It’s a big world out there. The U.S. makes up a little less than half of the global market cap. By avoiding international stock markets, you cut out half of the investment opportunities. Why limit yourself?
The chart below breaks down the annual performance of developed international stock markets. Each country’s performance seems to bounce around at random year after year, but over the long term those returns smooth out. While it’s difficult to pick the best performing country every year, a diversified global portfolio offers the benefits of international stock market performance which in turn lowers risk.
The table below ranks the best to worst international stock market performance over the past 15 years. Hover over the table to highlight each country’s market returns over that period.
International Stock Market Returns
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ISR -28.8% |
NOR 88.6% |
SWE 34.8% |
IRL 14.3% |
BEL 40.7% |
FIN 48.0% |
ISR 23.7% |
DNK 24.4% |
CAN 25.5% |
AUT 59.0% |
FIN -2.2% |
NZL 38.8% |
DNK 44.4% |
AUT 42.3% |
PRT 1.1% |
DNK 266.7% |
|
| JPN -29.1% |
AUS 76.8% |
DNK 31.1% |
NZL 6.4% |
DEU 32.1% |
IRL 41.7% |
NZL 8.2% |
IRL 16.9% |
NZL 19.3% |
HKG 36.2% |
NZL -3.5% |
IRL 38.1% |
NLD 24.4% |
NLD 27.9% |
DNK -4.3% |
CHE 141.6% |
|
| CHE -29.9% |
SGP 74.0% |
HKG 23.2% |
GBR -2.5% |
DNK 31.9% |
DEU 32.4% |
DNK 6.8% |
BEL 13.0% |
NOR 14.6% |
SGP 35.6% |
ISR -5.2% |
CHE 33.6% |
SWE 24.4% |
CAN 26.9% |
HKG -4.7% |
SWE 99.6% |
|
| ESP -40.1% |
SWE 65.9% |
SGP 22.2% |
CHE -6.1% |
SGP 31.0% |
ESP 32.3% |
HKG 5.1% |
ISR 11.1% |
AUT 11.9% |
DNK 35.6% |
NOR -7.6% |
NLD 32.7% |
FIN 21.7% |
SWE 23.5% |
GBR -4.8% |
NLD 97.5% |
|
| FRA -42.7% |
HKG 60.2% |
CAN 21.2% |
NOR -9.1% |
NZL 30.4% |
NLD 31.8% |
BEL 4.9% |
JPN 9.9% |
AUS 11.7% |
NLD 32.7% |
HKG -7.8% |
DNK 29.0% |
NZL 20.2% |
NOR 23.5% |
AUS -5.1% |
NZL 92.6% |
|
| EAFE -43.1% |
BEL 58.6% |
JPN 15.6% |
BEL -10.0% |
HKG 28.3% |
BEL 28.8% |
SGP 3.1% |
AUT 3.9% |
FRA 6.0% |
FRA 29.9% |
CHE -8.2% |
ITA 28.7% |
PRT 15.5% |
FRA 20.6% |
NOR -5.7% |
AUS 66.3% |
|
| CAN -45.2% |
CAN 57.4% |
AUS 14.7% |
AUS -10.8% |
AUT 27.0% |
FRA 27.7% |
IRL 2.6% |
FIN 3.1% |
NLD 5.3% |
NOR 29.6% |
SGP -9.4% |
CAN 28.5% |
IRL 15.5% |
CHE 20.4% |
ESP -6.8% |
HKG 65.3% |
|
| DEU -45.5% |
ISR 54.6% |
CHE 12.9% |
ESP -11.2% |
SWE 23.4% |
CHE 27.6% |
CAN 2.2% |
ITA 3.0% |
PRT 4.7% |
ITA 29.6% |
PRT -10.1% |
FRA 27.0% |
ISR 15.2% |
DNK 19.5% |
SGP -11.0% |
CAN 56.3% |
|
| DNK -47.3% |
NZL 51.7% |
NOR 11.8% |
NLD -11.7% |
FRA 22.8% |
JPN 27.4% |
FIN 0.8% |
PRT 1.9% |
