Share price index in major developed and emerging economies from January 2019 to December 2025
From January 2019 to December 2025, global stock markets went through four big chapters. First came a strong 2019 bull run. Then COVID-19 crashed everything in early 2020, before central banks flooded the world with money and markets bounced back faster than anyone expected. Then came 2022, where rising interest rates punished investors globally.
And finally 2023-2025, where international markets, Asia, Europe, emerging economies, made a dramatic comeback and in some cases beat the United States for the first time in years.
Over the full seven years, the S&P 500 was the biggest winner among major developed markets, delivering approximately +199% cumulative from 2019 to 2025. That means $100 invested at the start of 2019 grew to around $299 by end of 2025.
This performance was driven primarily by a small group of US technology giants, Apple, Microsoft, Nvidia, and the rest of the "Magnificent Seven", which grew large enough to move the entire index on their own. The broader US financial system context is in our U.S. financial markets analysis.
But 2025 was the year the US dominance story got a serious challenge. The MSCI All Country World ex-USA index gained +29.2% in 2025, nearly double what the S&P 500 earned (+16.4%). Investors who had kept all their money in US stocks missed out on much stronger gains elsewhere.
Morgan Stanley's Chief Investment Officer called it "one of the biggest and most underappreciated surprises of 2025." The global GDP context that drives these market shifts is in our world GDP analysis.
- S&P 500 (USA): Best performer among major markets over full 2019-2025 period · Cumulative ~+199% · Best year: 2019 (+31.2%) · Worst year: 2022 (-18.0%) · 2025: +16.4%
- Nikkei 225 (Japan): Led developed markets in 2025 at +26% · Best year since Japanese bubble era for corporate governance reforms · Kioxia chipmaker surged 536% in 2025
- KOSPI (South Korea): +76% in 2025, best year since 1999 · Samsung surged +130% · AI chip demand drove extraordinary gains
- CSI 300 (China): Three consecutive years of losses (2021-2023) before +14.7% in 2024 and +31.5% in 2025 · Alibaba AI chatbot and government stimulus drove recovery
- FTSE 100 (UK): Worst cumulative performer among developed markets at ~+48% 2019-2025 · But strong 2025 at +22% (second among major developed markets)
- DAX (Germany): +23% in 2025, best year since 2019 · European bank surge: Deutsche Bank +126% · Defense spending plans boosted confidence
- BSE SENSEX/Nifty 50 (India): Most resilient in 2022 (only major market to avoid significant losses) · Cumulative ~+179% 2019-2025 · Domestically driven economy provided insulation
Share Price Index — All Markets Rebased to 100 (January 2019), December 2025
The chart below sets every market to the same starting point, 100 in January 2019, so you can directly compare how far each country's stock market has travelled. A value of 200 means the market doubled. A value of 80 means it lost 20% from its 2019 start.
You can clearly see the COVID crash dip in early 2020, the broad recovery, the 2022 drop, and where each market ended up by December 2025. India's line is the smoothest and most consistent. China's line is the most disappointing, it still hasn't returned to its 2021 peak.
Context on global investment flows is in our BlackRock AUM analysis.
Developed Market Share Price Indices — USA, Japan, Germany, UK, France 2019-2025
The US S&P 500 delivered the best cumulative return among developed markets, approximately +199% from 2019 to 2025, making it the benchmark all other markets are measured against. The index was powered almost entirely by technology companies. In years when tech boomed (2019, 2021, 2023, 2024), the S&P 500 surged ahead of every major international peer.
Japan's Nikkei 225 was the surprise package, gaining approximately +151% cumulatively and leading all developed markets in 2025 with a +26% return.
Japan's market had been written off for years, but three things changed the picture: the Bank of Japan kept interest rates ultra-low, Warren Buffett publicly backed Japanese companies in 2023, and government reforms forced companies to become more profitable. Then in 2025, Japanese chipmakers like Kioxia surged +536% as global AI demand exploded.
Investment banking flows context is in our global investment banks analysis.
Europe had an impressive 2025 across the board. Germany's DAX gained +23%, its best year since 2019, with German bank stocks leading the charge (Deutsche Bank rose +126%). France's CAC 40 rose +25%, Italy's FTSE MIB gained +32%, and Spain's IBEX 35 surged +49%, its best year since 1993.
European markets got a double boost: government plans for increased defence spending lifted confidence, and a weaker US dollar made European stocks more attractive to international investors. AI finance context is in our AI in finance analysis.
