April 2025 Index Returns

In stocks (equities):

• The continued uncertainty and fluidity around White House tariffs and trade policy continued to weigh on U.S. stock performance as the Russell 3000 fell -0.7% in April bringing YTD performance to -5.4%. U.S. large growth companies posted the only positive U.S index performance for the month (+1.8%) but are still down on a YTD basis (-8.4%).
• The S&P 500 suffered it’s third consecutive down month in April and has fallen -4.9% YTD.
• Internationally, the story is much different. Outside of the U.S., stocks across all geographies, market caps, and styles were positive last month with developed ex-US small-cap stocks performing the best (+5.5%)
• The MSCI World ex USA is up 11.0% YTD and has outperformed the S&P 500 by 16.0%% during the same period. Much of this outperformance can be attributed to a weaking U.S. dollar as the MSCI World ex-USA is up only 2.7% YTD in local currency terms.

In fixed income (bonds):

• Bond returns in treasuries and corporates were mostly positive with the exception of longer-dated maturities. Municipal bonds continue to show negative returns across the yield curve. The Bloomberg U.S. Aggregate Bond Index was up 0.4% last month.
• Outside of the U.S., the Bloomberg Global Agg ex-US (hedged to USD) Index was up 1.5% last month.
• All bond segments continued to show positive performance over the trailing one and three year periods with the exception of long-dated U.S. treasuries' three-year performance.

Even with continued volatility in the U.S. stock market, a globally balanced 60/40 portfolio is now up 0.6% YTD, which reinforces the benefits of a well-diversified portfolio and that we must focus only on what we can control.

Please let us know if you have any questions by emailing Support@xyinvestmentsolutions.com

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.