DEU 3.5% |
DEU 28.5% |
AUS -11.8% |
PRT 25.2% |
JPN 14.9% |
GBR 18.5% |
BEL -11.6% |
FRA 51.6% |
|
| SGP -47.3% |
ESP 45.1% |
FIN 11.6% |
EAFE -11.7% |
AUS 22.3% |
SWE 26.0% |
CHE 0.7% |
NLD 1.7% |
JPN 2.7% |
ESP 27.7% |
FRA -11.9% |
AUS 23.2% |
CHE 12.8% |
ITA 16.1% |
CAN -12.2% |
JPN 43.8% |
|
| NLD -47.9% |
AUT 44.8% |
AUT 10.7% |
CAN -12.2% |
CHE 21.5% |
DNK 25.9% |
NLD -3.2% |
CHE 1.2% |
HKG 2.3% |
EAFE 25.6% |
JPN -12.6% |
SWE 22.9% |
DEU 12.3% |
ISR 15.6% |
FRA -12.7% |
EAFE 40.5% |
|
| GBR -48.3% |
GBR 43.4% |
DEU 9.3% |
JPN -14.2% |
NLD 21.2% |
EAFE 23.3% |
AUS -3.2% |
FRA 0.8% |
SWE 1.9% |
PRT 25.2% |
SWE -12.6% |
EAFE 22.7% |
AUS 8.9% |
EAFE 11.8% |
NZL -13.3% |
SGP 29.9% |
|
| SWE -49.2% |
NLD 43.0% |
NZL 9.2% |
SWE -15.1% |
NOR 19.7% |
ITA 21.3% |
JPN -3.7% |
EAFE -0.4% |
EAFE 1.5% |
JPN 24.4% |
NLD -12.8% |
DEU 21.7% |
EAFE 8.3% |
FIN 10.1% |
ITA -13.4% |
GBR 23.1% |
|
| ITA -49.2% |
PRT 41.7% |
GBR 8.8% |
DNK -15.7% |
EAFE 17.9% |
GBR 20.7% |
ESP -4.4% |
HKG -0.5% |
SGP 1.5% |
FIN 24.0% |
EAFE -13.4% |
BEL 21.4% |
CAN 6.2% |
AUS 9.6% |
EAFE -14.0% |
DEU 14.6% |
|
| AUS -50.0% |
DNK 37.1% |
EAFE 8.2% |
FRA -16.0% |
FIN 16.5% |
AUT 14.3% |
EAFE -4.5% |
DEU -1.3% |
GBR 0.0% |
CHE 23.6% |
GBR -14.1% |
GBR 21.1% |
HKG 5.8% |
IRL 8.8% |
FIN -14.0% |
NOR 9.1% |
|
| HKG -51.2% |
FRA 33.3% |
ISR 5.0% |
HKG -16.0% |
GBR 15.3% |
PRT 12.3% |
GBR -5.4% |
SWE -4.0% |
ESP -0.5% |
GBR 22.4% |
DNK -14.9% |
JPN 20.1% |
FRA 4.7% |
DEU 5.9% |
JPN -16.3% |
FIN 5.4% |
|
| PRT -51.8% |
EAFE 32.5% |
NLD 2.2% |
DEU -17.5% |
ITA 13.5% |
NZL 12.2% |
SWE -6.6% |
NZL -5.4% |
FIN -3.3% |
SWE 21.8% |
ESP -15.7% |
AUT 15.2% |
ITA 2.4% |
SGP 5.7% |
CHE -17.6% |
ISR -2.0% |
|
| NZL -53.4% |
ITA 28.0% |
BEL 0.2% |
SGP -17.9% |
CAN 9.9% |
ISR 11.9% |
FRA -9.0% |
GBR -7.5% |
CHE -4.0% |
AUS 20.2% |
CAN -16.6% |
SGP 15.1% |
NOR -0.9% |
BEL 2.9% |
DEU -21.6% |
BEL -12.4% |
|
| FIN -54.7% |
CHE 26.6% |
FRA -3.2% |
PRT -21.9% |
JPN 8.4% |
HKG 11.1% |
ITA -9.0% |
AUS -9.8% |
IRL -6.8% |
BEL 19.8% |
ITA -17.0% |
ESP 12.7% |
AUT -2.8% |
JPN 2.0% |
AUT -25.6% |
ESP -25.4% |
|
| NOR -63.9% |
DEU 26.6% |
PRT -10.5% |
ITA -22.3% |
IRL 6.3% |
NOR 10.4% |
DEU -9.8% |
NOR -14.2% |
BEL -6.8% |
IRL 18.5% |
DEU -21.6% |
NOR 11.6% |
ESP -4.5% |
ESP 1.7% |
IRL -25.9% |
ITA -27.7% |
|
| BEL -66.2% |
IRL 12.9% |
ITA -14.1% |
ISR -27.6% |
PRT 5.0% |
CAN 6.4% |
NOR -21.2% |
ESP -15.4% |
ITA -9.5% |
CAN 16.9% |
IRL -25.0% |
FIN 10.8% |
SGP -7.4% |
PRT 1.1% |
ISR -26.3% |
PRT -37.8% |
|
| AUT -68.2% |
FIN 12.7% |
IRL -17.7% |
FIN -31.0% |
ESP 4.7% |
