This Omnigence RIA briefing examines how leadership among major asset classes has shifted across decades. The report compares the performance of U.S. equities, international developed markets, emerging markets, commodities, REITs, and bonds from the 1970s through 2024.
The analysis highlights that no single asset class consistently outperforms across every market cycle. Commodities led during inflationary periods in the 1970s and 2000s, while U.S. equities dominated the 1990s and 2010s. The paper also reviews the role of bonds, noting that the weak bond returns of 2020-24 followed historically low starting yields.
The report explores how structural trends such as deglobalization, energy transition investment, and changing inflation dynamics may influence future asset class leadership. For advisors and allocators, the paper reinforces diversification as a long-term portfolio framework rather than a short-term hedge.