The UK's FTSE 100 was the weakest major developed market over the full 2019-2025 period, gaining approximately +48% cumulatively. The reason is simple: the FTSE 100 has almost no technology companies. Instead, it is packed with energy firms, banks, miners, and pharmaceutical companies.
This made it a poor performer in the tech-driven bull markets of 2019-2021, but also made it one of the most resilient markets in the 2022 crash, when it fell only -0.9% while the S&P 500 dropped -18%. In 2025, the FTSE 100 had its best year in some time, rising +22%.
- S&P 500 (USA) — ~+199% cumulative: Best developed market over full period. Powered by Apple, Microsoft, Nvidia. 2019: +31.2% best year. 2022: -18.0% worst year. 2025: +16.4%.
- Nikkei 225 (Japan) — ~+151% cumulative: Led developed markets in 2025 at +26%. Driven by corporate reforms, Bank of Japan policy, Warren Buffett's 2023 endorsement, and AI chipmaker surge (Kioxia +536%).
- DAX (Germany) — ~+132% cumulative: Best year 2025 (+23%) since 2019. Deutsche Bank rose +126%. European defence spending plans boosted investor confidence significantly.
- CAC 40 (France) — ~+95% cumulative: +25.1% in 2025. Spain's IBEX 35 +49% (best since 1993) and Italy's FTSE MIB +32% (best since 1998) also had exceptional 2025 returns.
- FTSE 100 (UK) — ~+48% cumulative: Weakest developed market over full period — almost no technology exposure. But fell only -0.9% in 2022 bear market and gained +22% in 2025.
Emerging Market Share Price Indices — China, India, South Korea 2019-2025
India's Nifty 50 stood out as the most consistent emerging market of the seven-year period, delivering approximately +179% cumulatively from 2019 to 2025. What makes India remarkable is not just the total return, but the smoothness of the journey.
India was the only major tracked market to avoid significant losses in 2022, gaining +4.4% in a year when almost every other major index fell hard. India's economy runs largely on domestic consumption and is relatively insulated from US interest rate shocks, which is why it held up when others collapsed.
Company valuations context is in our world's most valuable companies analysis.
South Korea's KOSPI was the most volatile index over the period, and the most dramatic. It surged +30.8% in 2020, crashed -24.9% in 2022, dipped -9.6% in 2024, and then exploded with a +76% gain in 2025, its best year since 1999.
The 2025 surge was almost entirely driven by the global AI boom: Samsung Electronics rose +130%, and semiconductor companies across Korea surged as the world scrambled for AI chips. For investors who held on through the volatility, the payoff in 2025 was exceptional.
China's CSI 300 had the most difficult story of the entire period. It started strong, +36% in 2019 and +27% in 2020, and then spent the next three years falling.
The 2021-2023 losses were caused by a combination of factors: the Chinese government cracked down hard on its biggest technology companies (Alibaba, Didi, Tencent), the property giant Evergrande nearly collapsed and triggered a property sector crisis, and China's strict COVID zero policy caused repeated economic lockdowns.
The result was three consecutive years of losses, something almost no other major market experienced.
China's recovery came in 2024 (+14.7%) and accelerated in 2025 (+31.5%), driven by Alibaba's AI chatbot launch and government stimulus packages. But even after two years of strong gains, China's CSI 300 is still below where it was at its 2021 peak. That tells investors something important: regulatory risk in China is real, and a market can underperform for years even when the economy grows. Investment flow context is in our investment banking revenue analysis.
- Nifty 50 India — ~+179% cumulative: Most consistent performer. Only major market to avoid significant losses in 2022 (+4.4% while others fell hard). Smooth upward trajectory throughout the period.
- KOSPI South Korea — ~+107% cumulative: Most volatile. +76% in 2025 (best since 1999) driven by Samsung +130% and SK Hynix. Previously crashed -24.9% in 2022. Extreme swings, extreme rewards.
- CSI 300 China — ~+72% cumulative: Three consecutive years of losses 2021-2023 (government crackdowns, Evergrande crisis, COVID lockdowns). Recovered +31.5% in 2025. Still below 2021 peak.
Share Price Index — Annual Returns by Country 2019-2025 (%)
The sortable table below shows the confirmed annual returns for eight major share price indices from 2019 to 2025, all in local currency. Click any column header to sort and instantly see which market led or lagged in any given year.