AUS 4.3% |
AUT -29.4% |
SGP -17.7% |
DNK -15.2 |
NZL 12.7% |
BEL -26.1% |
HKG 10.3% |
BEL -7.6% |
HKG -3.9% |
NLD -27.5% |
IRL -42.2% |
|
| IRL -71.7% |
JPN 6.4% |
ESP -21.1% |
AUT -36.0% |
ISR -3.9% |
SGP 1.7% |
PRT -37.7 |
CAN -23.6% |
ISR -24.5% |
ISR 2.6% |
AUT -27.1% |
ISR 9.9% |
GBR -10.4% |
NZL -16.8% |
SWE -27.7% |
AUT -46.6% |
| Abbr. | Country – Index | Annual | Best | Worst |
|---|---|---|---|---|
| EAFE | MSCI EAFE Index | 2.29% | 32.5% | -43.1% |
| AUS | Australia – MSCI Australia Index | 3.45% | 76.8% | -50.0% |
| AUT | Austria – MSCI Austria Index | -4.09% | 59.0% | -68.2% |
| BEL | Belgium – MSCI Belgium Index | -0.88% | 58.6% | -66.2% |
| CAN | Canada – MSCI Canada Index | 3.02% | 57.4% | -45.2% |
| DNK | Denmark – MSCI Denmark Index | 9.05% | 44.4% | -47.3% |
| FIN | Finland – MSCI Finland Index | 0.35% | 48.0% | -54.7% |
| FRA | France – MSCI France Index | 2.81% | 33.3% | -42.7% |
| DEU | Germany – MSCI Germany Index | 0.91% | 32.4% | -45.5% |
| HKG | Hong Kong – MSCI Hong Kong Index | 3.41% | 60.2% | -51.2% |
| IRL | Ireland – MSCI Ireland Index | -3.59% | 41.7% | -71.7% |
| ISR | Israel – MSCI Israel Index | -0.13% | 54.6% | -28.8% |
| Abbr. | Country – Index | Annual | Best | Worst |
|---|---|---|---|---|
| ITA | Italy – MSCI Italy Index | -2.14% | 29.6% | -49.2% |
| JPN | Japan – MSCI Japan Index | 2.45% | 27.4% | -29.1% |
| NLD | Netherlands – MSCI Netherlands Index | 4.64% | 43.0% | -47.9% |
| NZL | New Zealand – MSCI New Zealand Index | 4.46% | 51.7% | -53.4% |
| NOR | Norway – MSCI Norway Index | 0.58% | 88.6% | -63.9% |
| PRT | Portugal – MSCI Portugal Index | -3.12% | 41.7% | -51.8% |
| SGP | Singapore – MSCI Singapore Index | 1.76% | 74.0% | -47.3% |
| ESP | Spain – MSCI Spain Index | -1.93% | 45.1% | -40.1% |
| SWE | Sweden – MSCI Sweden Index | 4.72% | 65.9% | -49.2% |
| CHE | Switzerland – MSCI Switzerland Index | 6.06% | 33.6% | -29.9% |
| GBR | United Kingdom – MSCI United Kingdom Index | 1.40% | 43.4% | -48.3% |
Past performance does not guarantee future returns. The historical performance is meant to show changes in market trends across the top international stock markets in the MSCI EAFE ex. U.S. over the past fifteen years. Returns represent total annual returns (reinvestment of all distributions) in U.S. dollars and does not include fees and expenses. The investments you choose should reflect your financial goals and risk tolerance. For assistance, talk to a financial professional. All data are as of 12/31/22.
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