· Event impact
International Equities Outperform S&P 500 by 23% Since Early 2025
Transmission path
USD weakness and valuation compression in US tech driving capital flows to ex-US value sectors.
Market mechanism
USD weakness and valuation compression in US tech driving capital flows to ex-US value sectors.
Extended read
The performance gap between international and domestic equities has widened to 23 percentage points since the start of 2025. This shift marks a departure from a decade of US dominance, fueled by a softening US Dollar and a global rotation away from high-multiple technology names into cheaper international value plays. Analysts point to lower relative valuations and stronger growth forecasts in non-US markets as the primary catalysts for the 50% return seen in the IXUS ETF.
Exposed assets
IXUS
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