November 2025 Index Returns

In stocks (equities):

  • The U.S. stock market survived a volatile month driven by fears that large tech-related companies had become overvalued and that their spending related to the buildout of artificial intelligence infrastructure was unsustainable. With that backdrop, the U.S. stock market finished the month by posting a small gain (+0.3% in November, Russell 3000 index) with the leading asset class among U.S. stocks in November being small-cap value stocks (+2.8%, Russell 2000 Value index). Growth companies among large-cap and small-caps posted the only negative performance among U.S. stocks for the month (-1.8%, Russell 1000 Growth index and -0.7%, Russell 2000 Growth index respectively). However, large-cap growth companies have the best performance on a YTD basis (+19.3%, Russell 1000 Growth index).
  • The S&P 500 has now racked up seven months of consecutive gains while the Russell 1000 Growth had its first month of negative returns since March 2025.
  • International developed stock markets as measured by the MSCI World ex USA index gained during the month (+1.0%) despite the U.S. dollar remaining relatively flat. International developed large-cap value stocks gained the most last month among global ex-U.S. stocks (+3.1%, MSCI World Ex USA Value index). On a YTD basis, international developed large-cap value stocks have posted the best performance of any international developed stock index (+36.4%) and have outpaced the S&P 500 index by 18.6%.
  • Emerging markets stocks as measured by the MSCI Emerging Markets index were down -2.4% last month but still up +29.7% on the year.
  • As a result of these regional stock trends, global stocks as represented by the MSCI ACWI were flat last month but have gained 21.1% YTD.

In fixed income (bonds):

  • The Federal Reserve's rate setting body, the Federal Open Market Committee (FOMC), did not meet last month, but minutes from its October meeting as well as public comments made by its members last month show a growing divide among voting members as to how to proceed with interest rate cuts while continuing to support labor markets and combat inflation. Their collective jobs have become more difficult due to the length of the now-ended federal government shutdown which delayed key pieces of economic data relied on to make monetary policy decisions. As a result, market participants now expect one more rate cut at this month's meeting even though expectations were volatile last month, according to CME FedWatch.
  • Bond returns in Treasuries were positive for all maturities last month as yields fell across most of the yield curve.
  • Corporate and municipal bonds were positive across all maturity segments. The Bloomberg U.S. Aggregate Bond Index was up +0.6% last month.
  • Outside of the U.S., the Bloomberg Global Agg ex-US (hedged to USD) Index was down -0.1% last month.
  • All bond segments continued to show positive performance over the trailing one- and three-year periods.

Despite ongoing swings in the U.S. stock market and elevated geopolitical risks worldwide, a globally balanced 60/40 portfolio has gained +14.5% year-to-date. This underscores the value of diversification and the importance of staying focused on the factors within our control.


  • As always, 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.