The 2022 column tells the clearest story: red almost everywhere, except India and the UK. The 2025 column is the most exciting: green everywhere, with South Korea at the top. Investment context is in our BlackRock investment analysis.
| Index / Country | Type | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Cumul. 2019-25 |
|---|---|---|---|---|---|---|---|---|---|
| S&P 500 (USA) | Developed | +31.2% | +18.0% | +28.5% | -18.0% | +26.1% | +24.9% | +16.4% | ~+199% |
| Nikkei 225 (Japan) | Developed | +18.2% | +16.0% | +4.9% | -9.4% | +28.2% | +19.2% | +26.0% | ~+151% |
| DAX (Germany) | Developed | +25.5% | +3.5% | +15.8% | -12.4% | +20.3% | +18.9% | +23.0% | ~+132% |
| CAC 40 (France) | Developed | +26.4% | -7.1% | +28.9% | -9.5% | +16.5% | -2.2% | +25.1% | ~+95% |
| FTSE 100 (UK) | Developed | +12.1% | -14.3% | +14.3% | +0.9% | +3.8% | +5.7% | +22.0% | ~+48% |
| CSI 300 (China) | Emerging | +36.1% | +27.2% | -5.2% | -21.6% | -11.4% | +14.7% | +31.5% | ~+72% |
| Nifty 50 (India) | Emerging | +14.4% | +15.7% | +24.1% | +4.4% | +19.4% | +8.8% | +25.1% | ~+179% |
| KOSPI (S. Korea) | Emerging | +7.7% | +30.8% | +3.6% | -24.9% | +18.7% | -9.6% | +76.0% | ~+107% |
COVID-19 Crash February-March 2020 — Markets Fell 30-35% Then Fully Recovered by Year-End
When COVID-19 hit in early 2020, stock markets around the world fell off a cliff. In just 33 days, from late February to March 23, 2020, most major indices lost 30 to 35% of their value. It was the fastest bear market of that magnitude in recorded stock market history. The German DAX lost 38%, the Korean KOSPI lost 36%, the American S&P 500 fell 34%. Trillions of dollars of investor wealth disappeared in weeks.
Then came the fastest recovery ever recorded. Central banks worldwide cut interest rates to near zero and launched unlimited bond-buying programmes. Governments sent stimulus cheques to households. Money flooded back into markets at extraordinary speed. The S&P 500 had fully recovered its pre-COVID all-time high by August 2020, just five months after the crash.
By year-end 2020, most markets were not just recovered but at new all-time highs. The KOSPI gained +31% for the full year. China's CSI 300 gained +27%.
Only the FTSE 100 (-14%) and France's CAC 40 (-7%) finished 2020 below where they started, because both had very little exposure to the technology stocks that led the recovery.
- Speed of crash unprecedented: The S&P 500's 34% decline from peak to trough took only 33 calendar days — the fastest bear market decline of that magnitude in US market history, surpassing even the 1929 crash's speed.
- Equally unprecedented recovery: The S&P 500 reclaimed its February 2020 all-time high by August 18, 2020 — just 126 trading days after the trough, the fastest recovery from a 30%+ decline in history.
- UK and France lagged: The FTSE 100 (-14.3%) and CAC 40 (-7.1%) ended 2020 in negative territory due to their heavy weighting in financials, energy, and consumer discretionary stocks vs the US market's large technology sector allocation.
- China outperformed: China's CSI 300 gained +27.2% in 2020, benefiting from China's earlier COVID recovery, low interest rates, and strong exports of pandemic-related goods (medical equipment, electronics).
2022 Global Bear Market — Inflation and Rate Hikes Triggered Universal Selloff
In 2022, the party ended abruptly. Inflation had been building since 2021, caused by supply chain disruptions, Russia's invasion of Ukraine driving up energy prices, and the enormous amounts of COVID stimulus that had been pumped into economies. By mid-2022, inflation in the US, Europe, and UK was at 40-year highs.
The US Federal Reserve responded by raising interest rates from near zero to 4.5% in a single year, the most aggressive rate-hiking cycle since the early 1980s. Other major central banks followed. Higher interest rates make borrowing more expensive, reduce corporate profits, and make stocks less attractive compared to bonds. Markets fell hard.
Two markets stood out for the right reasons in 2022. The UK's FTSE 100 fell only -0.9%, barely a scratch, because its energy and mining companies (Shell, BP, Rio Tinto) actually benefit when commodity prices surge, which they did.
India's Nifty 50 gained +4.4%, the only major index to finish positive, because India's domestic economy was largely insulated from the US rate hike shock. Both markets proved that sector composition and economic structure matter enormously in a bear market.
