2025 Major Asset Classes Performance Review: Full-Year Gains and December Closing Trends

This analysis is based on the Seeking Alpha report [3] published on January 2, 2026, which reviewed 2025 performance of major asset classes. The report noted that all tracked ETFs posted full-year gains, with emerging markets (nearly 26%) and foreign real estate (over 21%) among top performers. Supplementary internal data [0] provides more granular insights:

• Asset class performance
  : Silver (SLV ETF) led with a 141.09% full-year gain, followed by emerging markets (EEM ETF) at 30.67% and foreign real estate (RWX ETF) at 21.42%. The discrepancy between the report’s ~26% and internal 30.67% for emerging markets likely stems from differing ETF selections.
• December 2025 closing trends
  : EEM gained 1.03% with 0.75% daily volatility, while RWX rose 0.36% with 0.45% daily volatility. These mild gains indicate the year’s rally was mostly complete by November 2025 [0].
• Key drivers
  : Silver’s surge was fueled by industrial demand (solar panels, data centers, EVs), interest rate cuts, and geopolitical uncertainty [1]. Emerging markets benefited from 2009-level capital inflows, a weaker U.S. dollar, attractive valuations, and faster economic growth than developed markets [2]. Foreign real estate’s gain signals a broad global recovery outside the U.S. [0].

1. Silver’s exceptional outperformance
   : The SLV ETF’s 141.09% gain far outpaced all other asset classes, driven by a rare confluence of industrial and macroeconomic factors [0][1].
2. Emerging markets milestone
   : EEM’s 30.67% gain marks the first year emerging markets equities outperformed U.S. peers since 2017, supported by robust capital inflows [2].
3. Market sentiment in December
   : The low-volatility, mild gains in EEM and RWX during the final month suggest market participants had largely priced in 2025’s positive trends by late November [0].

• Emerging markets
  : A strengthening U.S. dollar could reverse capital flows [2]; geopolitical events or policy changes in major EM economies may disrupt performance.
• Silver
  : The asset’s exceptional gains may be unsustainable; a slowdown in industrial demand or rising interest rates could trigger a correction [1].
• Foreign real estate
  : A global economic slowdown could reduce investor demand for international real estate assets.

• Emerging markets
  : JPMorgan and Morgan Stanley project continued support in 2026 if the U.S. dollar remains weak and EM economic growth outpaces developed markets [2].
• Silver
  : Sustained demand from green technology sectors could maintain upward pressure on prices [1].

2025 was a strong year for major asset classes, with universal gains across all tracked ETFs. Silver (141.09%), emerging markets (30.67%), and foreign real estate (21.42%) emerged as top performers, driven by industrial demand, macroeconomic shifts, and capital inflows. December 2025 saw mild, low-volatility gains, indicating most annual gains were realized earlier in the year. Decision-makers should closely monitor U.S. dollar trends, industrial demand for silver, and global economic growth forecasts to assess the sustainability of these gains in 2026.