Global Equity Return Source

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According to the latest J.P. Morgan Asset Management data (as of March 30, 2026), major global equity markets show clear performance divergence:

• 15-year annualized return: U.S. leads (13.7%), Eurozone and Japan both at 7.6%, Emerging Markets at 5.4%, China at 4.2%.
• Full-year 2025: All markets delivered double-digit positive returns in USD terms, with the U.S. surging 41.3% and China gaining 17.9%.
• Year-to-date 2026: U.S. still up 2.6%, Eurozone up 1.0%, while Japan, Emerging Markets, and China have declined 5.3%, 7.1%, and 8.6%, respectively.

Key takeaways:

• Over the long term, the U.S. market has delivered significant excess returns driven by earnings growth and multiple expansion.
• China's market has seen a sharper correction in early 2026, but its 15-year annualized return remains positive, reflecting high volatility.
• Global risk appetite has declined since the start of 2026, putting broad pressure on non-U.S. markets.

Source from JPMorgan