Three things explain why international markets beat the US so convincingly in 2025. First, the US dollar fell approximately 9.4% against major currencies, its worst year since 2017. When the dollar weakens, any investment held in foreign currency automatically becomes more valuable to a US-based investor. A market that returned 25% in local currency terms and whose currency strengthened 9% against the dollar effectively delivered around 34% total return in dollar terms.
- S&P 500 (USA) -18.0%: Tech stocks hardest hit. Growth companies that soared in 2020-2021 fell furthest as rising rates reduce the value of future profits.
- KOSPI (S. Korea) -24.9%: Worst among tracked markets in 2022. Technology and semiconductor stocks — core of the index — were aggressively sold as global risk appetite collapsed.
- CSI 300 (China) -21.6%: Double hit — rate hike pain plus domestic crackdowns on technology companies and a deepening property sector crisis.
- FTSE 100 (UK) -0.9%: Best performer in 2022. Energy and mining stocks (Shell, BP, Rio Tinto) actually benefited from surging commodity prices, offsetting losses elsewhere.
- Nifty 50 (India) +4.4%: The only major market to post a gain. Domestic consumption-driven economy largely insulated from US rate hike shock. Commodity exports helped too.
2025 — International Markets Dominated, KOSPI +76%, MSCI ex-USA Beat S&P 500 by 13 Points
Second, US stocks were expensive entering 2025. The S&P 500 was trading at approximately 27 times earnings, a level historically in the 90th percentile, meaning stocks were more expensive than 90% of all previous readings. European and Asian markets were significantly cheaper on the same measures, drawing in investors who wanted better value.
Third, the AI investment theme went global in 2025. Until 2024, the AI trade was almost entirely about US companies, Nvidia, Microsoft, Google.
In 2025, investors realised that the chips powering AI are made in South Korea (Samsung, SK Hynix) and Japan (Kioxia), and the most advanced chip manufacturing in the world is in Taiwan (TSMC). These companies surged, and their home markets surged with them.
Korea's KOSPI and Japan's Nikkei both hit multi-year highs driven almost entirely by their semiconductor sectors.
Entering 2026, US stocks remain the most profitable market in the world, but they are also the most expensive. The S&P 500 trades at approximately 27 times trailing earnings, placing valuations at the 90th percentile of all historical readings. Corporate profit margins are at record highs.
Wall Street analysts still expect strong earnings growth in 2026 driven by AI adoption, but there is very little room for disappointment. Any miss on earnings could trigger a sharp correction from these elevated levels.
International markets, particularly in Europe and Asia, remain significantly cheaper than the US on most valuation measures. Whether they continue to outperform depends largely on one factor: the direction of the US dollar. If the dollar stabilises in 2026, the mechanical currency advantage for international investors disappears.
If it keeps weakening, international markets retain a built-in return boost. "We still favor the US first and international second," Wells Fargo Investment Institute noted in December 2025, but added that the preference is narrowing. Global economic output context is in our world GDP analysis.
- KOSPI (S. Korea) +76%: Best single-year return of any major tracked market in the full 2019-2025 period. Samsung +130%. AI chip demand drove an entire market to its best year since 1999.
- CSI 300 (China) +31.5%: Strong recovery after three losing years. Alibaba AI chatbot launch rekindled technology enthusiasm. Government stimulus supported property and consumer sectors.
- Nifty 50 (India) +25.1%: Consistent as ever. Structural growth story — young demographics, digitisation, infrastructure investment — keeps delivering regardless of global conditions.
- Nikkei (Japan) +26%: Led developed markets. AI chipmakers surged. Corporate governance reforms continue producing results. Warren Buffett's influence brought sustained global investor attention.
- MSCI World ex-USA +29.2%: Beat the S&P 500 (+16.4%) by nearly 13 percentage points — the widest margin of international outperformance in years. Dollar weakness was a major tailwind.
Share Price Index 2019-2025 — Key Statistics and Facts
Global Equity Market Outlook 2026 — US Valuations Rich, International Value Persists
Entering 2026, US stocks are expensive, the S&P 500 trades at 27x earnings, the 90th percentile historically. Wall Street still expects double-digit profit growth from AI, but high valuations mean any disappointment will hurt more.
The key question for 2026: does the dollar stabilize or keep falling? If it keeps weakening, international markets keep their mechanical advantage. "We still favor the US first and international second," Wells Fargo Investment Institute said in December 2025, but the gap has narrowed significantly. Global GDP context is in our world GDP analysis.
