HERE<\/b><\/a><\/p>\nThe most striking numbers on the table are the huge returns posted by the two precious metal ETVs (Exchange-Traded Vehicles, specifically grantor trusts, not mutual funds). The 145% gained by silver and 64% gained by gold were all-time highs for these ETVs. These gains reflected, although not precisely tracked, similarly outsized gains in spot prices for these metals.\u00a0 Spot silver had never risen this much in one year before.\u00a0 Spot gold hadn\u2019t risen this far in US dollar terms since 1930.\u00a0 While the return propelled iShares Silver Trust SLV<\/b> into the 5-year annualized lead, iShares Gold Trust IAU<\/b> has led SLV <\/b>since the latter\u2019s 2006 inception.\u00a0 More impressively, IAU <\/b>now leads VOO <\/b>by more than 300 basis points since its inception in 2003. Interestingly, although precious metals comprise a significant portion of the S&P GSCI Commodities Index, its grantor trust GSG <\/b>did not have a strong year, gaining just 5.9%. The huge decline in oil prices, a larger component of the GSCI had a lot to do with that result.<\/p>\n
Turning back to the two more conventional asset classes, there is a trend that bucked recent history heading into 2025.\u00a0 As well as US Stocks performed this year, foreign stock benchmark index ETFs posted larger gains.\u00a0 Emerging markets ETF EEM <\/b>nearly doubled the return of VOO <\/b>and foreign developed markets ETF EFA <\/b>was not far behind and was also well ahead of QQQ. \u00a0 <\/b>The falling of the dollar relative to other currencies is the main culprit.<\/p>\n
Fixed income returns were less surprising even though they also bucked recent trends with AGG <\/b>gaining nearly 75% more than SGOV <\/b>as the US yield curve went positive.<\/p>\n
While VOO<\/b>, as usual, received the highest net volume of fund flows, Short-term ETFs led by SGOV<\/b> received the most inflows among fixed income benchmark ETFs and more net inflows than QQQ.\u00a0 <\/b>Relative to their asset levels, gold as measured by IAU<\/b> and Silver (SLV<\/b>) received an even greater percentage of inflows.\u00a0 <\/b>For many investors, safety<\/i> and diversification away from equity concentration risk were premium goals despite the well-above-average returns posted by most equity ETFs.<\/p>\n
No review is complete without including the 11 State Street Select Sector SPDRs.\u00a0 This year, we added three of the largest subsectors we found most interesting in 2025.\u00a0 Here is the 2025 year-end review for the 11 subsectors and three subsectors.<\/p>\n