September 2023 Monthly Index Returns

Welcome to October.

In stocks (equities):

  • September has often been a difficult month for stock markets, and this September was no exception with the MSCI ACWI declining -4.1% for the month and -3.4% for the quarter.  Domestically, the S&P lost -4.8%.
  • Keep in mind, though, the MSCI ACWI has still gained a positive 10.1% on a YTD basis and all stock benchmarks have a positive 1 yr return.
  • US REITS lost the most in September falling -7%, and was the driver of Global REITs declining -6.6%.  US Growth stocks also didn't fare as well with US Small Growth and US Large Growth dropping -6.6% and -5.4% respectively.
  • Non-US stocks outperformed their US counterparts, in both large and small caps during September, even after accounting for the rising USD, which negatively impacts non-US equity returns.

In bonds (fixed income):

  • Yields rose for the month across the vast majority of the US Treasury curve.  1-5 yr Treasuries declined -0.3% while 10+ yr Treasuries dropped -7.1%.
  • The 3 month Tbill was the only positive performing bond benchmark for the month (+0.5%).
  • For the quarter, corporates outperformed Treasuries in each of the 1-5, 5-10, and 10+ yr maturity buckets.
  • On a YTD basis, non-US Fixed Income (hedged USD), gaining 2.8%, has outperformed all other bond benchmarks with the exception of the 3 month Tbill and high yield.

Click on the image to view the index return data!

Please let us know if you have any questions by emailing

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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