November 2021 Monthly Index Returns

Hello!  With Thanksgiving behind us, we are officially in the holiday season.  We hope everyone is able to spend some quality time with friends and family!


In equities:

  • All equity indexes shown were negative for November, with the exception of the R1000G, which eked out a 0.6% return.
  • While growth beat value in the large cap space in November, it was the opposite in small caps.  This has been a trend as YTD, the R2000V has increased 23.2% while the R2000G has only gained 2.4%.
  • It appears the indexes broadly fell across the last handful of trading days during the month.  For example, the S&P 500 had a +2.2% return as late as November 25 but closed the month down -0.7%, as omicron became a covid-19 variant of concern, negatively impacting equity markets.
  • YTD, all equity indexes shown are positive with the exception of emerging markets (-4.3%).

In fixed income:

  • Fixed income indexes were broadly positive in November with the exception of those that are more corporate-specific with the 1-5 Yr and 5-10 Yr Corporate benchmarks falling -0.2% and -0.1% respectively, while high yield fell -1.0%.
  • The ICE BofA 10+Yr Treasury gained the most during November, increasing by 2.7%. Opposite to the comment made above regarding the S&P 500, this benchmark was actually down -0.5% on November 25 but the 30 Yr Treasury yields fell dramatically towards the end of the month from 1.96% on November 24 to 1.78% on November 30.  
  • YTD, fixed income returns are mixed with munis, ST inflation-linked and high yield being positive, while the rest are negative.

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As an additional note, please keep in mind that these reflect historical performance of the current models, not necessarily how accounts were invested in the past.

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