May 2025 Asset Class Returns

Comments: Risk assets posted a strong rebound in May, with major U.S. equity indices delivering robust gains: the S&P 500 rose 6.15% and the Nasdaq surged 9.56%. Bitcoin also climbed approximately 10% during the month, reaching new highs above $110,000. The S&P 500 is now modestly positive year-to-date, marking a notable recovery from its earlier 19% drawdown. International equities continue to outperform, bolstered by renewed investor interest and the tailwind of U.S. dollar depreciation, which has enhanced returns for dollar-based investors.