<div id="readability-page-1" class="page"><div id="blog-content"><img height="375" src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/07/23/12/05/stock-exchange-3556719_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="500" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/07/23/12/05/stock-exchange-3556719_960_720.jpg"/>Image Source: Pixabay Commodities and foreign stocks led the performance race in January for the major asset classes, based on a set of ETF proxies. Meanwhile, offshore assets, supported by a weak dollar, outperformed their US counterparts by a wide margin.A broad measure of commodities led the way higher in January. The iShares S&amp;P GSCI Commodity Indexed Trust (GSG) soared 10.5% last month, marking the fund’s strongest monthly performance in 2-1/2 years.Foreign stocks were in second and third place in January’s horse race. Developed-market shares ex-US (VEA) rose 6.0%, with stocks in emerging markets (VWO) in close competition via a 5.0% increase.US stocks (VTI) trailed by a wide margin, rising 1.6% in January. US bonds (BND) only managed to post a thin 0.2% advance. US small-cap stocks, by contrast, delivered strong results, blowing past other slices of US markets with a sizzling 5.7% rise, based on iShares Core S&amp;P Small-Cap ETF (IJR). <img height="719" src="https://imageproxy.pbkrs.com/https://www.capitalspectator.com/wp-content/uploads/2026/02/gmi.tab_.02feb206.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="600" original-src="https://imageproxy.pbkrs.com/https://www.capitalspectator.com/wp-content/uploads/2026/02/gmi.tab_.02feb206.png"/> Despite a wide array of performances in 2026’s kickoff, January was notable for across-the-board gains for the major asset classes. In 2025, there were three months of rallies in all corners.The Global Market Index (GMI) kicked off the year with a strong start, jumping 2.4% — its best monthly gain since September. With the latest rise, GMI extended its string of monthly gains to ten in a row, the longest run of wins in eight years. GMI is an unmanaged benchmark (maintained by CapitalSpectator.com) that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for multi-asset-class portfolios. <img height="450" src="https://imageproxy.pbkrs.com/https://www.capitalspectator.com/wp-content/uploads/2026/02/gmi.1yr.2026-02-02-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="600" original-src="https://imageproxy.pbkrs.com/https://www.capitalspectator.com/wp-content/uploads/2026/02/gmi.1yr.2026-02-02-1.png"/><hr/>More By This Author:Foreign Bonds Lead US Fixed Income In 2026 The Fed’s Job Isn’t Getting Any Easier Is Weak Consumer Sentiment Flashing A Economic Warning?</div></div>

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In January 2026, commodities and foreign stocks outperformed major asset classes, with the iShares S&P GSCI Commodity Indexed Trust rising 10.5%. Developed-market shares ex-US increased by 6.0%, while emerging markets rose by 5.0%. US stocks gained only 1.6%, and US bonds saw a minimal 0.2% increase. Notably, US small-cap stocks surged by 5.7%. The Global Market Index (GMI) rose 2.4%, marking its best monthly gain since September and extending its winning streak to ten months, the longest in eight years.

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iShares MSCI EM Ex-China

VG Em Mkts

SPDR S&P Em Mkt Dvd

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iShares Emerging Markets Equity Factor ETF

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Abrdn BBG All Commodity Strategy K-1 Free ETF

Global X Copper Miners

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Avantis U.S. Small Cap Value

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Sprott Junior Copper Miners ETF

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Southern Copper

Wisdomtree EM High Dividend Fund

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iShares MSCI Emerging Mkts Val Fac ETF

Invesco DB Commodity Index Tracking Fund

iShares MSCI Em

Avantis Emerging Markets Equity ETF

Harbor Commodity All Weather Strategy ETF

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iShares Core MSCI EM

Teucrium Corn Fd

Avantis Emerging Markets Value ETF

Major Asset Classes January 2026 Performance Review