- US: Rich valuations, strong earnings: S&P 500 at 27x trailing P/E (90th percentile historically) with net profit margins at 100th percentile. AI-driven earnings growth expected to sustain double-digit EPS gains. Consensus 2026 S&P 500 return expectations: +10-15%. Risk: any earnings disappointment is amplified by elevated multiples.
- International: Value persists but dollar key: European and Asian markets remain significantly cheaper than the US on most valuation metrics. International outperformance in 2026 depends heavily on whether the dollar continues to weaken or stabilizes. If the dollar stabilizes, the mechanical currency tailwind for non-dollar markets diminishes.
- China: Recovery momentum vs structural concerns: The 2024-2025 recovery in CSI 300 faces structural headwinds from the property sector (still deflating), demographic decline, and geopolitical tensions over Taiwan and trade tariffs. Government stimulus remains the primary support mechanism.
- India: Structural growth story intact: India's young demographics, digitization of the economy, and infrastructure investment pipeline support continued above-average long-term earnings growth. The Nifty 50's resilience across cycles makes it a core allocation for diversified global portfolios.
- AI theme globalization: The 2025 surge in Korean and Japanese chipmakers signals that the AI investment theme has broadened beyond US mega-caps. Taiwan, South Korea, Japan, and increasingly European industrial companies supplying AI infrastructure are expected to remain major beneficiaries.
Frequently Asked Questions — Global Share Price Index 2019-2025
South Korea's KOSPI surged approximately 76% in 2025, its best year since 1999, driven by AI-related demand for Samsung Electronics (+130%) and chipmakers. Among major developed markets, Japan's Nikkei 225 led at +26%, followed by Germany's DAX (+23%), France's CAC 40 (+25%), and the UK's FTSE 100 (+22%). The MSCI All Country World ex-USA index gained 29.2% in 2025, handily outpacing the S&P 500's +16.4%. Source: Visual Capitalist January 2026, CNN Business January 2026.
The S&P 500 delivered: 2019 +31.2% · 2020 +18.0% · 2021 +28.5% · 2022 -18.0% · 2023 +26.1% · 2024 +24.9% · 2025 +16.4%. Cumulative total return from January 2019 to December 2025: approximately +199%, meaning a dollar invested at the start of 2019 grew to approximately $2.99 by end of 2025. Source: NYU Stern School of Business, Ben Carlson CFA LinkedIn December 2025.
Emerging markets significantly outperformed in 2025. KOSPI (S. Korea) +76%, CSI 300 (China) +31.5%, Nifty 50 (India) +25.1%. The MSCI All Country World ex-USA gained 29.2%, nearly double the S&P 500's 16.4%. A weaker US dollar (down 9.4% in 2025) provided a major tailwind. "One of the biggest and most underappreciated surprises of 2025 has been the extraordinary outperformance of emerging market equities", Lisa Shalett, Morgan Stanley CIO. Source: CNN Business January 2026.
The 2022 global bear market was driven by aggressive central bank rate hikes to combat 40-year high inflation. The US Fed raised rates from near-zero to 4.25-4.50% in 2022, the most aggressive hiking cycle since the early 1980s. Rising rates reduced the present value of future earnings, punishing growth stocks. S&P 500 fell 18%, CSI 300 fell 21.6%, KOSPI fell 24.9%. The FTSE 100 (-0.9%) and India Nifty 50 (+4.4%) were notable exceptions due to their inflation-benefiting sector compositions.
Markets fell 30-35% from peak to trough in just 33 calendar days (Feb-March 23, 2020), the fastest bear market of that magnitude in US history. However, unprecedented stimulus fueled the fastest recovery on record: the S&P 500 reclaimed its all-time high by August 2020 (126 trading days). Full-year 2020 returns: S&P 500 +18.0%, KOSPI +30.8%, CSI 300 +27.2%, Nikkei +16.0%. FTSE 100 (-14.3%) and CAC 40 (-7.1%) lagged due to lack of technology exposure.
The S&P 500 (USA) delivered the highest cumulative return among major developed markets from 2019 to 2025 at approximately +199%. Among emerging markets, India's Nifty 50 was the strongest at approximately +179% cumulative. Japan's Nikkei 225 delivered approximately +151%. The UK's FTSE 100 was the weakest major developed market performer at approximately +48% cumulative due to its underrepresentation in technology stocks. Source: Yahoo Finance, NYU Stern, TradingView historical data.
