 JAP 27%	🇬🇧 UK 21%	🌍 EM -2%
2012	🇪🇺 EUR 23%	🌍 EM 19%	🇺🇸 U.S. 16%	🇬🇧 UK 15%	🇯🇵 JAP 8%
2011	🇺🇸 U.S. 2%	🇬🇧 UK -3%	🇯🇵 JAP -14%	🇪🇺 EUR -14%	🌍 EM -18%
2010	🌍 EM 19%	🇯🇵 JAP 16%	🇺🇸 U.S. 15%	🇬🇧 UK 9%	🇪🇺 EUR 2%
2009	🌍 EM 79%	🇬🇧 UK 43%	🇪🇺 EUR 34%	🇺🇸 U.S. 27%	🇯🇵 JAP 6%
2008	🇯🇵 JAP -29%	🇺🇸 U.S. -37%	🇪🇺 EUR -45%	🇬🇧 UK -48%	🌍 EM -53%
2007	🌍 EM 40%	🇪🇺 EUR 17%	🇬🇧 UK 8%	🇺🇸 U.S. 6%	🇯🇵 JAP -4%
2006	🇪🇺 EUR 36%	🌍 EM 33%	🇬🇧 UK 31%	🇺🇸 U.S. 15%	🇯🇵 JAP 6%
2005	🌍 EM 35%	🇯🇵 JAP 26%	🇪🇺 EUR 11%	🇬🇧 UK 7%	🇺🇸 U.S. 6%
2004	🌍 EM 26%	🇪🇺 EUR 22%	🇬🇧 UK 20%	🇯🇵 JAP 16%	🇺🇸 U.S. 11%
2003	🌍 EM 56%	🇪🇺 EUR 44%	🇯🇵 JAP 36%	🇬🇧 UK 32%	🇺🇸 U.S. 29%
2002	🌍 EM -6%	🇯🇵 JAP -10%	🇬🇧 UK -15%	🇪🇺 EUR -20%	🇺🇸 U.S. -23%
2001	🌍 EM -2%	🇺🇸 U.S. -12%	🇬🇧 UK -14%	🇪🇺 EUR -22%	🇯🇵 JAP -29%
2000	🇪🇺 EUR -7%	🇬🇧 UK -12%	🇺🇸 U.S. -13%	🇯🇵 JAP -28%	🌍 EM -31%
1999	🌍 EM 66%	🇯🇵 JAP 62%	🇺🇸 U.S. 22%	🇪🇺 EUR 18%	🇬🇧 UK 12%
1998	🇪🇺 EUR 34%	🇺🇸 U.S. 31%	🇬🇧 UK 18%	🇯🇵 JAP 5%	🌍 EM -25%
1997	🇺🇸 U.S. 34%	🇪🇺 EUR 25%	🇬🇧 UK 23%	🌍 EM -12%	🇯🇵 JAP -24%
1996	🇬🇧 UK 27%	🇺🇸 U.S. 24%	🇪🇺 EUR 19%	🌍 EM 6%	🇯🇵 JAP -15%
1995	🇺🇸 U.S. 38%	🇪🇺 EUR 23%	🇬🇧 UK 21%	🇯🇵 JAP 1%	🌍 EM -5%
1994	🇯🇵 JAP 22%	🇪🇺 EUR 5%	🇺🇸 U.S. 2%	🇬🇧 UK -2%	🌍 EM -7%
1993	🌍 EM 75%	🇪🇺 EUR 33%	🇯🇵 JAP 26%	🇬🇧 UK 24%	🇺🇸 U.S. 10%
1992	🌍 EM 11%	🇺🇸 U.S. 7%	🇬🇧 UK -4%	🇪🇺 EUR -5%	🇯🇵 JAP -21%
1991	🌍 EM 60%	🇺🇸 U.S. 31%	🇬🇧 UK 16%	🇪🇺 EUR 12%	🇯🇵 JAP 9%

The U.S. has been the dominant global equity market as the top returning region for 10 years out of the past 15, when including 2024 year-to-date performance.

In the period before that, emerging markets were the best-returning region, providing the best returns 12 years in the two decades spanning 1991 to 2010.

Between 2001 to 2010, the MSCI Emerging Markets Index, composed of equities from countries like China, Taiwan, India, Brazil, and South Korea, posted robust returns of 15.9%, significantly outperforming developed market stocks over the same period, according to AllianceBernstein. However, since 2011, emerging market equities have seen just 0.9% in annualized returns.

The biggest period of underperformance for U.S. equities was after the dot-com bubble crash.

From 2002 to 2005, the U.S. was the worst-returning region in terms of equities, with 2002 seeing the worst return ever for U.S. equities at -23%.

Europe’s returns have been less volatile than emerging markets, with fewer extreme highs and lows. However, the region has often underperformed U.S. equities, particularly in recent years. European markets have experienced a strong rebound so far in 2024, driven by easing energy concerns and resilient consumer spending.