Three main drivers: (1) The US dollar fell 9.4% in 2025, mechanically boosting the value of foreign investments for dollar-based investors. (2) US valuations were historically expensive (S&P 500 at 27x P/E, 90th percentile) vs cheaper international markets. (3) The AI investment theme globalized, Korean chipmakers (Samsung), Japanese chipmakers (Kioxia +536%), and Taiwanese TSMC (+46%) became core AI beneficiaries alongside US-based Nvidia. Source: CNN Business January 2026.
China's CSI 300: 2019 +36.1% · 2020 +27.2% · 2021 -5.2% · 2022 -21.6% · 2023 -11.4% · 2024 +14.7% · 2025 +31.5%. Three consecutive years of losses (2021-2023) driven by regulatory crackdowns on technology firms (Alibaba, Didi), the Evergrande property crisis, and COVID zero policy disruption. The 2024-2025 recovery was driven by Alibaba's AI chatbot launch and government stimulus. Despite recovery, CSI 300 remained below its 2021 peak as of end-2025. Source: Yahoo Finance, CNN Business, MUFG December 2025.
India's Nifty 50: 2019 +14.4% · 2020 +15.7% · 2021 +24.1% · 2022 +4.4% · 2023 +19.4% · 2024 +8.8% · 2025 +25.1%. Cumulative approximately +179% from 2019-2025. The standout feature: India gained +4.4% in 2022 when nearly every other major market fell significantly. India's domestically-driven economy, low export dependence on the US, and commodity-exporting orientation provided structural insulation from global rate hike shocks. Source: Yahoo Finance, MUFG December 2025, Visual Capitalist January 2026.
Japan's Nikkei 225 surged for several reasons: (1) Bank of Japan ultra-loose monetary policy made Japanese equities attractive for yield-hungry global investors. (2) Warren Buffett's 2023 endorsement of Japanese trading houses renewed global investor attention. (3) Corporate governance reforms forced listed companies to focus on return on equity, improving profitability. (4) AI chipmaker surge in 2025, Kioxia's +536% gain and broader AI semiconductor demand drove tech-heavy Nikkei gains. Nikkei returned +26% in 2025. Source: CNN Business January 2026.
UK FTSE 100: 2019 +12.1% · 2020 -14.3% · 2021 +14.3% · 2022 +0.9% · 2023 +3.8% · 2024 +5.7% · 2025 +22.0%. Cumulative approximately +48% from 2019-2025, the weakest of the tracked developed markets due to its heavy weighting in energy, mining, banks, and pharmaceuticals with minimal technology exposure. However, these same characteristics made it the most resilient in 2022 (-0.9% vs widespread double-digit declines), and 2025's European bank surge (+126% for Deutsche Bank) drove its strongest year in some time. Source: Yahoo Finance historical data, ETF Trends January 2026.
Germany's DAX: 2019 +25.5% · 2020 +3.5% · 2021 +15.8% · 2022 -12.4% · 2023 +20.3% · 2024 +18.9% · 2025 +23.0%. Cumulative approximately +132% from 2019-2025. 2025 was DAX's best year since 2019, powered by European bank surges (Deutsche Bank +126%, Santander +126%) and investor enthusiasm for European defense spending plans. Greece's ATHEX +44% and Poland's WIG +47% also posted exceptional 2025 returns. Source: CNN Business January 2026, Yahoo Finance historical data.
Brazil's Ibovespa index started the 2019-2025 period as one of the strongest performers, benefiting from commodity exports and investor optimism. However, it was consistently volatile, experiencing sharp swings tied to commodity price cycles, currency weakness (the Brazilian real lost significant value against the dollar), and domestic political uncertainty. On a local currency basis, the Ibovespa delivered positive returns in most years from 2019 to 2025, but US dollar-based investors saw substantially lower returns due to real depreciation. In 2025, Brazil's market gained approximately 10-15% in local currency terms but underperformed most emerging market peers due to fiscal concerns and a weak currency. Source: Yahoo Finance, TradingView, MUFG December 2025.
The OECD share price index uses 2015 as the base year (index value = 100). This means an index reading of 200 indicates that share prices have doubled since 2015, while a reading of 75 means prices are 25% below their 2015 level. The index tracks the performance of equity markets in each country in local currency terms, it does not adjust for exchange rate movements. This is important when comparing across countries: a country with a strong local market performance but a weakening currency may show high index values but deliver lower returns to foreign investors. The OECD methodology uses national stock exchange data and covers the broadest available market index for each economy. Source: OECD Share Price Index methodology, Statista Financial Instruments and Investments database.